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Etihad Credit Insurance and Indonesia Re, the state-owned reinsurance agency of Indonesia have signed a Memorandum of Understanding to boost bilateral exports and investments through their trade credit insurance, reinsurance and guarantees.
The MoU was signed by Benedictus Mulyawan Waworuntu, President Director of PT Reasuransi Indonesia Utama and Massimo Falcioni, CEO of the Federal Company Etihad Credit Insurance.
Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade and Deputy Chairman of ECI Board of Directors and Kartika Wirjoatmodjo, Vice Minister of State-Owned Enterprises of Indonesia, attended the signing along with a number of senior officials from both countries.
Indonesia, which has the largest economy in Southeast Asia, is one of eight countries which the UAE is seeking trading agreements with as part of the ‘Projects of the 50’.
Commenting on the agreement Dr. Al Zeyoudi said, "The UAE considers Indonesia as a vital strategic partner and this agreement will be a significant force in creating new opportunities, attracting FDI, boosting trade and exports, and accelerating the global economic recovery. Greater collaborations like this will enhance sustainable development and will fuel the growth of UAE’s knowledge-based economy."
Meanwhile, Wirjoatmodjo said, "Indonesia and the UAE have enjoyed remarkable trade and relations for a long time. With this agreement, we are pleased to strengthen these ties by collaborating with Etihad Credit Insurance in the area of trade credit insurance and reinsurance. This will assist us in achieving our goals in developing more export markets for Indonesian companies."
Under this agreement, ECI and Indonesia Re will work on easing trade and export between UAE and Indonesia; facilitate access of SMEs and Mid-caps to funding; and utilise Shariah compliant insurance and finance solutions to grow halal trade.
Both organisations will also collaborate in enhancing business relations of the two countries; provide information on ongoing and potential new projects; explore opportunities for insurance, reinsurance, and co-insurance for export and investments; explore recoveries of claims to be collected in Indonesia or in the UAE; and share expertise and best practices in commercial underwriting, risk management, country assessment, claims and recovery. ECI and Indonesia Re will also support strategic economic sectors such as steel and aluminium, ceramics, renewable energy, mechanical, and waste management industries.
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