First UAE Digital Trade Promotion Forum in COVID-19 Era Brings Together UAE Exporters with Global Buyers to Stimulate Economic Growth
More than 270 UAE exporters and potential international buying partners came together this week for the UAE’s major buyers and exporters forum since COVID-19 shut down global trade events to discuss how the UAE national export community can help them overcome the significant financial challenges and risk they face in today’s ever-shifting economic environment to stimulate export transactions that can expedite economic recovery and business growth.
The virtual trade promotion event was co-hosted by Dubai Exports, Abu Dhabi Exports Office (ADEX) and Etihad Credit Insurance (ECI) to help stimulate sustainable economic growth while diversifying the UAE export economy. The event that was designed to help businesses understand the full range of strategic financial and support services available to them through UAE government entities to fund and insure safe, secure import-export transactions during a time where the global supply chain is facing a critical liquidity shortage and availability of traditional commercial financing is limited for companies in key emerging economies.
Dubai Exports in cooperation with its 24 international offices and its international strategic partners worked together to attract international buyers from more than 35 global markets to the forum titled Export Financing Solutions to Improve Liquidity, Stimulate Sustainable Economic Recovery. The forum provided a platform for a vibrant discussion of the challenges both UAE exporters and their foreign buyers are facing today in an uncertain economic and political environment as well as solutions to those challenges available through ADEX and ECI. While participants raised a range of current challenges and business issues they are struggling with, access to affordable capital and fear of the potentially crippling impact from increased risk of significant delays and non-payment of purchase contracts topped the list of concerns.
Both ADEX and ECI were established within the past three years with similar mandates to help drive diversification and growth of the UAE export economy as a core pillar of the nation’s post crude oil economy. Both entities contribute to the country’s overall export development community ecosystem, providing uniquely distinctive but also highly complementary products and services that in today’s challenging economic environment add great value to the exporters and their foreign buyers.
ECI was established as the UAE Federal export credit company to provide guarantees and insurance solutions to mitigate the political and commercial risks arising from financing or refinancing export transactions on behalf of the UAE government. ECI has built a large ecosystem of strategic partners that includes local and international banks which can offer loans to UAE companies to fund exports to overseas buyers, with ECI providing insurance to secure that funding and protect the supply chain.
The international buyers event is part of a shared commitment between Dubai Exports, ADEX and ECI to support local export companies across the UAE to strengthen competitiveness on a global stage and safely enter new international markets while diversifying the UAE export economy and stimulating economic growth.