Tokyo, December 20, 2023, The Saudi Export-Import (Saudi EXIM) Bank and Nippon Export and Investment Insurance Company (NEXI), a Japanese government-owned insurance corporation, have signed a Memorandum of Understanding (MOU) to strengthen cooperation and enhance the export of products and services between the Kingdom of Saudi Arabia and Japan.
The MOU, signed during the official visit of Minister of Industry and Mineral Resources Bandar bin Ibrahim Al-Khorayef to Japan on December 19th in Tokyo, establishes guiding principles for cooperation and bilateral relations. The agreement outlines a collaborative effort to provide insurance solutions that support the export of products and services between the two nations.
Under this partnership, Saudi EXIM and NEXI will work closely to identify and mitigate various risks associated with cross-border transactions, including political and commercial risks. The aim is to promote and facilitate smoother international trade and investment activities, minimizing potential financial losses for businesses involved by providing insurance coverage, export credit insurance, and investment insurance.
Eng. Saad Al-Khalb, CEO of Saudi EXIM Bank, highlighted the commitment to building strategic partnerships with international institutions. He emphasized the goal of promoting Saudi non-oil exports and expanding their presence in global markets. This initiative aligns with the continuous developments within the Saudi industrial sector and contributes to the objectives of Vision 2030, which seeks to increase the contribution of Saudi non-oil exports to 50% of the gross domestic product by 2030.
The Saudi EXIM Bank plays a crucial role in enabling and developing Saudi non-oil exports by bridging financing gaps and reducing the risks faced by local exporters. The collaboration with NEXI represents a significant step toward enhancing commercial relations, diversifying investments, and leveraging promising investment opportunities between Saudi Arabia and Japan.
