The MoU, which aims to strengthen import and export activities and commercial exchange between Saudi Arabia and Thailand, was signed by the Saudi EXIM Bank's CEO Dr. Naif Al-Shammari and Senior Executive Vice President of Thai EXIM Bank Benjarong Suwankiri.

The signing of the MoU took place on the sidelines of Asian Exim Banks Forum 2023 in Sydney from 20 to 23 November 2023.

The Memorandum of Understanding aims to define guiding principles for developing aspects of cooperation and trade relations between the two parties in the fields of export and import of products and services.

Furthermore, it aims to exchange information and expertise, as well as to provide credit lines and other credit facilities that enhance access of Saudi exports to Asian markets, and also enable Asian imports to enter Saudi markets.

Dr. Al-Shammari said the MoU comes within the framework of the Saudi EXIM Bank's drive to establish more partnerships with regional and international banks and financial institutions.

This also comes to activate the bank’s role in strengthening trade relations and enabling Saudi exports to expand and spread regional and global markets, in light of growing demand for Saudi-origin products, he said.

The CEO of the Saudi EXIM Bank stressed the necessity of exploiting promising trade and investment opportunities in light of the excellence of the industrial sectors and the quality of products on both sides.

In turn, Suwankiri has praised the effective role the MoU will have in enhancing opportunities for cooperation and bilateral trade between Saudi Arabia and Thailand.

The partnership between the banks would contribute to greater communication and cooperation between companies on both sides, in addition to supporting trade and investment movement between Saudi Arabia and Thailand, Suwankiri said.