Prime Minister Rishi Sunak revealed that bilateral trade
between Britain and Saudi Arabia has exceeded 17 billion pounds or US$21
billion.
“Today we are
launching the next phase of the deep and growing partnership between Britain
and Saudi Arabia. Over the next two days, we will hear from Saudi leaders and
companies about how to make Vision 2030 a reality, and the tremendous
opportunities it presents to all of us,” he said while addressing, through a
video conference, the opening session of the GREAT Futures Initiative
Conference, which kicked off at the King Abdullah Financial District in Riyadh
on Tuesday.
The two-day conference is one of the initiatives of the
Saudi-British Strategic Partnership Council, chaired by Saudi Crown Prince and
Prime Minister Mohammed bin Salman and Rishi Sunak.
“I know British businesses here will relish the opportunity
to showcase the best our country has to offer,” the prime minister said.
Sunak revealed that nearly 25,000 Britons live in Saudi Arabia at present.
“Since the launch of the new electronic visa exemption
regime in June 2022, Britain has welcomed more than 400,000 Saudis. The United
Kingdom excels globally in the fields of technology and innovation, and
thousands of Saudis have graduated from British universities in finance,
fashion, luxury product sales, and others,” he told the conference
participants.
British
Deputy Prime Minister Oliver Dowden is among several British and Saudi
ministers, as well as Saudi and international experts and specialists who are
addressing the conference. As many as 800 participants from the public and
private sectors of both countries are taking part in the event.
In his speech at the conference, Dowden said that the
pace of change in Saudi Arabia in terms of the economic, social and cultural
aspects is exceptional.
“We do
not just want to support the Saudi Vision 2030, but we want to be part of it.”
Referring to the conference, he said the Kingdom’s hosting of such an event is
a wonderful example and shows British talent to the world: “We participate in
leading the economic and social elements of our relations as a means of work,
execution and transformation.”
Dowden said that this would significantly increase mutual
prosperity and demonstrate that a modern, forward-looking partnership can meet
the challenges of the 21st century.
Dowden noted that he was accompanied by a giant delegation
to this event that included more than 450 people, which is the largest British
trade mission in a decade and the largest ever from Britain to Saudi Arabia.
He pointed out that the talented lawyers, consultants,
financial experts, architects and designers in Britain can help turn this
vision into a reality, and highlighted that their work are meant to strengthen
the presence of British companies in the Kingdom, and to accelerate the vital
trade ties that make the mutual relations between the two countries of great
value.
According to the British deputy prime minister, Saudi
Arabia, through its mega projects and cities, is paving the way for how
societies can harness innovative technologies to achieve amazing change.
“The partnership between the two kingdoms is a two-way
street, as the two countries open their markets to each other. So that
investments, tourism exports, and cooperation can flow in both directions,” he
added.
The
conference is aimed to enhance economic relations between the two countries in
various promising sectors as well as to develop mutual trade and
investment. The conference will feature 47 sessions and workshops with 127
speakers from both public and private sectors, covering 13 promising economic
sectors, including tourism, culture, education, health, sports, investment,
trade, and financial services, in addition to signing six agreements in the
fields of education and training, tourism, and real estate development.
Earlier, Dowden said that the conference is an important opportunity to build
partnerships between the business sectors of both countries, keeping pace with
the future, innovation, and creativity. It also allows British companies to
familiarize themselves with relevant business regulations, incentives, and advantages
for conducting business in Saudi Arabia.
On his part, Minister of Commerce Dr. Majed Al-Qasabi
stressed that the conference is an opportunity to enhance cooperation and
economic partnership in 13 vital and promising sectors. He also highlighted
that it paves the way for extensive partnerships focusing on innovation and
creativity in sectors of mutual interest.