Coincident with the Asian EXIM Banks Forum, the Saudi Export-Import Bank (Saudi EXIM), and the Export–Import Bank of Thailand (EXIM Thailand) have formally cemented their partnership. This pivotal collaboration manifested through a memorandum of understanding (MoU), aims to boost bilateral trade and economic cooperation between Saudi Arabia and Thailand.
The agreement, signed on the sidelines of the prestigious forum running from November 20 to 23, 2023, in Sydney, marks a strategic collaboration between the two nations. Dr. Naif bin Abdul Rahman Al-Shammari, Deputy CEO of Saudi EXIM, and Mr. Benjarong Suwankiri, Senior Executive Vice President of EXIM Thailand, were the signatories, symbolizing a new chapter of economic synergy.
Underpinning this MoU is a commitment to enhance the import-export landscape, facilitate knowledge exchange, and provide accessible credit lines, fostering a growing trade relationship. This initiative is particularly crucial for Saudi Arabia as it seeks to diversify its economic portfolio, venturing its exports and into broader Asian markets. Concurrently, it paves the way for Asian products and services to penetrate the Saudi market.
Dr. Al-Shammari articulated that this MoU aligns with Saudi EXIM’s strategic vision to forge partnerships with key regional and global financial entities. He underscored the MoU’s alignment with the bank’s objective of amplifying Saudi exports in international markets. Highlighting the growing demand for Saudi-based industries, Dr. Al-Shammari emphasized the imperative to seize lucrative trade and investment opportunities, highlighting the excellence and quality of industrial and service outputs from Saudi Arabia and Thailand.
Mr. Suwankiri echoed these sentiments, emphasizing the MoU’s critical role in propelling Saudi-Thailand trade relations. He pointed out that this partnership with Saudi EXIM would enhance communication and collaboration, thereby catalyzing trade and investment activities between the two nations.
During its participation in the Asian EXIM Banks Forum, the Saudi EXIM delegation engaged in numerous strategic dialogues with leading financial institutions and development and commercial banks. These discussions were geared towards broadening Saudi EXIM’s network of international partnerships, a key step in the bank’s overarching strategy to expand Saudi non-oil exports into the dynamic Asian markets.
