First major buyers and exporters forum since COVID-19 shut down
More than 270 UAE exporters and potential international buying partners came together this week for the UAE’s first major buyers and exporters forum since COVID-19 shut down global trade events.
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.
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.
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.
Mr. Bharat Krishnan, Head of Sales & Marketing at National Food Industries LLC said: “Access to working capital and increased financial risk of exporting are at the top of the list of the challenges we as exporters as well as our international buyers are dealing with.
"Access to financing is essential to get goods and services flowing across our borders and put us on the road to immediate economic recovery and long-term growth.
"What we heard today is just how far the UAE has gone to strengthen the financial support network available not only to local companies but also to our foreign buyers that can effectively make exports the lynchpin of our COVID-19 economic recovery.”
Eng. Saed Al Awadi, CEO of Dubai Exports, an agency of Dubai Economic Development, said: “The availability of export credit financing and insurance in today’s cash strapped environment gives our exporters a powerful competitive advantage and increases the attractiveness of UAE companies as international trading partners.”
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.
Through its direct credit facilities, ADEX has allocated AED 550 million ($150 million) in funding for qualifying export transactions of national companies for 2020 that is immediately available to support COVID-19 economic recovery.
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.
Read More: ADEX Launches Campaign to Boost UAE Exports