UAE Prime Minister

Ministry of Foreign Trade to Hold a Workshop On Export-Risk Management

The Ministry of Foreign Trade (MOFT) will hold three workshops on "Export-Risk Management" on Tuesday, Wednesday, and Thursday from 27th - 29th of April in Abu Dhabi, Dubai and Ras Al Khaimah from 9:00 AM - 2:00 PM with participation from the Federal Government and representatives from the expert sectors in each of the emirates.

The workshop comes in line with the Ministry's aim to increase the level of awareness of international best practices in the area of export risk management, and to protect the economic interests of the national economy.

The Director of the Foreign Trade Policies Department at the MOFT, Mr. Mahmood Sharif Mahmood, commenting on the scheduled workshop, affirmed that the UAE Government is looking at increasing the UAE's exports and strengthening the country's position in world trade which is in line with the Ministry of Foreign Trade main strategic goals.

In order to achieve these goals, Sharif added, the government has put in place and executed modern and effective policies that we aimed at diversifying the UAE's exports structure and international trade partners, and stimulating high value-added industries to increase their exports. It is these policies, he said, that led to the expansion and diversification of foreign markets available to UAE exports increasing the level of commercial exchange with them, pointing out that the progress witnessed in the UAE's foreign trade led to many positive results that include; A steady increase in the levels of economic growth, an expansion of the of the scientific and technological base of the country as well as reinforcing the cornerstones of the economic and social welfare of all segments of the UAE society.

He also said that in order to retain the positive gains reaped from export expansion, precautions must be made to deal with any risks that could face the export sectors. These risks could be commercial .i.e importer bankruptcy, default on honoring business commitments, or refuse to receive the exported products, or they could be due to external factors that are out of the importer's control.

Sharif added that given the role that Export Risk management tools, methodology and mechanisms have towards the growth of the UAE's exports in international markets, MOFT will hold a workshop on export risk management that will tackle and discuss; The economic and legal risks in targeted economies, the political risks in targeted economies, the transportation and logistics risks between the export destination and toward the targeted markets, risks associated with exchange rates, credit finance risks, export risk management plans, the methodology of identifying export risk sources, how to identify export risk sources, and how to deal, generally, with the risks of exporting.