Manama, Export Bahrain unveiled its latest partnership agreement with Saudi EXIM in an initiative to enhance bilateral ties in the export sphere whilst further exploring growth opportunities for both parties.
The cooperation entails various initiatives that will enhance their export market growth capacity.
The agreement involves the development of knowledge-sharing capabilities through the vast resources available to both Export Bahrain and Saudi EXIM by exchanging market research information and other related trade regulations in both respective countries.
Export Bahrain looks forward to amplifying efforts to engage with businesses and continue to provide an ideal environment for export ventures through its human capital expertise.
The collaboration addresses a key component within the shared vision between the Kingdom of Bahrain and KSA to enhance non-oil exports taking full advantage of its robust resources.
The partnership is set to involve co-financing through partner financial institutes, club deals, and syndication projects to be undertaken by enterprises in Bahrain and Saudi Arabia which will aid the scope of export market reach, effectiveness and export project fulfillment.
Saudi EXIM will provide financing for imports of raw materials purchased by Saudi importers from Bahrain for the purpose of exports and similarly provide buyer’s credit financing to Bahrain-based buyers for the purchases of Saudi goods.
This initiative enables businesses to embark on opportunities in the export market with greater confidence and with concrete research to support their ventures.
Both parties will endeavor to synergistically support the development of new business ties and the exploration of opportunities between entities within both countries to boost export capabilities.
The joint effort in this regard will allow existing exporters from both countries to have greater support and reach in the region whilst capitalizing on new market opportunities through both export domains utilizing various gateways enabling export project research and execution.
“Export Bahrain is proud to announce its latest partnership with Saudi EXIM; As global demand trends are on the rise, effective partnerships are key to ensuring sustainable growth is met in a calculated manner that enhances the export sector,” Export Bahrain Chief Executive Officer Safa Sharif Khaliq said.
“We have embarked upon numerous progressive initiatives both regionally and globally that continue to present the creativity and prosperity the region is capable of delivering and consider this alliance to be a milestone in the export domain as a partnership of this kind enables us to have a stronger export infrastructure that promotes collaborative thinking that enables greater goals to be attained and heights of creative initiatives to come through as a result of our pooled efforts.”
“We are keen on delivering valuable insights within the export market alongside Export Bahrain to unveil opportunities available to both Saudi and Bahraini investors. Our joint efforts will provide existing and future exporters with solid market assessments accompanied by our range of export support initiatives that promote the anticipated exponential growth of the export sector through a well-rounded bilateral mechanism,” Saudi EXIM Bank Chief Executive Officer Saad Alkhalb said.
Source: Bahrain News Agency