The Saudi Export-Import (Saudi EXIM) Bank has signed an MoU with Nippon Export and Investment Insurance Company (NEXI), a Japanese government-owned insurance corporation, to establish guiding principles for cooperation and bilateral relations.
Further, this MoU intends to 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 the Saudi Minister of Industry and Mineral Resources, Mr. Bandar bin Ibrahim Al-Khorayef to Japan.
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.
Furthermore, 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.