Talks on Saudi-British trade pact underway

Jeddah / TNS

A Saudi-British agreement on free trade will see the light if both countries’ governments agree on its terms. This was stated by Chris Innes-Hopkins, executive director of the Saudi British Joint Business Council, in an interview with Asharq Al-Awsat newspaper.
Hopkins said the council was encouraging British investments in Saudi Arabia in particular,
with the adoption of the Kingdom’s Vision 2030. The interview was conducted on the sidelines
of the Saudi British Joint Business Council forum, which was held
in London.
The council’s executive director said the meeting saw the emergence of several initiatives to launch new investment projects in line with Vision 2030. Both Saudi Arabia and Britain are witnessing economic restructuring in light
of Vision 2030 and Britain’s decision to exit the European Union (Brexit), he added.
Hopkins noted that both events represent an important opportunity to boost economic cooperation between the two countries. There were already many British businessmen investing in Saudi Arabia, but added that the council was keen on attracting further investments to take advantage of the Kingdom’s Vision 2030.
Hopkins reiterated Britain’s commitment to promote economic and investment relations with the Gulf. He quoted British Trade Minister Liam Fox as saying at the forum’s opening session that Britain was ready to share its expertise with Saudi Arabia and take advantage of the Kingdom’s investment opportunities.
Hopkins said Britain was witnessing a phase in which challenges will be transformed into investment opportunities. Serious talks are under way to forge a
free trade agreement between Britain and Saudi Arabia and
the other GCC countries, noting that the terms of the agreement await the approval of concerned
governments.
Regarding Saudi investments in Britain, Hopkins said that the majority of those were focused on residential and commercial real estates. He added that Britain was encouraging investments in other sectors. With the decline in the value of the British pound, investments in Britain will become more attractive to Gulf investors, Hopkins stated.