ADFD to Study Feasibility of UAE Export Finance Programme with Korea Development Institute...
Abu Dhabi,26 Jul 2017
Abu Dhabi Fund for Development (ADFD), the leading national entity in development aid, appointed the Korea Development Institute (KDI), a prominent Korean think tank, as expert consultants to advice on the need for a UAE-based Export Finance Programme. His Excellency Mohammed Saif Al Suwaidi, Director General of ADFD, and Dr Joon-Kyung Kim, President of KDI, signed a Cooperation Agreement at the Fund’s headquarters.
As an initial step and in collaboration with key stakeholders from 10 UAE federal and local institutions, ADFD led a National Export Finance Programme seminar to launch a feasibility study. The seminar was attended by personnel from 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.
Welcoming the attendees, His Excellency Mohammed Saif Al Suwaidi said; “His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation and Deputy Chairman of ADFD has put forward a directive to determine the need for a National Export Finance Programme. In collaboration with our new strategic partner, KDI, we have taken the lead in launching a feasibility study to assess the necessity of such a programme for boosting the UAE’s future exports and foreign trade as well as for advancing sustainable development in the country.”
He added; “We are at the beginning of a momentous journey. I am confident our combined expertise and industry know-how across diverse areas of specialisation will drive best practices and enable us to understand the feasibility and market demand for a multi-dimensional landmark programme of this kind.”
For his part, Dr. Kwang Eon Sul, Executive Director of Center for International Development, at KDI said; “We are delighted to partner with ADFD on this important project. I believe that our joint capabilities and years of experience will ensure a comprehensive assessment in gauging the feasibility of this programme.”
He added; “Through sharing key insights and best practices from Korea’s development efforts, KDI is excited to work closely with the Fund and relevant entities in the UAE in determining the risks with regard to entering new overseas markets, identifying market demand, and projecting macroeconomic trends for the UAE.”
ADFD’s strategic partnership with KDI will focus on examining relevant data, analysing non-oil exports, understanding applicable policies and procedures, and reviewing the capabilities of private and public sector financial institutions in the UAE. These efforts will enable an accurate evaluation of the UAE’s current market offerings.