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Riyadh, London Sign Two MoUs to Promote Trade, Investment

Riyadh, London Sign Two MoUs to Promote Trade, Investment

Thursday, 8 March, 2018 - 09:00
Saudi Crown Prince Mohammed bin Salman and British Prime Minister Theresa May hold a bilateral meeting (SPA)
London - Raneem Hannoush
The Saudi-British Business Council held a special session on Monday, on the occasion of the visit of Saudi Crown Prince Mohammed bin Salman to London, in the presence of Majid al-Qasabi, Saudi Minister of Trade and Investment, and Mohammed Al-Tuwaijri, Minister of Economy and Planning.

The forty members of the Council were briefed on the latest economic reforms in the Kingdom and initiatives to encourage and diversify investment.

“We were pleased to learn about trade reforms in Saudi Arabia,” Chris Innes-Hopkins, UK’s Executive Director of the Council said, noting in remarks to Asharq Al-Awsat that initiatives and programs under Saudi Vision 2030 would open the doors for foreign investors and would contribute to the strengthening of trade and investment relations between the two kingdoms.

The meeting was also attended by Lord King of Bridgewater, the envoy of the British Prime Minister to Saudi Arabia and moderated by Baroness Symons, Co-Chair of the Business Council.

Two Memorandums of Understanding were signed during the meeting. The first between the Council of Saudi Chambers, the Council of British Chambers and the Saudi Arabian General Investment Authority, to facilitate trade and investment between Britain and Saudi Arabia, while the second MoU was signed between the Saudi-British Business Council and investors to promote knowledge exchange in the field of technological investment.

“The first MoU represents a commitment by 52 local chambers of commerce in Britain to cooperate with the Saudi Chambers and the General Authority for Investment,” said Chris Innes-Hopkins.

“The second MoU comes in line with the economic reforms in Saudi Arabia that require technological development tools,” he added.

The two sides expressed their support for a conference in London on April 9 to promote opportunities within the In Kingdom Total Value Add (IKTVA) program, launched by Saudi Aramco.

Another conference will be held on April 16 to launch investment opportunities in the Saudi renewable energy program.

The two sides also pledged to further support the development of small and medium-sized enterprises through a forum in London on April 24.

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