Saudi And British Commerce Leaders Aim To Boost 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 British Secretary of State for Business and Trade Jonathan Reynolds in Riyadh. The discussions centred on Saudi Arabia's Vision 2030 and economic reforms. They aimed to enhance economic partnerships in key sectors and encourage British companies to expand their presence in Saudi Arabia.

The meeting also emphasised promoting startups in research and innovation-driven sectors. This visit marks Reynolds' first official foreign trip since taking office in July, highlighting 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.

The Saudi-British Strategic Partnership Council is chaired by HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of Saudi Arabia, and UK Prime Minister Keir Starmer. The council aims to align with the vision of boosting mutual trade and investment.

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

Introduction to Saudi Center for Economic Business

Following the meeting, Reynolds was introduced to the Saudi Center for Economic Business. He learned about the services provided to facilitate business operations in the Kingdom. This introduction aimed to further ease British companies' entry into the Saudi market.

This meeting reflects ongoing efforts to strengthen economic ties between Saudi Arabia and the UK. Enhancing partnerships in priority sectors aligns with both nations' strategic goals.

With inputs from SPA