RIYADH, 27 February — Britain will be mounting 10 trade missions this year as part of its drive to shore up its exports (worth SR8 billion last year) which have been affected by the events of Sept. 11. At the same time, it will arrange several missions of Saudi businessmen to visit the UK for events relating to environmental technology, leisure industries, agriculture and clothing.
This was announced by British Ambassador Sir Derek Plumbly on the occasion of the inauguration of a British catalogue exhibition that opened at the Riyadh Chamber of Commerce and Industry on Sunday. Secretary-General of RCCI Hussein Al-Athel, other chamber officials, senior British Embassy officials and a large number of Saudi businessmen were among those present.
The ambassador said 150 British companies and institutions are participating in the event. Some of them are even scouting for local trading partners for agency representation. The catalogue show is part of Britain’s drive to maintain its share of the Saudi market, which has been affected by the Sept. 11 fallout.
“But we are keen to develop bilateral trade in every possible way. In this context, the upcoming meeting of the Saudi-British Joint Business Council, to be held in London on April 29, assumes great significance,” Plumbly said, adding that the participants in the business council will also call on the mayor of London.
He said the theme for this year’s SBJBC’s session “has been the desire to bring more small and medium enterprises into partnership for business and trade between the two countries.”
Set up in 1999 to encourage the exchange of ideas and cooperation among Saudi and British businessmen, the business council is headed on the British side by Andrew Buxton, former chairman of Barclays Bank. It reviews bilateral relations and identifies areas of trade and economic cooperation between the two countries.
In reply to a question, the ambassador said one of the major factors that had a negative impact on the economic environment was the decline in oil prices. “All of us are subject to changes in the global economy that have seen dips in the oil prices. However, the business confidence is just as it was before and our trade is holding up.”
Asked about any new investment being considered under the umbrella of the Al-Yamamah British Offset program, the ambassador replied in the negative.
He said there are currently over 90 Saudi-British joint ventures which have made it possible for more than 30,000 British citizens to work in Saudi Arabia. Many of the top British companies are involved in joint ventures, manufacturing, franchising or other commercial arrangements in the Kingdom.
“The British Offset Program continues to promote the transfer of investment, technology and training to Saudi Arabia. Currently, 12 projects with an aggregate value of SR5 billion are being implemented,” he added.
