New Delhi, September 11, 2023, A Memorandum of Understanding (MoU) between the Saudi Export-Import Bank (Saudi EXIM) and the India Export-Import Bank (India EXIM) aims to strengthen collaboration between the two organizations. The main goal of this agreement is to make it easier for Saudi Arabia and India to export goods and services while also enhancing their respective market positions. Exporting goods and services, exchanging knowledge and experience, supporting joint initiatives, looking into business opportunities, providing funding, opening credit lines, and giving guarantees are only a few of the major spheres of collaboration. David L. Sinate, Chief General Manager of India EXIM, and Eng. Saad bin Abdulaziz AlKhalb, CEO of Saudi EXIM, signed the MoU formally. This signing ceremony took place at the Saudi-Indian Business Forum, which was held in New Delhi, India, in conjunction with the ongoing G20 Summit. For the purpose of highlighting investment collaborations across multiple industries and expanding opportunities for the private sector, the forum included numerous bilateral talks between businesses and financial institutions from the two nations. Eng. Saad AlKhalb made the following statement on this occasion: "This agreement is part of our ongoing efforts to broaden export and import channels and to ease trade exchanges across regional and international markets. Trade and investment potential are expanding in a number of industries, building on Saudi Arabia and India's strategic alliance and long-standing trade connections. We will keep looking for new strategic alliances that will strengthen our large global network, diversify our sources of funding, and provide us access to more guarantees, insurance, reinsurance, and other financial services. As a result, trade between the Kingdom and the rest of the world will be encouraged. This will improve the competitiveness of Saudi non-oil products, lower repayment risks, fill funding gaps for Saudi exports, and increase its access to new markets.
