Etihad Credit Insurance, the UAE Federal export credit firm, inked a Memorandum of Understanding (MoU) with KUKE, the official Polish export credit agency, to enhance efforts in enhancing economic cooperation and boosting exports globally.

The two state export credit bureaus will work together to reduce the payment risks involved with doing business not only between the two nations, but also in the hundreds of other countries to whom their exporters export.

Exporters in the UAE and Poland will be able to shield their overseas receivables against economic and political risks that could lead to non-payment as a result of this agreement.

ECI and KUKE will work together to provide trade finance solutions to local businesses in the steel and aluminium, ceramics, renewable energy, mechanical, and waste management industries in their respective nations. By leveraging ECI's Shariah-compliant finance solutions, the cooperation will also focus on increasing the growth of SMEs and mid-caps, as well as improving halal trade.

"Our collaboration with KUKE will expand the decade-long economic links between the UAE and Poland through initiatives that will mutually help exporters and business communities in both countries," said Massimo Falcioni, CEO of ECI. This will also assist SMEs develop their businesses abroad by improving halal trade through our innovative Shariah-compliant trade loan solutions."

"Bilateral commerce between Poland and the UAE has seen tremendous growth in recent years, becoming the UAE Poland's leading commercial partner in the Middle East," said Janusz Wladyczak, CEO of KUKE. For a long time, the UAE has served as the regional economic centre for our enterprises in the region, and by striking an agreement with Etihad Credit Insurance, we are advancing our trading partnership. It will provide huge opportunity for firms and traders in both countries to achieve significant growth in a variety of industries."

Poland and the United Arab Emirates have had diplomatic relations since 1989, and in the previous decade, they have matured into a strategic alliance. In terms of political discourse and economic collaboration, the country is Poland's most important Arab partner.

According to data from the UAE Ministry of Economy, non-oil foreign commerce between the UAE and Poland reached AED 4.7 billion in 2020, with re-export increasing by 6.57 percent to AED 248 million from AED 232.7 million in 2019.