'Export and Import' Launches New Phase with The Saudi Business Sector

The newly established Saudi Export-Import Bank concludes an agreement with the Federation of Saudi Chambers (Photo: Asharq Al-Awsat).
The newly established Saudi Export-Import Bank concludes an agreement with the Federation of Saudi Chambers (Photo: Asharq Al-Awsat).
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'Export and Import' Launches New Phase with The Saudi Business Sector

The newly established Saudi Export-Import Bank concludes an agreement with the Federation of Saudi Chambers (Photo: Asharq Al-Awsat).
The newly established Saudi Export-Import Bank concludes an agreement with the Federation of Saudi Chambers (Photo: Asharq Al-Awsat).

The Saudi Export-Import Bank revealed a strategy to boost openness to the business sector to maximize the competitiveness of the Saudi product in global markets, announcing the approval of more than 81 financing requests worth 9 billion riyals ($2.4 billion) for more than 46 countries around the year.

Eng. Saad Alkhalb, CEO of the Saudi Export-Import Bank, told Asharq Al-Awsat that the bank was currently working to support all Saudi exports to all countries of the world, including African countries, adding: “The bank will build on investment insurance products to help Saudi exporters invest and export in all African countries, including Sudan. We also intend, in the coming period, to communicate with the African Export Bank, at its headquarters in Cairo, to discuss ways of cooperation between the two banks in order to develop African exports.”

Addressing an open meeting with business owners organized on Tuesday by the Federation of Saudi Chambers in Riyadh, in cooperation with the Saudi Export-Import Bank, Alkhalb disclosed a plan of many platforms to enhance transparency, according to periodic reports that enable the beneficiaries to access information and data required for each stage.

He pointed to the government’s efforts to support the development and industry systems in the Kingdom, noting that the business sector had contributed to the success of this trend.

For his part, Ajlan Al-Ajlan, President of the Federation of Saudi Chambers, underlined the importance of strengthening cooperation with the Export-Import Bank in order to support the bank’s efforts in exporting non-oil products, and providing financing and credit solutions that increase the competitiveness of the Saudi product.

In addition, a MoU was signed between the Federation of Saudi Chambers and the Saudi Export-Import Bank aimed at enabling exporters and importers to obtain financial and advisory services provided by the bank, as part of joint efforts to promote Saudi non-oil exports, in order to achieve the aspirations of the Kingdom’s Vision 2030.

The scope of cooperation between the two sides, according to the terms of the MoU, includes working to provide financial and advisory services to exporters and importers, introducing the services and products provided by the bank through dedicated workshops within the chambers of commerce, communicating with factories and investors, and explaining the facilities provided by the bank and the procedures necessary to obtain the financing and different services.



China's US Envoy Urges End to Trade War, but Warns Beijing Ready to Fight

People walk on a touristic street in Beijing, China, 18 April 2025. (EPA)
People walk on a touristic street in Beijing, China, 18 April 2025. (EPA)
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China's US Envoy Urges End to Trade War, but Warns Beijing Ready to Fight

People walk on a touristic street in Beijing, China, 18 April 2025. (EPA)
People walk on a touristic street in Beijing, China, 18 April 2025. (EPA)

China's ambassador to the United States, Xie Feng, has urged Washington to seek common ground with Beijing and pursue peaceful coexistence while warning that China stood ready to retaliate in the escalating trade war.

Speaking at a public event in Washington on Saturday, details of which were posted on the Chinese embassy's web site, Xie said tariffs would devastate the global economy and drew a parallel between the Great Depression and tariffs imposed by the US in 1930.

Referring to concepts in traditional Chinese medicine like the need to balance the opposing forces of yin and yang, Xie said harmony should guide relations between the world’s two largest economies.

"A good traditional Chinese medicine recipe usually combines many different ingredients which reinforce one another and creates the best medical effect," he said.

"Likewise, the earth is big enough to accommodate both China and the US," he said. "We should pursue peaceful coexistence rather than collide head-on, and help each other succeed rather than get caught in a lose-lose scenario."

The trade war has all but frozen the mammoth trade between the world's two largest economies with tariffs over 100% in each direction and a suite of trade, investment and cultural restrictions.

China's top shipbuilding association on Saturday attacked a US plan to apply port fees on China-linked ships.

While Japan, Taiwan and others are already in talks or preparing to negotiate with Washington over President Donald Trump's "Liberation Day" tariffs, there is currently no high-level dialogue planned with China.

Trump said on Friday the US is having good conversations privately with China amid the two countries' trade war.

"By the way, we have nice conversations going with China," he told reporters at the White House. "It's, like, really very good." He did not offer additional details.

China has said the US should show respect before any talks can take place.

Xie said China opposed the trade war and would retaliate to any country imposing tariffs on it.