Saudi and Japan to Enhance Export

Saudi and Japan to Enhance Export

The Saudi Export-Import (Saudi EXIM) Bank and Nippon Export and Investment Insurance Company (NEXI), a Japanese government-owned insurance corporation signed an MOU to establish guiding principles for cooperation and bilateral relations and enhance the export of products and services between the Kingdom of Saudi Arabia and Japan.

The signing ceremony took place during the official visit of Minister of Industry and Mineral Resources Bandar bin Ibrahim Al-Khorayef to Japan. The MoU was signed in Tokyo by CEO of Saudi EXIM Bank Eng. Saad Al-Khalb and Chairman and CEO of NEXI Atsuo Kuroda.

Under the agreement, both sides will collaborate closely to strengthen the cooperation by providing insurance solutions to support the export of products and services between Saudi Arabia and Japan. Through this partnership, they will work together to identify and mitigate various risks associated with cross-border transactions, such as political and commercial risks. Saudi EXIM and NEXI aim to promote and facilitate smoother international trade and investment activities while minimizing potential financial losses for businesses involved by providing insurance coverage, export credit insurance, and investment insurance.

Commenting on the partnership, Eng. Al-Khalb said: “The signing of this MoU reflects our commitment and relentless effort to build strategic partnerships with international institutions. Our aim is to pave the way for promoting Saudi non-oil exports and enable their expansion into global markets. This vision aligns with continuous developments within the Saudi industrial sector to achieve the goals of the national strategy for industry. At Saudi Exim Bank, we work to find credit solutions to empower the non-oil Saudi economy and increase its contribution to the gross domestic product. Japan is one of the major global markets where we are keen to expand the distribution of Saudi products. We look forward to strengthening our commercial relations, diversifying investments, and benefiting from promising investment opportunities through our cooperation with NEXI”.

The Saudi EXIM Bank plays a pivotal role in enabling and developing Saudi non-oil exports by bridging financing gaps and reducing the risks faced by local exporters. This is in line with the objectives of Vision 2030, which aims to increase the contribution of Saudi non-oil exports to 50% of the gross domestic product by 2030.