RIYADH — The Saudi Export-Import Bank (Saudi EXIM) has signed on Tuesday a Memorandum of Understanding (MoU) with the Korea Trade Insurance Corporation (K-SURE), the official export credit agency of the Republic of Korea.

The MoU aims to enhance export and import activities between Saudi Arabia and South Korea, including the export of eco-friendly energy sources produced in Saudi Arabia such as green hydrogen and green ammonia.

Under the terms of the MoU, both parties will also engage in mutual information exchange on markets and projects, as well as the provision of financing solutions, mutually-beneficial investments, or other services in their respective countries.

The MoU will support Saudi EXIM to promote the development and diversification of Saudi exports to South Korea, provide export financing and guarantee services, secure export credit, and enhance confidence in Saudi exports and their entry into South Korea market.

Saudi EXIM’s partnership with K-SURE sees it continues to strive for increased non-oil sector exports and overall national economic diversification, one of the key objectives of the Kingdom’s Vision 2030. — SPA