RIYADH: Saudi Export-Import Bank has signed a memorandum of understanding with Mitsui & Co. Middle East to increase the exports of non-oil Saudi goods and services, as the Kingdom steadily diversifies its economy which has been reliant on oil for several decades. According to a Saudi Press Agency report, the MoU will help establish a framework for joint cooperation, along with providing credit solutions that support export activities. The MoU was signed between Saudi EXIM CEO Abdulaziz Al-Khalb and Mitsui & Co. Middle East General Manager Katsuhiro Nakagawa during the Saudi-Japanese Investment Forum. Nakagawa praised the new cooperation with EXIM Bank and added that it will allow the exchange of information and opportunities that have a positive impact on Saudi non-oil exports. Saudi Arabia’s Minister of Investment Khalid Al-Falih and senior staff from both sides were also present during the signing ceremony. During the Saudi-Japan Investment Forum, which concluded on Dec. 26, both countries signed 15 strategic investment agreements spread across various sectors including metals, marine, petrochemicals, and automotive. Speaking during the Forum, Al-Falih said that both Japan and China have bolstered their relationship as the Kingdom targets $3.3 trillion worth of investments with Japan by 2030. On Dec. 25, Saudi Arabia and Japan also signed an MoU in the fields of the circular carbon economy, carbon recycling, clean hydrogen and fuel ammonia. Earlier in October, speaking at the Future Investment Initiative, Al-Khalb noted that EXIM Bank has provided as much as SR20 billion ($5.3 billion) to support the Kingdom’s exports since its establishment in 2020. He also added that the bank is playing a crucial role in aiding the flow of trade and cross-border transactions. Al-Khalb also made it clear that the main mandate of EXIM is to support the economy and flow of goods, trades, infrastructure and long-term projects. He also assured that EXIM Bank’s assistance will always ensure that no Saudi cross-border export fails due to a lack of insurance or financing. In an exclusive interview with Arab News, Al-Khalb revealed that Saudi EXIM Bank is planning to open two offices in Africa in 2023, as it plans exports worth $1.5 billion through these centers. “We have the plan to open our first two international offices in Africa. One in South Africa, and another in Egypt. We are targeting to attract or utilize SR1.3 billion or SR1.5 billion exports through these offices in a three-year period,” said Al-Khalb.