Saudi, Indian banks ink MoU to boost trade

New Delhi, The Gulf Observer: In a bid to boost the export of products and services, Saudi Arabia and India signed a memorandum of understanding on Monday, the Saudi Press Agency reported.

The agreement was signed between the Saudi Export-Import Bank and the Export Import Bank of India to bolster the fast-growing economic ties between the two countries.

Specific areas earmarked for collaboration under the MoU include the export of products and services, exchange of information and expertise, and support for joint projects.

The MoU was signed by Saad Al-Khalb, CEO of the Saudi Exim Bank, and David Senat, general manager of the Export Import Bank of India.

The partnership also aims to explore entrepreneurial opportunities, extend lines of credit, and issue guarantees.

The signing ceremony took place in New Delhi during the Saudi-Indian Business Forum, a high-profile gathering held concurrently with the ongoing G20 summit.

The forum saw extensive bilateral dialogues involving companies and financial institutions from both countries. It focused on highlighting investment partnerships across multiple sectors, thereby presenting new opportunities for the private sector.

Al-Khalb described the MoU as a part of the Saudi Exim Bank’s sustained efforts to build bridges with global markets.

He explained that this MoU not only cements but also extends the longstanding strategic and commercial relationship between Saudi Arabia and India.

Al-Khalb also pointed out that the avenues for commercial and investment ties between the two nations would continue to grow in various fields.

The Saudi Exim Bank is committed to widening its network of international relationships, Al-Khalb added.