Saudi-British Joint Business Council to boost tie-up in SMEs sector
The Council of Saudi Chambers (CSC) has emphasized the importance of strengthening trade and investment relations between the Saudi and British business sectors through the establishment of joint ventures in technology and know-how transfer.
Speaking at the Saudi-British Joint Business Council (SBJBC) meeting here, CSC’s president Abdulrahman Al-Zamil urged the two parties to focus on key sectors of health care, education, training and transport, especially rail, and the exchange of expertise in the development of small and medium enterprises (SMEs). Al-Zamil also underlined the importance of the Council for Saudi Arabia and British relations, encouraging both sides to take advantage of the potential of the two countries as major economic players in the world.
Nasser Al-Mutawa, KSA co-chair, expressed the Kingdom’s keenness to consolidate trade and investment cooperation with Britain in various fields.
He said that with both parties interested in the development of projects through partnerships in various sectors, they can take steps to cement these while enjoying their governments’ support. Speaking on the British side, Baroness Symons, UK co-chair noted her country’s desire to increase cooperation with the Kingdom, especially in SMEs projects, that would provide job opportunities for young Saudis, in addition to bringing British expertise and technology to Saudi Arabia.
Symons has emphasized the need to deepen and strengthen her country’s investments in Saudi Arabia in many important sectors of the economy, stressing the need to attract British companies to invest in the Kingdom in light of appropriate and stimulating legislation.
Subsequently, participants were briefed on the council’s efforts to develop trade and investment relations between the two countries and the results of the working groups in health care sectors, SMEs, education, training and economic balance and partnership between the public and private sectors.
Proposals on addressing obstacles that discourage investors were also discussed. They decided to set up two working groups, one for transportation and the other for financial services.