The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and Saudi Pak Industrial and Agricultural Investment Company Limited (SAPICO) have signed a memorandum of understanding (MoU) for cooperation.
ICIEC is a member of the Islamic Development Bank (IsDB) Group and a leading Sharia-compliant multilateral insurer.
According to the statement, the move is aimed at promoting cooperation and increasing trade and investment flows. The MoU was signed by ICIEC CEO Mr. Oussama Kaissi and SAPICO CEO Mr. Rizwan Ahmed.
The MoU intends to provide a stage for a strategic partnership that aims to facilitate trade and investment initiatives within the SAPICO joint venture. This partnership aligns with both parties’ shared vision of fostering international trade and economic development and enhancing cooperation between their countries.
As per the statement, “Outlined in the MoU are extensive areas of collaboration, which encompass regular exchanges of crucial information, endeavors to boost proficiency in promoting trade and investment, and mutual backing in curating educational seminars and workshops.”
Furthermore, the MoU highlights a commitment to enhancing food security, broadening the scope of intervention, and directing support towards investments that fuel the creation of climate-resilient, renewable energy infrastructure in the country.
Reflecting on this collaboration, Mr. Kaissi stated that this MoU is a testament to our dedication to bolstering trade and investment between our member states Saudi Arabia and Pakistan.
“By consolidating our resources, expertise, and strengths, we set the stage for enhanced trade and investment avenues with the potential to bring about significant positive transformations to both economies. Our alliance with SAPICO is a source of great enthusiasm, and our resolve to achieve shared success in our collaborative efforts is steadfast,” the ICIEC CEO further added.
