Saudi Arabia, Türkiye Agree to Expand Exports – EQ Mag
Saudi Investment Minister Khalid al-Falih concluded a visit to Türkiye during which he agreed with Turkish officials to expand the export and import movement and announced the first direct financing agreement for Saudi non-oil exports.
Saudi Export-Import Bank signed a $26 million financing line agreement with Türkiye Finans Katilim Bank to finance Saudi non-oil exports to Türkiye.
The two agreements were signed by CEO of the Saudi Export-Import Bank, Saad al-Khalab, CEO of Türkiye Finans Katilim Murad Aksim and CEO of the Turkish Export Bank, Ali Koni.
The agreements come within the framework of Saudi partnerships with Turkish financial institutions and within the Bank’s aims to develop its local and foreign associations, provide sustainable financing solutions, and guarantee services that support the development of Saudi non-oil exports and enhance its competitiveness in global markets.
Khalab explained that the two agreements were a step that strengthened bilateral relations and towards developing trade relations between the two countries.
It also comes within the framework of the Bank’s efforts to support Saudi exporters and importers in Türkiye with a package of financing and credit solutions and guarantee services that help the flow of Saudi products to Turkish markets and contribute to reducing export risks and bridging export financing gaps to Ankara.
The Bank will conclude several upcoming agreements with local and international financing and credit institutions, which will positively impact Saudi exports and increase non-oil exports’ contribution to supporting non-oil GDP from 16 percent to 50 percent by 2030, he added.
For his part, Aksim described the agreement as a step to support trade relations between Saudi Arabia and Türkiye and a new opportunity to open investment horizons that benefit both countries.
Koni indicated that the agreement represents a new phase in the trade movement between the Kingdom and Türkiye, stressing Ankara’s keenness to develop areas of cooperation with the Bank and other Saudi financial institutions.
He noted that both countries enjoy two distinct geographical locations in the international trade movement, and a good reputation in the global market, asserting that they were looking forward to boosting their position on the global economic map.
Meanwhile, Saudi Minister of Commerce, Chairman of the Board of Directors of the General Authority for Foreign Trade, Majid al-Qasabi, met with several Omani ministers and officials during a visit to Muscat.
Qasabi held bilateral meetings with Oman’s Minister of Commerce, Industry, and Investment Promotion, Qais bin Mohammed al-Youssef, Foreign Minister Sayyid Badr bin Hamad al-Busaidi, Finance Minister Sultan bin Salem al-Habsi, Minister of Information Abdullah bin Nasser al-Harrasi, and the head of Oman’s Vision 2040 implementation follow-up unit Khamis al-Jabri.
The Minister also met with Chairman of the Oman Chamber of Commerce and Industry Faisal al-Rawas, and President of the Small and Medium Enterprises Development Authority Halima al-Zaria.
The meetings focused on boosting relations, trade exchange, cooperation, and promising opportunities that could arise from Vision 2030 and Oman’s Vision 2040.
Trade and investment relations between Saudi Arabia and Oman are witnessing significant development, as the neighbors share ambitious visions. The volume of trade exchange between them in the past five years reached $14 billion.
Source: aawsat
