Saudi Gazette report

RIYADH — Saudi Minister of Commerce and Chairman of the Economic and Social Committee of the Saudi-British Strategic Partnership Council Dr. Majed Al-Qasabi held talks with British Secretary of State for Business and Trade Jonathan Reynolds and his accompanying delegation in Riyadh on Monday. This marks Reynolds' first official foreign visit since assuming office in July, reflecting ongoing efforts to strengthen economic ties between the two nations.

The meeting aimed to boost mutual trade and investment across several promising sectors, aligning with the vision of the Saudi-British Strategic Partnership Council, chaired by Crown Prince and Prime Minister Mohammed bin Salman and the UK Prime Minister Keir Starmer. The meeting reviewed Saudi Arabia's Vision 2030 as well as economic and development reforms. Discussions focused on enhancing economic partnerships in priority sectors, encouraging British companies to expand their operations in Saudi Arabia, and promoting the growth of startups in research and innovation-driven sectors.

Speaking on the occasion, Dr. Al-Qasabi highlighted the progress of 79 initiatives across 13 economic sectors to strengthen the Saudi-British partnership. He noted that bilateral trade between the two countries grew by more than 30 percent from 2018 to 2023, reaching $103 billion. Currently, 1,139 British investors operate in Saudi Arabia, benefiting from recent economic and business reforms.

Riyadh previously hosted the GREAT Futures Initiative Conference in May, a key event under the Saudi-British Strategic Partnership Council. The conference attracted around 450 British business leaders and facilitated over 20 bilateral ministerial meetings, resulting in the signing of 13 agreements.

Following the meeting, Reynolds was introduced to the Saudi Center for Economic Business, where he learned about the services provided to facilitate business operations in the Kingdom.