The Industrial Development Bureau (IDB) of the Abu Dhabi Department of Economic Development (ADDED) has successfully organized the first virtual workshop under the ‘Industrial Export Credit’ series of sessions. The event was organized in collaboration with Etihad Credit Insurance (ECI), the UAE’s Federal export credit company, and the Abu Dhabi Chamber of Commerce and Industry (ADCCI).
The ‘Industrial Export Credit’ series of workshops demonstrates ADDED's continuing efforts to extend essential support to national exporting companies and factories operating in the emirate. It also serves as a venue to discuss important export mechanisms and guidelines, especially for targeting foreign markets.
The initial virtual workshop featured a panel discussion tackling key initiatives, solutions and export credit facilities that can help increase exports of Abu Dhabi based companies. These recommendations, which were made by the workshop's participating entities, were reviewed properly to understand the advantages and benefits to be gained from their implementation.
H.E. Rashed Abdul Karim Al Balooshi, Undersecretary of ADDED, affirmed the department's commitment to support local industries. He also emphasized on the need to encourage national exporting companies to protect their trade receivables and ensure business growth and continuity, especially now that the world is dealing with the coronavirus (COVID-19) pandemic.
H.E. Al Balooshi said: “ADDED is keen to create an ideal climate for investment and business continuity, which in turn, can help factories and companies increase production — providing them with the necessary means and capabilities to enhance the volume of their production. ADDED also continues in its effort to extend assistance to local factories, particularly in their efforts to achieve the maximum production capacity, via strategic initiatives and programs.”
H.E. explained that the ‘Industrial Export Credit’ workshop series, which is being organized by the IDB, serves as an excellent opportunity for Emirati entrepreneurs, manufacturers and exporters to discuss the challenges they face. The workshops also act as a strategic platform to discuss and share experiences and opinions that can help in creating solutions to the changes, ensuring the continuity of national exporting companies and enhancing economic development in Abu Dhabi.
Al Balooshi highlighted the importance of achieving some key objectives including increasing local production, raising the levels of self-sufficiency in products and commodities and the provision of more products to be exported abroad. He also noted that these objectives form a pivotal part of the Abu Dhabi Government’s strategic approach towards strengthening the emirate's position as a global export hub.
He called for the strengthening of joint efforts and cooperation between ADDED and its local and strategic partners to elevate the quality of local production and support national factories and companies.
“We aim to continue working with our partners, further benefiting from their experiences and developing an integrated system for exports to foreign markets. We count on these partnerships to help us make a quantum leap in the volume of exports from Abu Dhabi over the coming period and to provide sustainable solutions that ensure the business continuity of Emirati companies operating in the export sector,” Al Balooshi stated.
Meanwhile, H.E. Mohammed Munif Al Mansouri, Executive Director of IDB, said: “The ‘Industrial Export Credit’ series of workshops highlights ADDED’s vision and directives towards the unification of efforts and finding innovative and practical solutions that will support the export sector in Abu Dhabi. These efforts made by the IDB will help improve the export capabilities of various companies and factories operating in the emirate, and thereby moving forward in the development and recovery processes from the effects of the COVID-19 crisis.”
“The workshop series is the result of collaborative efforts made by IDB, ECI and ADCCI. We hope that these workshops will usher in a new start towards more cooperation, initiatives and programs that are aimed at improving production mechanisms and further developing the local economy in Abu Dhabi across various vital sectors,” Al Mansouri added.
The next virtual workshops under the ‘Industrial Export Credit’ series will take place on August 24, 2020; September 7, 2020 and September 21, 2020.