Minister of Commerce Discusses Developing Trade and Investment between Saudi Arabia and Britain

Dr. Majid bin Abdullah Al-Qasabi, Minister of Commerce and Chairman of the Economic and Social Committee of the Saudi-British Strategic Partnership Council, received in Riyadh today, British Minister of State for Business and Trade Jonathan Reynolds and his accompanying delegation.

The meeting included a review of the Kingdom’s Vision 2030, the implemented economic and development reforms, in addition to discussing strengthening the economic partnership in priority sectors for the two countries, encouraging British companies to expand their business in the Kingdom, in addition to stimulating and financing emerging companies in promising fields based on research and innovation.

The British Minister’s visit to Riyadh is his first official foreign visit since his appointment last July, as part of efforts to strengthen economic relations between the two friendly countries, and develop mutual trade and investment in several promising sectors; to achieve the vision of the Saudi-British Strategic Partnership Council, headed by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister – may God protect him – and the Prime Minister of the United Kingdom Keir Starmer, which is moving towards strengthening and expanding the economic partnership between the two countries.

Al-Qasabi pointed out during the meeting to follow up on the implementation of 79 initiatives in 13 economic sectors; With the aim of strengthening the Saudi-British partnership, noting that the level of growth in bilateral trade reached more than 30% during the period from 2018 to 2023, achieving $103 billion, adding that 1,139 British investors operate in the Kingdom, and benefit from the facilities resulting from the economic and development reforms related to facilitating the practice of economic business. Riyadh had hosted the (GREAT FUTURES) initiative conference, which is one of the outcomes of the economic and social aspect of the Saudi-British Strategic Partnership Council last May, and the conference witnessed the attendance of about 450 British business owners, and the holding of more than 20 bilateral ministerial meetings, and the signing of 13 agreements. At the end of the meeting, the Minister of State for Business and Trade was briefed on the work model of the Saudi Center for Economic Business, and the services provided by the center to facilitate the practice of economic business in the Kingdom.