Economy Minister says Britain among Saudi Arabia’s largest trade partners

Faisal Alibrahim, Minister of Economy and Planning

Britain is among Saudi Arabia’s largest trade partners, as the trade exchange movement continues to achieve its goals, Saudi Press Agency reported, citing Faisal Alibrahim, Minister of Economy and Planning.

Saudi exports to Britain amounted to approximately SAR 8.9 billion in 2019, while imports from Britain stood at SAR 12 billion, Alibrahim added.

As the largest market in the region, the minister said that the Kingdom is a major partner to Britain due to the two countries’ strong economic and trade relations that serve common interests and enhance opportunities for economic development and trade exchange.

He stressed that these relations resulted in the establishment of the Strategic Partnership Council in 2018.

Alibrahim pointed out opportunities for further cooperation in the automobile, chemical materials, health, financial services, insurance, agriculture and tourism sectors.

Regarding the Kingdom’s efforts to strengthen cooperation frameworks to achieve Vision 2030, the minister disclosed that the country relies on its strengths, including its prominent strategic location that reinforces its position as a major driver of international trade and a hub to connect the three continents of Asia, Africa and Europe.

He expressed the Kingdom’s optimism in continuing the cooperation process with Britain in the fields of development, investment, technology, renewable energy, military industries, cyber security, digital health, tourism, culture, entertainment, education and capacity building.

In addition, the minister affirmed the importance of consolidating cooperation and partnership with Britain in the fields related to human and social development.

The Kingdom and Britain have identical views towards combating terrorism and extremism, regional stability, clean energy, and coordinating humanitarian and development aid activities to address regional and global challenges, Alibrahim concluded.