In the face of increased trade exchange and flow of investments between Saudi Arabia and Great Britain, barriers should be removed, said Abdulaziz Al-Fahad, chairman of the Committee for International Trade of the Council of Saudi Chambers of Commerce and Industry (CSC).
He addressed a meeting between Saudi and British businessmen at the CSC premises in Riyadh last Tuesday. Secretary-general of the committee, Omar Bahilaiwah, highlighted the strength of the Saudi economy in terms of the growth of the gross domestic product (GDP), the volume of the Saudi budget, liquidity, oil reserves, its position within the world’s 20 largest economies and its 13th global rank on the list of the easiest countries to do business with, based on global reports.
The head of the British Parliament delegation Nicholas Soames said Britain is the second largest investor in the Kingdom and he referred to the large investment opportunities here. He expressed his country’s keenness to boost relations and build a true partnership in business and investment areas. Britain aims to transfer and localize technologies and train Saudi manpower.
Saudi businessmen called for facilitating visa procedures for Saudi businessmen who wished to visit Britain and voiced some remarks on the British tax system.
They also focused on factors that would benefit attracting foreign investments, including British funding.
The Saudi side briefed their British counterparts on the investment opportunities in the Kingdom, especially hospital management and health care, education, training, and technology. They also stressed that Saudi business delegations should be allowed to visit British small and medium-sized enterprises (SMEs) to make use of their experience in addition to sending Saudi youths for training at British companies and acquire more experience.
