The Saudi Minister of Commerce, Dr. Majed Al-Qasabi, recently held talks with British Secretary of State for Business and Trade, Jonathan Reynolds, in Riyadh. This meeting was aimed at boosting mutual trade and investment between the two nations across various sectors. The discussions aligned with the vision of the Saudi-British Strategic Partnership Council, chaired by Crown Prince Mohammed bin Salman and UK Prime Minister Keir Starmer. The focus was on enhancing economic partnerships, encouraging British companies to expand in Saudi Arabia, and promoting startups in research and innovation-driven sectors.
During the meeting, Dr. Al-Qasabi highlighted the progress of 79 initiatives in 13 economic sectors to strengthen the Saudi-British partnership. He mentioned that bilateral trade between the two countries has grown by over 30 percent from 2018 to 2023, reaching $103 billion. Currently, there are 1,139 British investors operating in Saudi Arabia who are benefiting from recent economic and business reforms. This indicates the growing interest and opportunities for British businesses in the Saudi market.
In May, Riyadh hosted the GREAT Futures Initiative Conference, a significant event under the Saudi-British Strategic Partnership Council. This conference saw the participation of around 450 British business leaders and facilitated over 20 bilateral ministerial meetings, resulting in the signing of 13 agreements. These agreements and events demonstrate the commitment of both countries to strengthening their economic ties and promoting business opportunities for their respective companies.
The meeting between Dr. Al-Qasabi and Reynolds also focused on discussing Saudi Arabia’s Vision 2030 and economic development reforms. The officials emphasized the importance of aligning their efforts to support the vision and drive growth in priority sectors. They also explored ways to encourage British companies to expand their operations in Saudi Arabia and contribute to the growth of startups in research and innovation-driven industries. This indicates a mutual interest in fostering economic cooperation and driving innovation between the two nations.
Following the meeting, Reynolds visited the Saudi Center for Economic Business, where he got acquainted with the services provided to facilitate business operations in the Kingdom. This highlights the efforts being made to create a conducive environment for international businesses to thrive in Saudi Arabia. By providing essential support and resources, the Saudi government aims to attract more investment and promote economic growth in the country. Reynolds’ visit signifies a step towards further strengthening the economic ties between Saudi Arabia and the UK, paving the way for increased collaboration and opportunities for businesses from both nations.
