HE Omar Al Suwaidi: The collaboration enhances the performance and competitiveness of the industrial sector with more incentives and enablers under ‘Make it in the Emirates'
Abu Dhabi-UAE. 4 October 2023: The Ministry of Industry and Advanced Technology (MoIAT) has announced a collaboration with Etihad Credit Insurance Company (ECI) to provide innovative incentives and enablers that enhance industrial sustainability, investment attractiveness, and competitiveness. The partnership is aimed at introducing green insurance and securing investments for startups as well as small and medium-sized enterprises (SMEs).
Similarly, Etihad Credit Insurance is committed to delivering totaling 1.4 billion dirhams for the year 2023. These initiatives encompass green insurance and secure investment opportunities specifically tailored to support SMEs.
The MoU was signed in the presence of His Excellency Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and His Excellency Abdullah bin Touq Al Marri, Minister of Economy and Chairman of the Board at ECI.
The partnership, announced as part of the ministry's participation 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 national industries.
MoIAT's participation at ADIPEC contributes to the national strategy, bringing together key local and international industrial companies to enhance opportunities for industrial growth, expansion, and partnerships. It aims 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.
His Excellency Omar Al Suwaidi, Undersecretary of MoIAT, stressed that the collaboration with ECI aligns with the objectives of the National Strategy for Industry and Advanced Technology.
“The partnership is in line with the leadership's directives to enhance 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.
“Providing competitive and innovative credit solutions for the industrial sector enhances export competitiveness. It empowers startups and SMEs with opportunities for growth and expansion, which enhances the UAE's investment attractiveness in the industrial and technological sectors in line with sustainability initiatives and targets.
“This collaboration reflects the integration and coordination between the Ministry and its strategic partners. The partnership with ECI to provide insurance solutions and guarantees supports the development of innovative products and facilities to bolster the role of the national industrial and advanced technology sectors.”
HE Al Suwaidi pointed to MoIAT and ECI's support for the Industrial Partnership for Sustainable Economic Development between the UAE, Egypt, Jordan, and Bahrain. He also noted both parties' alignment with the National ICV Program, a UAE success story.
Her Excellency, Raja Al Mazrouei, Chief Executive Officer of ECI said: “This collaboration, in partnership with the Ministry of Industry and Advanced Technology, underscores our commitment to realizing the UAE's vision. We are dedicated to promoting economic diversification, enhancing the competitiveness of UAE industries, and attracting foreign direct investment (FDI) through the introduction of innovative trade credit insurance solutions. These efforts align seamlessly with the objectives of both the 'We the UAE 2031' and the 'Make in the Emirates' initiatives.”
HE Al Mazrouei also stressed that through this partnership, Etihad Credit Insurance is dedicated to empowering and facilitating the expansion of the UAE-based manufacturers in international markets. Which will elevate the industrial sector's role in bolstering the non-oil gross domestic product (GDP), reaffirming our commitment to enhancing the UAE's standing as a global and innovative hub for industry and trade.
Under the collaboration, ECI will provide insurance solutions and guarantees for emerging national industries to enhance their competitiveness. It will also provide products and facilities to support priority industrial sectors, such as commercial credit protection. The company will also offer a program for insuring capital investments for startups and SMEs, as well as commercial financing, export, and project financing.
ECI will provide a loan repayment guarantee program (company protection service) and collaborate with financial institutions to enhance products and develop solutions to promote industrial sector growth. The company will also work towards enhancing the National ICV Program and ‘Make it in the Emirates' initiative. ECI will introduce its clients to the Industrial Partnership for Sustainable Economic Development, providing credit solutions for projects and offering incentive packages to attract investment.