RIYADH: Following a top ministerial meeting where both countries discussed bolstering their trade partnership, UK-based businesses intend to expand in Saudi Arabia.
The UK’s Secretary of State for Business and Trade, Jonathan Reynolds, and his accompanying delegation met with Majid Al-Qasabi, the Kingdom’s Minister of Commerce and Chairman of the Economic and Social Committee of the Saudi-British Strategic Partnership Council, in Riyadh during the meeting to discuss advancing economic partnership in priority sectors.
According to the Saudi Press Agency, the two parties also discussed supporting and funding up-and-coming businesses in lucrative industries founded on innovation and research. This is consistent with the two nations’ goal to raise their bilateral trade to $39.6 billion (£30 billion) by 2030.
According to data from the UK government’s Department for Business and Trade, the total value of goods and services traded with Saudi Arabia in the four quarters leading up to the end of the first quarter of 2024 was £17.6 billion.
I met today with His Excellency, Mr. Jonathan Reynolds, the Chairman of the British Council and Minister of State for Business and Trade. We talked about the status of the negotiations for a Free Trade Agreement between the GCC and the UK as well as ways to improve trade opportunities between our two friendly nations. Al-Qasabi stated on X in a post.
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