Under their respective national economic policies, Etihad Credit Insurance (ECI), the UAE Federal export credit corporation, and SACE, the Italian export credit company, have addressed cooperation in sustainable development initiatives, SMEs trade finance, and the Halal market.

The meeting is being conducted under the Memorandum of Understanding signed between the ECI and SACE as part of the 6th UAE-Italy Joint Economic Committee event, which has been held at the Ministry of Economic Development (MISE) in Rome in 2018, and which established the basis for enhancing investment opportunities between two countries.

The Italian group, headed by Pierfrancesco Latini, CEO of SACE, and including Michal Ron, Chief International Officer of SACE, President of Berne Union, met with Massimo Falcioni, CEO of ECI, and senior government officials from both institutions during the conference, hosted at the ECI's branch in Dubai.

“Italy and the UAE share a dream of putting sustainable development at the forefront of their global agendas. Cooperation discussions between the ECI and SACE to fund strategic investments and green ventures would be a significant boost to both countries' long-standing trade ties. We are committed to helping Italian and UAE companies access sustainable financing through this partnership, which could open the way for strongly responsible trade and business prospects between both the countries,” Latini added.

Falcioni said, "We are privileged to continue the collaboration that the ECI began with SACE 3 years ago." We would improve the productivity of trade and export industries from both countries by offering assistance to Emirati and Italian companies engaged in renewable growth and renewable energy ventures, thus enhancing the outstanding long-standing partnership between UAE and Italy.”

Previously this week, Etihad Credit Insurance (ECI), the UAE International Investor Council (UAEIIC), Dubai Exports, the Italian Trade Agency (ITA), and Confindustria, Italy's largest industrial confederation, gathered to negotiate cooperation in a variety of areas, like increased exports, Foreign Direct Investment (FDI), and trade finance assistance between UAE and Italy.

The high-level conversation is aligned with Italy's goal of promoting "Made in Italy" goods around the world and attracting FDI to the European region, and the recently introduced "Make it in the Emirates" program, which empowers local and foreign investors to accomplish their goals of producing, manufacturing, and exporting their commodities from the UAE.

The team, headed by Carlo Ferro, President of ITA, and Barbara Beltrame Giacomello, Board Member and Vice President for International Affairs at Confindustria, met in the Dubai Branch of ECI with Saed Al Awadi, CEO, Dubai Exports & Chairman of the Executive Committee of ECI, Jamal Saif Al Jarwan, Secretary-General, UAEIIC, and Massimo Falcioni, ITA Trade Commissioner to the UAE.

The meeting's main agenda item was to develop collaborative plans to increase trade and investment prospects between both countries. It also strengthens the UAE and Italy's long-standing cooperation by swapping information and economic skills in fostering investment opportunities and assisting local investors in developing or expanding their business in the post-Covid process.

The meeting also talked about the most recent reports on the current relationships between the two countries' state export credit companies. In October 2018, ECI and SACE SIMEST signed a memorandum of understanding (MoU) at the Italian Ministry of Economic Development (MISE) in Rome, accompanied by a reinsurance agreement in April 2019 in Dubai to finance Italian companies operating in the UAE.

Through this arrangement, Italian businesses and their active branches in the UAE could now secure their operations, reduce costs, and significantly enhance financial flow control.

“The UAE and Italy have already had close trading ties for many years,” said Saed Al Awadi, “and this tactical gathering represents both nations' readiness to improve the comparative edge of our respective commercial sectors in foreign markets.”

According to Jamal Saif Al Jarwan, "After considering the effect of the pandemic on the global economy, both countries' economic ties have remained strong." We owe this optimism to both governments' collaborative efforts in promoting and implementing policies to secure the concerns of local investors abroad. This gathering is indeed an important move in boosting the morale of UAE-based companies as they seek to enter the Italian market.”

“The conventional friendship and economic ties between these two countries propel us to strengthen our relations evermore, both through deeper knowledge and the introduction of synergies and collaborations, and the exchange of best practices, to encourage the supremacy of Italian goods and services,” Carlo Ferro said.