DAMMAM, 19 June 2003 — At the Eastern Province Chamber of Commerce and Industry, several Saudi companies and a British delegation recently explored possibilities for establishing a partnership to share projects for the reconstruction of Iraq.
The British delegation included large construction companies and was headed by Alan Morino, president of European Investment and Trade Committee. A source told Arab News that the British delegation had also discussed ways to strengthen economic relations between Saudi Arabia and the United Kingdom.
Abdul Rahman Al-Rashed, president of the Eastern Province Chamber of Commerce and Industry, spoke about the Kingdom’s business environment and the facilities offered to foreign investors.
“The Saudi government has diversified its economy in order to reduce its dependence on oil,” he said. The diversification has opened many new avenues for investment. He added that foreign trade and investments would get a big boost once Saudi Arabia joined the World Trade Organization. He urged British investors to take advantage of investment opportunities in the Kingdom.
Morino pointed to the fast development in the trade relationship between the two countries. He said that British exports to the Kingdom had increased by 17 percent during the first three months of 2003. Total British exports to the Kingdom last year were worth SR8.8 billion. Saudi exports of non-oil goods to the UK in the first quarter of 2003 were worth SR6 million.
He said the main goal of the delegation was to strengthen the British presence in the Saudi market. It will also explore investment opportunities in other sectors.
