UAE and Indonesia agencies sign reinsurance deal to bolster trade

UAE and Indonesia agencies sign reinsurance deal to bolster trade

Etihad Credit Insurance (ECI), the UAE Federal export credit company, and its Indonesian counterpart PT Reasuransi Indonesia Utama (Persero) or Indonesia Re have signed a reciprocal reinsurance agreement to bolster their bilateral trade and expand their collaborative initiatives across the globe by fostering sustainable and inclusive economic development and corporation. This pact follows the MoU signed between ECI and Indonesia Re, as part of a high-level delegation meeting of both countries’ ministers and government officials held in the UAE in November, in the presence of Dr Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade and Deputy Chairman of ECI’s Board of Directors and Kartika Wirjoatmodjo, Vice Minister of State-Owned Enterprises of Indonesia. Under the agreement, the two sides decided to join hands to reinforce the trade and economic cooperation by helping domestic companies of the respective countries grow overseas. The agreement aims to build stronger collaboration between ECI and Indonesian Re to boost export relations between the two friendly nations by protecting businesses that want to venture into new markets from political, commercial, and noncommercial risks. The two state-owned institutions will make it easier for these companies to access liquidity and funds to pursue their international expansion.