Saudi Arabia and Britain have agreed to increase the volume of bilateral trade to $37.5 billion by 2030. This was stated in the joint statement of the economic and social side of the Saudi-British Strategic Partnership Council, during the fourth meeting of this council, chaired by Saudi Minister of Commerce Majid Al-Qasabi and British Deputy Prime Minister Oliver Dowden.
During the opening of the conference, Saudi Minister of Commerce Dr. Majid bin Abdullah Al-Qasabi noted that the Saudi-British partnership has resulted in the launch of 60 initiatives across 13 economic sectors. He highlighted that bilateral trade has grown by over 30% from 2018 to 2023, exceeding £79 billion. He also mentioned that 1,139 British investors are operating in the Kingdom and are benefiting from the facilities provided by economic and developmental reforms related to facilitating business operations.
The two sides reviewed significant progress in enhancing and diversifying bilateral relations for the benefit of both countries, agreeing on an ambitious program aimed at boosting the prosperity of both nations and optimally utilizing the promising opportunities provided by Saudi Vision 2030.
Both sides praised the record levels of trade between the two countries, which exceeded $21.7 billion, and agreed to increase the volume of bilateral trade to $37.5 billion by 2030. They also expressed their intention to conclude a comprehensive and ambitious free trade agreement between the United Kingdom and the Gulf Cooperation Council countries.
Furthermore, they commended the depth of bilateral relations in the field of investment, which has witnessed remarkable growth, with Saudi investments in the UK reaching $21 billion since 2017, while foreign direct investment in the Kingdom amounted to $13 billion in 2023. They welcomed the opening of offices in the UK for the Public Investment Fund, NEOM, and Elm Company, as well as the new Saudi investments exceeding $3.5 billion in North East England, and the establishment of over 52 British companies setting up their regional headquarters in Riyadh.
