ADFD announced the start of developing the National Export Programme
Abu Dhabi ,26 Mar 2018
Abu Dhabi Fund for Development (ADFD), the leading national entity for development aid, has announced the start of the second phase of developing the National Export Programme. Aiming to bolster a diversified and sustainable national economy, the programme will contribute to enhancing the ability of national exports to penetrate and compete in international markets.
In this context, the Fund today signed a cooperation agreement with the Export–Import Bank of Korea (KEXIM) to assist in setting up the framework of the National Export Programme in line with best international practices.
To be managed by ADFD, the programme will support the goals of the UAE Vision 2021 – implementing economic diversification, reducing dependence on oil revenues, and preparing the country for the post-oil era. Furthermore, it will align with the objectives of the Abu Dhabi Economic Vision 2030 that seeks to advance sustainable socio-economic development.
His Excellency Mohammed Saif Al Suwaidi, Director General of ADFD, and His Excellency Sung-soo Eun, Chairman and President of KEXIM, signed the agreement at the Fund’s headquarters in Abu Dhabi. His Excellency Khalifa Al Qubaisi, Deputy Director General of ADFD, senior management and other representatives of the two entities were also present at the signing.
Following the signing ceremony, His Excellency Mohammed Saif Al Suwaidi said: “Since its inception in 1971, ADFD has supported efforts to achieve sustainable development in developing economies through implementing thousands of projects in crucial socio-economic sectors.”
He added: “In 2013, the UAE President His Highness Sheikh Khalifa bin Zayed Al Nahyan issued a law mandating the expansion of the Fund’s activities to include the UAE. Alongside key national institutions, ADFD has been playing an active role in supporting the sustainable growth of our domestic economy. The inking of today’s cooperation agreement reinforces the Fund’s commitment to this priority.”
Speaking on the purpose of the programme, His Excellency Mohammed Saif Al Suwaidi said: “The National Export Programme will help bridge the financial gap and facilitate robust export opportunities for national companies. With existing economic relations with relevant entities in 88 countries, ADFD will now also play a key role in enabling UAE companies to penetrate, compete and flourish in international markets.”
For his part, His Excellency Sung-soo Eun said: “ADFD and the Export-Import Bank of Korea have enjoyed strong ties aimed at facilitating economic development assistance. We are proud to be here today – working in collaboration with ADFD – and using our accumulated expertise to contribute to establishing the framework of an export programme tailored to the UAE market.”
Phase one of works on the National Export Programme commenced in July 2017 with ADFD appointing the Korea Development Institute (KDI), a prominent Korean think tank, as an expert consultant to run a feasibility study investigating the need for a UAE-based export programme.
In 2017, ADFD also hosted an exploratory seminar with key stakeholders from nine UAE federal and local organisations including the Ministry of Foreign Affairs and International Cooperation, Ministry of Economy, Ministry of Finance, Federal Customs Authority, Federal Competitiveness and Statistics Authority, Abu Dhabi Chamber of Commerce and Industry, Dubai Chamber of Commerce and Industry, Abu Dhabi Department of Economic Development, and Dubai Exports.
Since its inception in 1971, ADFD has financed development projects to the tune of AED80 billion in more than 88 countries around the world through concessionary loans and grants from the Abu Dhabi government.