ECI Highlights Global Trade Support And Economic Diversification At Berne Union Oslo Meeting

At the recent Berne Union Spring Meeting in Oslo, Norway, from 23rd to 25th April, Etihad Credit Insurance (ECI), the UAE’s Federal export credit company, took a prominent role in discussions on the evolving global trade landscape. The event, which brought together export credit agencies (ECAs) from around the world, focused on their role in fostering international trade amid changing economic conditions.

During a panel discussion about the Middle East and North Africa (MENA) region, Raja Al Mazrouei, Chief Executive Officer of ECI, underscored the importance of strategic partnerships in mitigating risks and supporting national economies. Al Mazrouei highlighted how ECAs like ECI are adapting to global shifts by offering innovative tools and solutions to support export growth and economic diversification within the MENA region.

"The region has seen an increase in short-term trade credit and a significant rise in medium and long-term project finance," Al Mazrouei stated. She emphasized the focus on renewable energy and sustainability as emerging sectors of interest. The discussions also delved into the challenges ECAs face, including geopolitical and economic volatility, necessitating vigilant risk monitoring and innovative mitigation strategies.

Al Mazrouei pointed out the critical impact of geopolitical tensions on trade and the growing trend of economic protectionism. She detailed how ECI employs robust risk assessment tools and partnerships with other countries and ECAs to navigate these challenges. "We are leveraging big data and AI for real-time analytics to offer more responsive solutions to our clients," she added.

Highlighting the UAE’s record non-oil foreign trade in 2023, valued at AED 3.5 trillion, Al Mazrouei expressed confidence in the MENA region’s growth potential. She emphasized ECI’s role in supporting SMEs and fostering strategic partnerships for risk sharing, knowledge exchange, and business matchmaking to enhance trade confidence.

Furthermore, ECI’s commitment to sustainable development was showcased through its initiatives in renewable energy financing. Haitham Al Khazaleh, Director of Risk Management at ECI, spoke about leveraging COP28’s momentum to contribute to sustainability. "ECI is dedicated to driving sustainability by offering tailored products and expertise," Al Khazaleh said. He outlined ECI’s approach to risk management that incorporates environmental, social, and economic factors, including comprehensive climate risk assessments and sustainability metrics like carbon footprint.

Al Khazaleh also mentioned ECI’s engagement with stakeholders to gain insights on sustainability. This approach aligns with ECI’s efforts to incentivize exports of sustainable goods and services while developing a pipeline of insurable sustainable development projects that contribute to UN Sustainable Development Goals (SDGs).

In conclusion, ECI’s participation at the Berne Union Spring Meeting highlighted its proactive stance in adapting to global trade dynamics through strategic partnerships, innovation in risk mitigation strategies, and a strong commitment to sustainability. These efforts not only support UAE businesses in navigating complex global markets but also align with broader economic diversification and sustainable development goals.

With inputs from WAM