KUALA LUMPUR: Export-Import Bank of Malaysia Berhad (EXIM Bank Malaysia) signed a Memorandum of Understanding (MoU) with Saudi Export-Import Bank (Saudi Exim) to develop the export capacity of small and medium enterprises (SMEs) in both countries on Saturday.
With that, both parties also hope to foster mutual understanding and close coordination through exchange of information, experiences and business connections with one another.
The signing ceremony which took in Jeddah, Saudi Arabia saw Exim Bank Malaysia president and chief executive officer Arshad Ismail and Saudi Exim chief executive officer Saad Al-Khalb sign the MoU, which was witnessed by Deputy Finance Minister I, Datuk Seri Ahmad Maslan and Exim Bank chairman Datuk Azman Mahmud.
The two parties had agreed on working together after both recognised the potential growth and investment opportunities between both countries.
"Exim Bank Malaysia and Saudi Exim share a relationship that we hope to take to greater heights as we value the opportunity to collaborate and strengthen the cooperation we have with them.
"I consider Saudi Exim a particularly important partner and look forward to opening wider market access for our clients," said Arshad in a statement today.
Arshad said Malaysia and Saudi Arabia are keen to maintain an active dialogue and streamline communication for referrals to projects of mutual interest, especially in capturing Malaysian and Saudi exports.
Both parties will also explore training and secondment opportunities in credit, risk underwriting, and documentation, on top of considering joint client outreach programmes to facilitate bilateral trade growth.
Al-Khalb meanwhile said the latest international partnership with Exim Bank Malaysia will allow it to strengthen cooperation efforts for the benefit of Saudi SMEs and enhance its export capacity.
"Through the exchange of knowledge and expertise, joint training, and outreach initiatives, we look forward to facilitating the development of trade and promoting mutual understanding and coordination between our two nations throughout the coming years", he added.