Saudi And British Ministers Meet To Boost Trade And Economic Partnerships

Dr. Majid Al-Kassabi, Minister of Commerce and Chairman of the Economic and Social Committee of the Saudi-British Strategic Partnership Council, met with Jonathan Reynolds, British Secretary of State for Business and Trade, in Riyadh. The discussions centred on Saudi Arabia's Vision 2030 and ongoing economic reforms.

The meeting aimed to enhance economic partnerships in key sectors. They discussed encouraging British companies to expand their operations in Saudi Arabia. Promoting startups in research and innovation-driven sectors was also a priority.

This visit marks Reynolds' first official foreign trip since taking office in July. It underscores efforts to strengthen economic ties between the two nations. The goal is to boost mutual trade and investment across several promising sectors.

Dr. Al-Kassabi highlighted the progress of 79 initiatives across 13 economic sectors to strengthen the Saudi-British partnership. He noted that bilateral trade between the two countries grew by more than 30% from 2018 to 2023, reaching $103 billion.

Currently, 1,139 British investors operate in Saudi Arabia, benefiting from recent economic and business reforms. This growth aligns with the vision of the Saudi-British Strategic Partnership Council, chaired by HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud and UK Prime Minister Keir Starmer.

GREAT Futures Initiative Conference

In May, Riyadh hosted the GREAT Futures Initiative Conference under the Saudi-British Strategic Partnership Council. The event attracted around 450 British business leaders and facilitated over 20 bilateral ministerial meetings. These meetings resulted in the signing of 13 agreements.

Following the meeting, Reynolds visited the Saudi Center for Economic Business. He learned about services provided to facilitate business operations in the Kingdom.

The discussions reflect ongoing efforts to strengthen economic ties between Saudi Arabia and the UK. The focus remains on boosting mutual trade and investment across several promising sectors.

With inputs from SPA