RIYADH: In a bid to promote the diversification of Saudi Arabia’s non-oil exports, the Saudi Export-Import Bank has inked a memorandum of understanding with Japan’s Mizuho Bank, the Saudi Press Agency reported on Tuesday.
The MoU was signed during the Saudi-Japanese roundtable, which was held in Jeddah to boost trade and investment ties between the two countries.
Saudi EXIM Bank CEO Saad bin Abdulaziz Al-Khalb and Seiji Imai, chairman of the board of directors of Mizuho, attended the signing.
The agreement aims to promote cooperation to boost trade opportunities and job prospects, including Saudi exports of goods and services. It also allows for the exchange of knowledge and information on export credit policies and procedures as well as ideas on how to launch initiatives to develop new products.
Al-Khalb said that the signing of the MoU reflected the Saudi EXIM Bank’s role in forming international partnerships to support the growth and diversification of Saudi Arabia’s non-oil exports and raise their competitiveness. He lauded Mizuho Bank for its skills and extensive network of international relations.
Saudi EXIM Bank aims to support the Kingdom’s non-oil exports to the international market by bridging funding gaps and minimizing risks faced by exporters to realize Vision 2030.
The trade relation between the countries received a further boost when Japanese Prime Minister Fumio Kishida made an official visit to the Kingdom earlier this month.
During his visit, the prime minister stressed the importance of the “strategic” partnership, which has witnessed steady growth over the years to include many sectors besides oil, Al-Riyadh newspaper reported.
He also noted that the Kingdom supplies Japan with about 40 percent of its crude oil needs, which further highlights the importance of a strategic collaboration between the two countries.
The prime minister also stressed Japan’s keenness to work closely with the Kingdom in providing expertise and modern technologies within the framework of the Saudi-Japanese Vision 2030, which was launched by the two countries back in 2016.
On the sidelines of his visit, both countries exchanged 26 pre-signed economic agreements on July 16 at the Ritz Carlton hotel in Jeddah.
The signed deals encompassed healthcare, clean energy, mining and digital innovation sectors.