RIYADH, 5 March 2023: As part of its continuing efforts to promote the development and increase the competitiveness of Saudi Arabia's exports, Saudi Export-Import Bank (Saudi EXIM Bank) has signed a memorandum of understanding (MoU) with China Export & Credit Insurance Corporation (SINOSURE).
The new agreement is aimed at establishing a framework for cooperation between EXIM Bank and SINOSURE to explore areas of cooperation including knowledge-sharing, employee training, and financing and investment opportunities in their respective countries.
The MoU was inked at a signing ceremony held at Saudi EXIM Bank's headquarters in Riyadh by its Deputy CEO Dr. Naif Bin Abdulrahman AlShammari and SINOSURE Vice President Mr. XU Xinwei, with top executives from both sides present.
Commenting on the announcement, Dr. Naif Bin Abdulrahman AlShammari, Deputy CEO of EXIM Bank, said: “We are pleased to announce our partnership with SINOSURE, as part of our efforts to boost Saudi Arabia's non-oil exports. Information exchange, training and new business opportunities are the key focus areas of this new cooperation as we at Saudi EXIM Bank strive to further achieve our objectives of developing and diversifying Saudi exports, increasing their competitiveness, and enabling their entry into new markets. We will also jointly explore new opportunities to facilitate Saudi investments overseas and offer our industry-leading Saudi exports in growth markets around the world."
“This collaboration highlights the importance of international cooperation in achieving our shared goal of promoting sustainable economic growth and development. With this strategic partnership, we look forward to unlocking new opportunities for Saudi businesses and fostering stronger ties between the Kingdom and China," added Dr. AlShammari.
As part of their agreement, Saudi EXIM Bank and SINOSURE will explore the feasibility of exchanging general information on economic, financial and policy developments and business development in regions, markets and sectors of mutual interest, in order to benefit from each other's experience, resources and expertise.
The two organizations are keen on undertaking joint projects that include joint insurance and reinsurance in countries other than Saudi Arabia and China.
Saudi EXIM Bank's activities are part of a greater effort undertaken by the Kingdom of Saudi Arabia to boost non-oil exports and enable exporters to increase their contribution to national economic growth.
