RIYADH: A new agreement signed by the Saudi Export-Import Bank is poised to boost bilateral trade between the Kingdom and Japan. The memorandum of understanding, inked with Japan’s government-owned Nippon Export and Investment Insurance, aims to strengthen cooperation, enhance bilateral relations, and facilitate the exchange of products and services, the Saudi Press Agency reported. Through this MoU, both entities will facilitate smoother international trade, minimize financial losses, and provide comprehensive insurance solutions, aligning with the Saudi bank’s commitment to promote non-oil exports and contribute to global markets. Saad Al-Khalb, CEO of Saudi EXIM Bank, said: “The signing of this MoU reflects our commitment and relentless effort to build strategic partnerships with international institutions.” He emphasized the strategic importance of building international partnerships in line with Saudi industrial sector goals. “At Saudi Exim Bank, we work to find credit solutions to empower the non-oil Saudi economy and increase its contribution to the gross domestic product,” he added. Under the terms of the agreement, both sides will collaborate closely to identify and mitigate various risks associated with cross-border transactions, such as political and commercial risks. Al-Khalb highlighted Japan as one of the major global markets where the entity is keen to expand the distribution of Saudi products. “We look forward to strengthening our commercial relations, diversifying investments, and benefiting from promising investment opportunities through our cooperation with NEXI,” Al-Khalb added. The Saudi EXIM Bank plays a key role in enabling and developing Saudi non-oil exports by bridging financing gaps and diminishing the risks faced by local exporters. This aligns with the objectives of Vision 2030, aiming to raise the contribution of Saudi non-oil exports to 50 percent of the GDP by 2030. In November, Japan’s State Minister of Economy, Trade and Industry Iwata Kazuchika held a meeting with Saudi Arabia’s Assistant Minister of Investment Ibrahim Al-Mubarak in Tokyo that covered future cooperation and Saudi-Japan Vision 2030. The two ministers agreed on deepening the economic relationship between the countries, as reported by the Ministry of Economy, Trade, and Industry. Saudi-Japan Vision 2030, established in 2017, provided the two countries with a strong direction for their strategic partnership, leading to numerous cooperative projects in various fields, such as business and culture, in the ensuing years, the ministry said.