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MoU ushers in new era of Sino-Saudi collaboration

By Li Jiaying | | Updated: 2024-05-17 23:30
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TF International facilitated the signing of a memorandum of understanding between CZBank and the Ministry of Investment of Saudi Arabia on May 13. [Photo provided to China Daily]

Acting as the Middle East advisor for China Zheshang Bank, TF International facilitated and witnessed the signing of a memorandum of understanding between the bank, which is also known as CZBank, and the Ministry of Investment of Saudi Arabia, or MISA, on May 13, making CZBank the first and only Chinese joint-stock commercial bank to sign an MoU with MISA.

The MoU provides a clear framework and explicit guidance for future cooperation between the two lenders, against a backdrop in which China pursues a mutually beneficial strategy and high-level opening-up.

"China possesses the world's most complete, diverse, and creative supply chain system, while the Middle East is currently a hotbed for long-term industrial capital resources. The establishment of closer economic and trade partnerships between the two sides will create immense opportunities and achieve sustainable economic development," said TF International CEO Zou Chuan.

CZBank President Zhang Rongsen said that as a national joint-stock commercial bank, CZBank is committed to fully embracing and implementing the Belt and Road Initiative and actively exploring viable paths for offering high-standard financial services in the region.

The Middle East, with its abundant resource endowments and rapidly growing market potential, has become an important destination and transit point for Chinese enterprises to "go global", as well as a key force in "bringing in" high-quality capital.

From initial investment strategies to high-level economic and trade matchmaking sessions, TF International has successfully assisted Chinese and Middle Eastern institutions and enterprises in signing more than 10 cooperation agreements during the past year, said the company.

A series of business promotion and matchmaking activities have also facilitated the entry of more than 40 enterprises from Hubei province and other Chinese regions into Saudi Arabia, and attracted more than 20 significant Middle Eastern capital entities to Hubei, said TF International.

In the future, the financial services provider said it will continue its role as a bridge to foster robust strategic partnerships between China and Middle East economies, actively supporting the Belt and Road Initiative and Saudi Vision 2030, while continuously leveraging the resource advantages and professional expertise of Chinese financial enterprises in Hong Kong.

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