BAKU, Azerbaijan, Oct. 19
By Klavdiya Romakayeva - Trend:
Uzbekinvest National Export-Import Insurance Company in Uzbekistan and Etihad Credit Insurance (ECI) State Export Credit Agency in the UAE will insure export-import operations and investments between entrepreneurs of both countries, Trend reports citing gazeta.uz.
The agreement was signed in pursuance of the agreements reached during the visit of President of Uzbekistan Shavkat Mirziyoyev to the UAE in 2019. As a result, the countries signed an agreement on the implementation of projects worth $10 billion.
The agreement between ECI and Uzbekinvest provides for the creation of mutual opportunities to provide insurance, reinsurance and co-insurance of exported goods, work, services and investments, as well as exchange of information, experience and business practice in commercial underwriting, risk management, claims.
“This alliance is another major step in the union of the two countries. An effective exchange of solutions in cooperation with Uzbekinvest on export credits and financing will definitely contribute to the development of the business and export community of the UAE and Uzbekistan,” said, CEO of ECI Massimo Falcioni.
A joint Uzbek-Emirates investment company with an authorized capital of $1 billion has begun operating activities within the framework of trade, economic and investment cooperation between the two countries.
The implementation of projects in the fuel and energy sector and infrastructure is also expected, and opportunities for further expansion of investment cooperation and industrial cooperation are being considered.
In particular, the implementation of projects for the construction of a wind and solar power plant with a capacity of 500 MW and 100 MW in the Navoi region is being prepared, as well as the expansion of the capacity of the Talimarjan TPP.
Uzbekinvest has provided comprehensive insurance of products exported to the UAE from the automotive, electrical, chemical, textile and agricultural industries.
For 9M2020, comprehensive insurance support was provided to national exporters of goods, works and services against commercial risks in the amount of more than $1 billion in 26 countries with an increase of 98 percent over the same period in 2019.
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