NEW DELHI — The Saudi Export-Import Bank (Saudi EXIM) and the India Export-Import Bank (India EXIM) have entered into a Memorandum of Understanding (MoU) aimed at bolstering cooperation between the two institutions.

The primary objective of this agreement is to facilitate the export of products and services between Saudi Arabia and India, while concurrently strengthening their presence in their respective markets.

The key areas of cooperation encompass exporting products and services, the exchange of information and expertise, support for joint projects, exploration of entrepreneurial opportunities, as well as the provision of financing, extending credit lines, and issuing guarantees.

The MoU was formally signed by the CEO of Saudi EXIM Eng. Saad Bin Abdulaziz AlKhalb and the Chief General Manager of India EXIM David L. Sinate.

This signing ceremony occurred during the Saudi-Indian Business Forum, held on the sidelines of the ongoing G20 Summit in New Delhi, India.

The forum featured numerous bilateral meetings between companies and financial institutions from both countries, to highlight investment partnerships across various sectors and create more opportunities for the private sector.

On this occasion, Eng. Saad AlKhalb commented: “This agreement comes as part of our ongoing efforts to expand export and import channels and facilitate trade exchanges across regional and global markets.

“Building upon the strategic partnership and historical trade relations between Saudi Arabia and India, trade and investment opportunities are growing across various fields.

“We will continue to pursue new strategic partnerships that will help bolster our extensive international network, diversify financing opportunities, and provide a wider range of guarantees, insurance, reinsurance, and other financial services.

“This will enhance the competitiveness of non-oil Saudi products, reduce repayment risks, bridge financing gaps for Saudi exports, and increase its access to new markets, thereby promoting trade between the Kingdom and the rest of the world.” — SPA