Mubo Partners with Saudi Export-Import Bank... First Step Toward the 'Second Middle East Boom'

Lee In-ho, President of Korea Trade Insurance Corporation (left), is taking a commemorative photo with Saad A. Alkhalb, President of Saudi Exim Bank (right), after signing a business agreement at the Trade Insurance Corporation in Jongno-gu, Seoul on the 6th.

[Asia Economy Sejong=Reporter Dongwoo Lee] The Korea Trade Insurance Corporation announced on the 7th that it has signed a business agreement with the Saudi Export-Import Bank to expand exports of companies from both countries.

This agreement is the first between the representative export credit agencies of the two countries, concluded following the visit of Saudi Crown Prince Mohammed bin Salman to Korea on the 17th of last month. Both institutions agreed to cooperate mutually in supporting overseas projects and to join forces to expand exports of companies from both countries and strengthen industrial competitiveness.

The main contents of the agreement include cooperation in discovering and supporting overseas projects, exchanging project information and sharing trade finance know-how, and promoting matching of desired export and import trading partners between the two countries.

K-Sure expects this agreement to serve as a catalyst for opening up orders for Korean companies in the Middle East region, as large-scale orders are anticipated in infrastructure and eco-friendly energy projects under Saudi Arabia's Vision 2030 policy.

In particular, through networks with financial institutions in the Middle East, close cooperation on upcoming projects in the region is expected to broaden opportunities for Korean companies to participate in business and strengthen export capabilities.

Lee In-ho, President of K-Sure, said, "This agreement with the Saudi export credit agency, an optimal partner in the energy and infrastructure sectors, contributes to building a cooperative network with the Middle East, one of the three strategic markets," and added, "We will spare no effort to support providing more export opportunities to our companies."

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