Arab News, Tuesday, Jun 06, 2023 | Thul-Qidah 17, 1444
Saudi-British business delegations meet to bolster intra-regional trade
Saudi Arabia:
Intra-regional trade between Saudi Arabia and the UK is set to receive a boost
as top ministers from both countries held talks in London to strengthen economic
ties.
As part of the third meeting of the Saudi-British
Strategic Partnership Council, the Kingdom’s Commerce Minister, Majid bin
Abdullah Al-Qasabi, and the UK’s Investment Minister, Dominic Johnson, discussed
ways to further encourage English firms to expand their businesses in the Middle
East’s largest economy.
This comes as trade exchange between Saudi Arabia
and the UK stood at SR80.7 billion ($21.5 billion) in 2022, reflecting a 68
percent surge when compared to 2021.
While the total value of UK exports to Saudi
Arabia stood at SR56.9 billion in 2022, the total value of imports from the
Kingdom amounted to SR23.8 billion.
The two ministers also discussed ways to promote
and finance emerging companies in promising fields based on research and
innovation while reviewing the British experience in developing
entrepreneurship.
Led by Al-Qasabi, the Saudi delegation includes
Deputy Minister of Commerce and CEO of the National Competitiveness Center Iman
Al-Mutairi as well as 45 officials from 22 private and non-profit government
agencies.
The delegation will participate in important
meetings with the British government and business officials to bolster economic
cooperation between the two nations.
The agenda of the visit also entails
meetings between the minister and top British business leaders including the CEO
of Rolls-Royce, Tufan Erginbilgic, besides several other engagements with
officials from the British Accreditation Authority.
The Saudi delegation will also participate in a
dialogue with members of the Asian House, which is a think tank interested in
promoting trade exchange between Asia, the Middle East and Europe.
Some of the other members who are part of the
Saudi delegation include representatives from the ministries of trade, energy,
investment, education, culture, tourism, and municipal and rural affairs and
housing.
The Saudi Central Bank, the Public Investment
Fund, the General Authority for Foreign Trade, the National Center for
Competitiveness, and the Center Saudi Economic Business are also represented
during the visit.
Established in 2008, the Saudi-British Strategic
Partnership Council aims to reinforce relations between the Kingdom and the UK.
It also seeks to commit to a deeper and more
strategic partnership to enhance the mutual interests of both countries.