RIYADH, 2 May 2007 — Young Saudi entrepreneurs are to exchange experiences with experts from British companies that have excelled in developing small and medium enterprises (SMEs).

“This exchange will be under a joint program for SMEs and for young business people, “ Sir Alan Munro, former British Ambassador to the Kingdom, told Arab News at the end of the meeting of the Saudi-British Joint Business Council (SBJBC) yesterday at the headquarters of the Saudi Council of Chambers of Commerce and Industry here. “We have adequate experience in the relevant field and we would like to exchange our expertise with young Saudis who evince interest in the field.”

“We have invited young Saudi entrepreneurs and organizers of SMEs to the United Kingdom to acclimatize with the successful business practices in Britain,” Sir Munro stressed. In the United Kingdom, he said, around 12 million people are working in SMEs and their experience could be shared with the Saudi youth. He also commended the Centennial Fund that was established four years ago in the Kingdom for carrying out an effective program to assist young Saudis who have an aptitude for entrepreneurship.

Cooperation in infrastructure development was another major topic focused during the discussions, he noted, pointing out that Britain has years of experience in public-private sector partnership for national infrastructure development. “We told our counterparts in the Kingdom how Saudi Arabia could be benefited from such an experience.”

Finance Minister Dr. Ibrahim Al-Assaf delivered the keynote address at the meeting which was co-chaired by Eng. Khalid M Al-Saif and Baroness Symons. The finance minister said the two countries which enjoy decades of friendship could harness their resources for mutual benefits. He enumerated the opportunities that would yield attractive returns for their investments in the Kingdom. British exports to the Kingdom are estimated at $8 billion, while its investments in the Kingdom are valued at $14 billion. United Kingdom’s imports from Saudi Arabia stood at $3.7 billion.