Saudi EXIM Bank signs MOU with its Korean counterpart

Riyadh, January 19, 2023 AD, SPA -- Saudi Export-Import Bank (Saudi EXIM) has signed a memorandum of understanding (MOU) with its counterpart, the Korean Export-Import Bank, aimed at strengthening aspects of cooperation between the two sides, increasing financing opportunities for Saudi exports, and diversifying sources of financing and credit services, as part of the bank’s plans to cooperate with various local and international agencies to support Saudi non-oil exports, and enhancing the presence of local services and products in global markets.

Saudi EXIM CEO, Eng. Saad Al-Khalab explained that the cooperation with the Korean Export-Import Bank is a continuation of the bank's approach to signing MOUs and sealing agreements with prestigious financial institutions around the world, including the Korean Export-Import Bank, which has capabilities, expertise, and a wide international network of relations.

Al-Khalab said that the MOU enhances cooperation between the two parties, allowing the exchange of information, expertise, and best effective credit practices, training work teams, and paving the way for investment opportunities and trade flow in both directions, in addition to continuing cooperation with international credit institutions to support the export of non-oil products, and enhance trade exchange between the Kingdom and its international friends in general and Republic of Korea in particular.

Saudi EXIM has a major role in supporting Saudi exports, in line with the efforts of the government of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz to promote and enable non-oil exports and increase their impact on the development of the national economy, per the objectives of the Kingdom's Vision 2030 and its aspirations to increase the share of non-oil exports from 16% to 50% of the non-oil GDP.

Source: Saudi Press Agency

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