18 Sep 2024
RIYADH: UK-based companies are set to expand their operations in Saudi Arabia as both countries discussed strengthening their trade partnership in a top ministerial meeting.
During the gathering, the Kingdom’s Minister of Commerce and Chairman of the Economic and Social Committee of the Saudi-British Strategic Partnership Council, Majid Al-Qasabi, met with the UK’s Secretary of State for Business and Trade, Jonathan Reynolds, and his accompanying delegation in Riyadh, to discuss elevating economic partnership in priority sectors.
The two parties also tackled stimulating and financing emerging companies in promising fields based on research and innovation, the Saudi Press Agency reported.
This falls in line with the two countries’ target to increase bilateral trade to £30 billion ($39.6 billion) by 2030.
According to data from the UK government’s Department for Business and Trade, total trade in goods and services between with Saudi Arabia reached £17.6 billion in the four quarters to the end of the first quarter of 2024.
“Today I met with His Excellency the Minister of State for Business and Trade and Chairman of the British Council, Mr. Jonathan Reynolds, and we discussed the progress of the negotiations for the Free Trade Agreement between the GCC countries and the United Kingdom and enhancing opportunities for trade cooperation between our two friendly countries,” Al-Qasabi said in a post on X.
“Economic growth is this government’s driving mission, and boosting trade and investment with some of the world’s biggest economies is crucial to that,” Reynolds said, the UK government reported.
“I want to see a high-quality trade deal that supports jobs, helps UK companies sell their products to the region, and increases choice for consumers — so it’s great to be here to discuss exactly that,” the business and trade secretary added.
Al-Qasabi also highlighted in the meeting the follow-up of the implementation of 79 initiatives in 13 economic sectors to strengthen the Saudi-British partnership, noting that the level of growth in bilateral trade reached more than 30 percent from 2018 to 2023.
He added that 1,139 British investors operate in the Kingdom and benefit from the facilities resulting from the development reforms related to facilitating the practice of economic business.
During his visit to Riyadh, Reynolds also met with the Saudi Minister of Industry and Mineral Resource, Bandar Alkhorayef, to discuss opportunities to enhance industrial and mining cooperation between the two countries and promising investment opportunities for UK companies in the two sectors.
The ministers also held talks focused on encouraging British investors to take advantage of the Kingdom’s business-friendly environment, which offers numerous incentives, competitive advantages, and the availability of natural resources. They emphasized Saudi Arabia’s advanced infrastructure in addition to its diverse energy sources.
The Kingdom was ranked the UK’s 23rd largest trading partner in the four quarters to the end of the year’s first quarter, accounting for 1 percent of total UK trade.