Etihad Credit Insurance (ECI), the UAE Federal credit insurance company, has signed a Memorandum of Understanding (MoU) with Italy-based Joint Italian Arab Chamber of Commerce (JIACC) to boost Arab-Italian economic and trade relations by focusing on the halal industry through the access to ECI’s Shariah-compliant insurance and financial solutions.
This move is also in line with ECI’s mandate to support UAE’s non-oil diversification strategy by offering UAE businesses a range of conventional and Shariah-compliant financial solutions and products to help them expand their regional and global footprint. Moreover, this partnership is focused on supporting the halal industry as well as to strengthen the bilateral business and trade relations between the UAE and Italy.
The signing of the agreement took place during the Italy-UAE Business Forum held in Dubai, UAE, in the presence of H.E. Eng. Sultan bin Saeed Al Mansoori, UAE Minister of Economy, and Deputy Chairman of the Board of Directors at ECI; and H.E. Luigi Di Maio, Deputy Prime Minister of Italy, and Minister of Economic Development, Labour and Social Policies.
The MoU was signed by Massimo Falcioni, Chief Executive Officer of ECI, and Pietro Paolo Rampino, Vice President of JIACC, in the presence of other senior officials from both institutions.
Under the MoU, ECI and JIACC have agreed to collaborate on promoting UAE as a regional hub in Italy through circular investment opportunities; boosting bilateral trade relations in cooperation with Italian industrial association; organising joint workshops and forums; enhancing trade with focus on halal industry by providing Shariah-compliant insurance and financial solutions. Furthermore, they have agreed to appoint an ECI executive to the Board of Directors of JIACC in an effort to sustain and support the chamber of commerce’s activity; and engage ECI’s experts in JIACC’s tax commission-related seminars.
The MoU has also highlighted that ECI and JIACC have mutually consented to form a collaborative Joint Work Group to explore further cooperative opportunities in the trade, technical, and economic fields. The Joint Work Group will be composed of members who are not only well-informed about the trade credit and investment industry but also mutually appointed by ECI and JIACC. The work group is stipulated to meet on a regular basis and provide updates on related topics.
Italy is one of the top ten trading partners of the UAE. In 2018, the bilateral trade between the two countries recorded Euro5.7 billion. Meanwhile, Italy’s exports are estimated to be Euro4.6 billion.
Massimo Falcioni, CEO at ECI, said: “ECI’s partnership with JIACC is an important landmark in the Arab-Italian trade relations as its collaboration extends to our commitment to supporting UAE’s non-oil exports, trade, investments, and strategic sectors development, aligned with the UAE Vision 2021. This partnership will have a positive impact on the halal industry at large as it will provide access to ECI’s Shariah-compliant financial services and products that will benefit the burgeoning halal industry in Italy.”
Cesare Trevisani, Chairman and President at JIACC, said: “We are really proud to announce the signing of such an important agreement, that confirms the excellent relations existing between Italy and the United Arab Emirates. The Memorandum of Understanding with Etihad Credit Insurance represents a fundamental step to ensure a significant and positive development of trade and economic cooperation between our countries. The private sector will play a central role in the transformation process that is impacting Italian and Arab economies, and the collaboration between JIACC and ECI will give investors and entrepreneurs from both parts the chance to explore outstanding business opportunities.”