Saudi Arabia, Britain set ambitious targets for mutual trade expansion

(MENAFN) In a significant development, the Kingdom of Saudi Arabia and Britain have pledged to elevate the volume of their bilateral trade to USD37.5 billion by the year 2030. This commitment was articulated in a joint statement issued during the fourth meeting of the economic and social side of the Saudi-British Strategic Partnership Council. Chaired by Saudi Minister of Commerce Majid Al-Qasabi and British Deputy Prime Minister Oliver Dowden, the meeting underscored the mutual determination to foster stronger economic ties between the two nations.

Minister Al-Qasabi highlighted the substantial progress achieved through the Saudi-British partnership, citing the launch of 60 initiatives across 13 economic sectors. Notably, bilateral trade has witnessed a remarkable growth rate of over 30 percent from 2018 to 2023, surpassing 79 billion pounds sterling. Additionally, the minister emphasized the active participation of 1,139 British investors in Saudi Arabia, benefiting from the facilitative economic and developmental reforms implemented to streamline business operations.

The discussions during the meeting centered on reviewing the strides made in fortifying and diversifying bilateral relations, with a focus on leveraging the opportunities presented by Saudi Arabia's Vision 2030. Both sides affirmed their commitment to an ambitious agenda aimed at bolstering prosperity and maximizing the potential offered by the kingdom's ambitious vision for socio-economic transformation.

Furthermore, the joint statement lauded the current levels of trade volume between the two nations, which have exceeded USD21.7 billion. In pursuit of further expansion, both parties agreed on the target of reaching USD37.5 billion in bilateral trade by the end of the decade. Moreover, there was a mutual resolve to advance negotiations towards a comprehensive and ambitious free trade agreement between the United Kingdom and the Gulf Cooperation Council countries.

The deepening bilateral relations extend beyond trade, with a notable surge in investment activities. Saudi investments in the United Kingdom have soared to USD21 billion since 2017, underscoring the kingdom's commitment to diversifying its investment portfolio. Meanwhile, foreign direct investment in Saudi Arabia has reached USD13 billion in 2023, reflecting the growing attractiveness of the kingdom as an investment destination. These developments underscore the multifaceted nature of the partnership between Saudi Arabia and Britain, poised to yield significant mutual benefits across various sectors.



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