News

During its participation in roundtable discussions organised by MoIAT at ADIPEC 2024

ECI unveils strategies to strengthen UAE's export sector, highlighting robust trade relations with India and China

• UAE’s direct investments in the Chinese market doubled in 2023, amounting to USD 2.2 billion, with a remarkable growth rate of 129 per cent compared to 2022.
   
•  By the end of 2023, the cumulative UAE direct investment balance in China stood at USD 4.5 billion while the cumulative Chinese direct investment balance in the UAE had reached USD 8.91 billion.

November 7, 2024: Etihad Credit Insurance (ECI), the UAE’s federal export credit company, participated in the 40th edition of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2024). Held from November 4 to 7, 2024, under the patronage of H.H. Sheikh Mohamed bin Zayed Al Nahyan, the President of the UAE, the event served as an ideal platform for ECI to showcase its robust strategies aimed at bolstering the competitiveness of the UAE’s export sector, in the presence of representatives from the Republic of India and the People's Republic of China.

During the exhibition, ECI participated in two roundtable discussions, one with representatives from India, and the second one with representatives from China, which were organised by the Ministry of Industry and Advanced Technology (MoIAT). Both the discussions, chaired by H.E. Omar Al Suwaidi, the Undersecretary of MoIAT, were attended by key partners of the ministry, including Taziz, Khalifa Economic Zones Abu Dhabi (KEZAD Group), Emirates Development Bank (EDB), Abu Dhabi National Oil Company (ADNOC), Abu Dhabi Investment Office (ADIO), Dubai Internet City (DIC), and Ras Al Khaimah Economic Zone (RAKEZ).

Majed Julfar, Director of Trade Credit Insurance and Export Financing at ECI, delivered a presentation to India’s representatives, followed by another presentation to China’s representatives. He further leveraged these key sessions to highlight ECI’s strategic policies and vision aimed at supporting UAE’s export sector, as well as its notable achievements in this domain. 

Julfar reiterated the importance of the ‘Comprehensive Economic Partnership Agreement’ between the UAE and India, which came into effect in May 2022, opening up new trade opportunities between the two nations. Moreover, the agreement has either removed or reduced custom tariffs on more than 80 per cent of products, contributing to an increase in UAE exports to India. He underscored the integral role of such agreements in consolidating the UAE’s position as one of India’s key trading partners, especially since bilateral non-oil trade value between the two nations reached an estimated AED 284 billion in 2022. He also shared his optimism regarding the economic benefits of the partnership. 

Julfar stated that China is the UAE's top global trading partner, accounting for 11.2 per cent of the UAE’s non-oil trade. Meanwhile, in the first half of 2024, the value of the UAE’s trade with China reached USD 42.2 billion, leading to a growth rate of 3 per cent compared to the same period in the previous year. He also underscored the importance of bolstering bilateral trade relations between the two nations, across vital domains like technology, renewable energy, and tourism, to drive sustainable development.

He presented various indicators and statistics that validate the growth of mutual investments between the UAE and China. In 2023, the UAE’s direct investment in China doubled, reaching USD 2.2 billion, with a significant rise of 129 per cent compared to the previous year. Meanwhile, Chinese investments in the UAE totalled USD 1.78 billion in 2023, showcasing a notable increase of 10.6 per cent compared to 2022. These figures highlight the robust trade and investment relations between the two nations, as well as the presence of several collaborative development projects in both the public and private sectors.  

By the end of last year, the cumulative UAE direct investment balance in China stood at USD 4.5 billion. Similarly, the cumulative Chinese direct investment balance in the UAE had reached USD 8.91 billion by the end of 2023.

Through its presence at ADIPEC 2024, ECI exemplified its commitment to catalysing the development of UAE-based export and re-export companies, as well as their expansion into emerging markets. The platform also enabled ECI to explore new avenues of opportunities for regional businesses, to promote the growth of the national economy and bolster its competitiveness on the regional and global fronts.