The Ministry of Industry and Advanced Technology (MoIAT) has announced a collaboration with Etihad Credit Insurance (ECI) to provide innovative incentives and facilitators that improve industrial sustainability, investment attractiveness and competitiveness.
The association aims to introduce green insurance and secure investments for startups and small and medium-sized enterprises (SMEs).
SimilarlyEtihad Credit Insurance is committed to delivering a total of AED 1.4 billion by 2023. These initiatives encompass green insurance and secure investment opportunities specifically designed to support SMEs.
The MoU was signed in the presence of Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, and Abdullah bin Touq Al Marri, Minister of Economy and Chairman of the Board of Directors of ECI.
The partnership, announced as part of the ministry’s involvement in ADIPEC 2023, is aligned with the objectives of the National Strategy for Industry and Advanced Technology. It aims to enhance the role of the industrial sector, create an attractive business environment for local and international investors and support the growth of vital and future domestic industries.
MoIATADIPEC participation contributes to the national strategy, bringing together key local and international industrial companies to enhance opportunities for growth, expansion and industrial partnerships. Its goal is to accelerate the adoption of advanced technologies and Fourth Industrial Revolution solutions, as well as promote sustainable consumption and production patterns to decarbonize at scale.
Omar Al Suwaidi, Undersecretary of MoIAT, He highlighted that the collaboration with ECI is aligned with the objectives of the National Strategy for Industry and Advanced Technology.
“The partnership is in line with the management’s directives to improve the performance and competitiveness of the industrial sector. It aims to provide the sector with incentives and capabilities under the ‘Make it in the Emirates’ initiative to attract local and foreign investments, driving sustainable industrial growth by encouraging companies to adopt advanced technologies.
“Offering competitive and innovative credit solutions for the industrial sector improves export competitiveness. It provides startups and SMEs with opportunities for growth and expansion, enhancing the UAE’s investment attractiveness in the industrial and technology sectors in line with sustainability initiatives and objectives.
“This collaboration reflects the integration and coordination between the Ministry and its strategic partners. “Partnering with ECI to provide insurance solutions and guarantees supports the development of innovative products and facilities to strengthen the role of domestic industrial and advanced technology sectors.”
Al Suwaidi pointed to MoIAT and ICE’s support for the Industrial Partnership for Sustainable Economic Development between the United Arab Emirates, Egypt, Jordan and Bahrain. He also highlighted the alignment of both parties with the National ICV Program, a success story in the UAE.
Raja Al Mazrouei, CEO of ECI, saying,
“This collaboration, in partnership with the Ministry of Industry and Advanced Technology, underlines our commitment to realizing the UAE vision. We are dedicated to promoting economic diversification, improving the competitiveness of UAE industries and attracting foreign direct investment (FDI) by introducing innovative trade credit insurance solutions. These efforts align perfectly with the objectives of the “We the UAE 2031” and “Make in the Emirates” initiatives.
Al Mazrouei He also stressed that through this association, Etihad Credit Insurance is dedicated to empowering and facilitating the expansion of UAE-based manufacturers into international markets, which will elevate the role of the industrial sector in bolstering the non-oil gross domestic product (GDP), reaffirming our commitment to improving the position of the UAE as a global and innovative company. center for industry and commerce.
Under the collaboration, ICE will provide insurance and guarantee solutions to emerging domestic industries to improve their competitiveness. It will also provide products and facilities to support priority industrial sectors, such as trade credit protection. The company will also offer a program to secure capital investments for startups and SMEs, as well as trade financing, exports and project financing.
ICE will provide a loan repayment guarantee program (business protection service) and collaborate with financial institutions to improve products and develop solutions to promote the growth of the industrial sector. The company will also work to improve the National ICV Program and ‘Do it in the Emirates initiative. ECI will introduce its clients to the Industrial Association for Sustainable Economic Development, providing credit solutions for projects and offering incentive packages to attract investments.
News source: Emirates News Agency