RIYADH: The United Arab Emirates (UAE) and Kazakhstan have signed a deal aimed at enhancing trade ties and providing protection for companies against potential commercial risks in international transactions.
The agreement was signed between UAE’s export credit company Etihad Credit Insurance (ECI) and Kazakhstan’s export insurance firm KazakhExport, with a focus on promoting sustainable economic growth and bilateral economic relations.
Under the memorandum of understanding (MoU), both parties will collaborate to facilitate access to Shariah-compliant insurance and trade credit for exporters from the UAE and Kazakhstan. Workshops will be organized to educate small and medium-sized enterprises (SMEs) on the benefits of utilizing trade protection solutions to mitigate nonpayment risks arising from various commercial and geopolitical factors.
Economic Relations Between UAE and Kazakhstan
The MoU aligns with the “We the UAE 2031” vision, which seeks to strengthen economic relations between the UAE and Kazakhstan. As part of the agreement, a task force will be established to explore further opportunities for cooperation in seven strategic areas, including insurance, trade promotion, and support programs for SMEs.
The signing ceremony took place during the 13th annual Aman Union General Meeting in Dubai and was attended by ECI CEO Raja Al-Mazrouei and KazakhExport chairman Aslan Kaligazin. Al-Mazrouei expressed the significance of the partnership in enhancing the competitiveness of businesses in both countries, while supporting the UAE’s economic diversification efforts and boosting non-oil exports.
By fostering this collaboration, ECI aims to expand the global presence of SMEs and contribute to the economic aspirations of the UAE. The agreement reinforces the UAE’s commitment to positioning itself as a global trade and finance hub, as well as an attractive market for international companies.
This agreement follows other recent developments in UAE-Kazakhstan relations, such as the deals signed in January between the UAE-based AD Ports Group, Kazakhstan’s national oil company, and the government to develop shipping fleets and facilities in the Caspian and Black Seas, facilitating the growth of exports.
