In a significant move to strengthen trade relations, the Saudi EXIM Bank has recently established a partnership with the Development Bank of Kazakhstan through a Memorandum of Understanding (MoU). This MoU lays the foundation for reciprocal trade enhancement and the expansion of service and product exports between Saudi Arabia and Kazakhstan.
The agreement was formalized by Dr. Naif bin Abdulrahman Al-Shammari, the Deputy CEO of Saudi EXIM Bank, alongside Marat Yelibayev, the Chairman of the Management Board of the Development Bank of Kazakhstan, in a ceremony in Riyadh.
Dr. Al-Shammari elucidated that the MoU will be instrumental in driving the exportation of Saudi non-oil products to international markets. The collaboration is a testament to our commitment to utilizing international partnerships to advance Saudi exports across regional and global markets. Our aim is to collaborate closely with the Development Bank of Kazakhstan to capitalize on the strong industrial sectors and superior product quality of both nations. This partnership is anticipated to support joint ventures as well as provide financing and joint guarantees,
he expressed.
From the perspective of Kazakhstan, Yelibayev highlighted the strategic value of the MoU in fostering trade exchanges. He emphasized that the agreement will enhance exports, uncover new opportunities, and back joint ventures that are beneficial to both parties.
The terms of the MoU also include initiatives for both banking institutions to share knowledge, experience, and best practices. This exchange is expected to bolster the development of services and products, facilitate joint research endeavors, and strategize export credit policies. Additionally, it is set to provide training opportunities for the workforce, further supporting the growth of bilateral trade relations.