The Saudi Export-Import Bank signed a Memorandum of Understanding (MoU) with one of Japan's largest banks, Mizuho Bank, to enhance the communication between companies in both countries that will potentially lead to an increase in trade, creating job opportunities, and encourage the export of Saudi products and services.
One of the key objectives of the agreement is to stimulate the exchange of information and knowledge related to export credit and develop new products.
The signing ceremony, which took place during the Saudi - Japanese Roundtable meeting held recently in Jeddah to strengthen economic and investment relations and explore joint opportunities, was attended by SaudiEXIM CEO, H.E. Eng. Saad bin Abdulaziz AlKhalb, and the Chairman of the Board of Directors of Mizuho Bank, Mr. Seiji Imai.
Commenting on the agreement, His Excellency Eng. AlKhalb affirmed that the signing of the MoU exemplifies the bank's effective role in building international partnerships and enhancing the development and diversification of Saudi non-oil exports in an effort to enhance the Kingdom’s competitive edge. He also praised Mizuho Bank on its capabilities, and wide international network, indicating the extent of benefits that SaudiEXIM can leverage in order to empower Saudi exporters.
It is worth noting that SaudiEXIM focuses on enabling Saudi non-oil exports in global markets by bridging financing gaps and reducing risks faced by exporters, effectively contributing to the goals of Vision 2030 aimed at increasing the proportion of non-oil exports to 50% of GDP by 2030.
