Saudi and US export-import banks agree to boost trade relations

The Saudi Export-Import Bank has signed an agreement with its US counterpart designed to boost cooperation and help strengthen economic and trade relations between the two countries.

The memorandum of understanding, signed on the sidelines of a recently concluded international mining forum in Riyadh, also includes plans for the banks to establish a framework for cooperation and synergy, share expertise and resources, facilitate trade financing, support exports, enhance investment opportunities in key sectors, exchange knowledge and information, build capabilities, and share best practices to enhance bilateral business competitiveness and growth.

The deal is part of the Saudi bank’s efforts to define the guiding principles for developing cooperation and trade relations with American markets, the Saudi Press Agency reported on Friday.

Its initiative includes work to facilitate the export and import of products and services, exchange information and expertise, and provide support related to credit lines and credit facilities that can support Saudi non-oil exports to global markets, and increase their contribution to the gross domestic product in line with the goals of the Kingdom’s Vision 2030 development and diversification agenda.

“The signing of this memorandum comes within the bank’s efforts to contribute to accelerating the growth of the global economy by strengthening trade relations and developing export and import efficiency with various global markets,” said Saad Al-Khalab, the CEO of the Saudi bank.

“Since the bilateral relations between the Kingdom of Saudi Arabia and the United States of America are based on solid foundations of mutual cooperation and common interests, we will continue to work together to achieve common economic goals, expand the horizons of trade and investment cooperation, and benefit from the promising opportunities on both sides, especially in the strategic sectors targeted by the Kingdom’s Vision 2030, such as mining, petrochemicals, manufacturing, renewable energy, tourism, financial services, healthcare, and others.”

Reta Jo Lewis, chair of the board of directors and CEO of the US Export-Import Bank, said the agreement paves the way for mutually beneficial cooperation between the banks.