KUKE will cooperate with Etihad Credit Insurance
KUKE and the UAE Federal Export Credit Company, Etihad Credit Insurance (ECI) signed an agreement on cooperation and support for domestic exporters.
The agreement between the national export credit agencies of Poland and the United Arab Emirates was signed during the Polish-Arab Economic Forum organized as one of the events of the World Expo in Dubai.
The agreement is aimed at increasing trade turnover and further revitalizing economic cooperation between the two countries. KUKE and Etihad Credit Insurance declare the exchange of information on projects, also in third countries, to which the other party could provide financial support, including the insurance and reinsurance of transactions related to exports of goods, services and also investments. Agencies will share knowledge and experience on debt collection, the economic situation of entities in various markets and risk assessment.
KUKE and ECI will work to support companies, especially small and medium-sized enterprises, interested in exporting to the partner's market. The agreement indicates the industries on which the cooperation may focus, i.e. steel and aluminum, renewable energy, waste management, ceramics and mechanicals.
The agreement is a sign of the growing interest of entrepreneurs from both sides to expand business activities in the partner's market. According to the data of the Central Statistical Office in Poland for the period of January-August 2021, the goods exchange between Poland and the UAE increased by 16 percent annually to USD 560 million, with Polish exports increasing by 8.5 percent to USD 431 million, and imports by 49 percent. up to USD 130 million.
Janusz Władyczak, CEO of KUKE:
"Despite economic challenges resulting from the global pandemic, the exports of Polish companies to the United Arab Emirates continue to grow. The value of receivables insured by KUKE ranks the UAE in the first place among the countries of the Persian Gulf region. Thanks to the agreement with ECI, both trade and mutual investments are poised to grow even further. The interest of Polish companies in business opportunities in the Gulf states is visible in the scale of their presence at the Expo. We can see that through Dubai they also want to reach customers and partners in other regions, including Africa. That is why we are counting on joint projects in third markets, where entrepreneurs from Poland and the UAE will be able to cooperate, using the financial potential and know-how of KUKE and ECI".
Massimo Falcioni, CEO of ECI:
“Our collaboration with KUKE will strengthen the decade-long economic relations between the UAE and Poland through initiatives that will mutually support exporters and businesses communities in both countries. This will also improve halal trade through our innovative Shariah-compliant trade credit solutions and help the SMEs scale their business globally".