Signing of a Memorandum of Understanding between Etihad Credit Insurance and the Indonesia-Re State Company of the Republic of Indonesia

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(Fifth from left) His Excellency Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade of the United Arab Emirates and Vice-Chairman of the Board of Directors of ECI and (sixth from left) Her Excellency Kartika Wirjoatmodjo, Deputy Minister of State Enterprises Repu

DUBAI, UNITED ARAB EMIRATES, November 4, 2021 /EINPresswire.com/ – • United Arab Emirates federal company Etihad Credit Insurance and Indonesia Re to work to facilitate trade and exports between the United Arab Emirates and Indonesia; facilitate the access of SMEs and mid-cap companies to financing; and use Sharia-compliant insurance and financing solutions to develop halal trade
• The partnership follows the official economic mission led by His Excellency Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade in Bogor last September, where he met the Honorable Mr. Joko Widodo, President of the Republic of Indonesia and His Excellency Muhammad Lutfi, Minister of Commerce of the Republic of Indonesia and spoke about strengthening trade ties, economic and investment opportunities

Etihad Credit Insurance, the UAE’s Federal Export Credit Corporation and Indonesia Re, Indonesia’s state reinsurance agency, have signed an agreement to boost bilateral exports and investment through their insurance- credit, reinsurance and guarantees.

The MoU was signed by Benedictus Mulyawan Waworuntu, CEO of PT Reasuransi Indonesia Utama and Massimo Falcioni, CEO of the federal company Etihad Credit Insurance, in the presence of His Excellency Dr Thani bin Ahmed Al Zeyoudi, Minister of State for United Arab Emirates responsible for foreign trade. and Vice-Chairman of the Board of Directors of ECI and His Excellency Kartika Wirjoatmodjo, Deputy Minister of Public Enterprises of the Republic of Indonesia and a high delegation from both countries of government officials, the Chamber of Commerce and entrepreneurs from the United Arab Emirates.

Indonesia, which has the largest economy in Southeast Asia, is one of eight countries with which the United Arab Emirates is seeking trade deals under the “Projects of 50”.

Commenting on the agreement, His Excellency Dr Thani bin Ahmed Al Zeyoudi said: “The United Arab Emirates regards Indonesia as a vital strategic partner and this agreement will be an important force in creating new opportunities, attracting FDI, boosting the trade and exports and accelerate the global economic recovery. Greater collaborations like this will improve sustainability and fuel the growth of the UAE’s knowledge-based economy. “

Meanwhile, His Excellency Mr. Kartika Wirjoatmodjo said, “Indonesia and the United Arab Emirates have a long history of remarkable trade and relations. With this agreement, we are happy to strengthen these ties by collaborating with Etihad Credit Insurance in the field of credit insurance and reinsurance. This will help us achieve our goals by developing more export markets for Indonesian companies. “

Under this agreement, ECI and Indonesia Re will work to facilitate trade and exports between the United Arab Emirates and Indonesia; facilitate the access of SMEs and mid-cap companies to financing; and use Sharia-compliant insurance and financing solutions to expand halal commerce.

The two organizations will also work together to strengthen trade relations between the two countries; provide information on current and potential new projects; explore insurance, reinsurance and coinsurance opportunities for export and investment; explore debt collections to be collected in Indonesia or the United Arab Emirates; and share expertise and best practices in commercial underwriting, risk management, country assessment, claims and collections. ECI and Indonesia Re will also support strategic economic sectors such as steel and aluminum, ceramics, renewable energy, mechanics and waste management industries.

Although the two predominant Muslim nations established diplomatic ties 45 years ago, their relationship has started to gain momentum in recent years as Indonesia began to seek new sources of investment to fund. ambitious infrastructure programs, while the United Arab Emirates accelerated its efforts to wean itself from its dependence on oil. .

The UAE’s long-standing bilateral relationship with Indonesia is rooted in close cultural ties and a shared commitment to facilitate increased economic development and prosperity among countries. Over the past five years, the total value of non-oil trade between countries has exceeded $ 11 billion. In 2020, the total value of UAE’s non-oil trade with Indonesia was $ 2 billion.

Vince ang
New Perspective Media Group
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