Banks’ alliance to boost trade ties

KUALA LUMPUR: The Export-Import Bank of Malaysia Bhd (Exim) and the Venezuelan Bank of Foreign Trade signed a memorandum of understanding (MoU) to establish inter-institutional alliance allowing a further strengthening of trade relations between the two countries.

A Venezuelan embassy statement said the MoU reinforced a previous agreement signed in 1991 on sustaining technical and economic cooperation and enhancing trade.

“The enhancement of trade ties between Malaysia and Venezuela will provide the bridge towards facilitating the reciprocal implementation of support mechanisms through the promotion of exports of domestic goods and services,” it said.

The embassy said the highlight of the agreement stood in the acknowledgement of mutual exchange of information on the grounds of boosting trade and economic cooperation.

“I’m very pleased that this MoU has been signed. I know that this smart partnership in trade relations will certainly create many business opportunities for both our countries and be beneficial in terms of economic growth,” Venezuelan Ambassador Manuel Guzman said.