The Strategic Partnership Council between Saudi Arabia and the United Kingdom held the first meeting of its Economic and Social Committee at Ritz-Carlton Hotel in Jeddah on Sunday, in the presence of Minister of Commerce and Investment Dr. Majid Bin Abdullah Al-Qasabi and British Chancellor of the Exchequer Philip Hammond. The meeting follows a meeting between the British Treasury Secretary and The Custodian of the Two Holy Mosques King Salman and Crown Prince Muhammad Bin Salman, during which they exchanged views on ways to develop bilateral relations and enhance cooperation between the two countries in the areas of cooperation in the framework of the strategic partnership, in addition to regional and international issues of common concern. A joint statement was issued at the end of the first meeting of the Economic and Social Committee of the Strategic Partnership Council between two kingdoms, during which the UK reaffirmed its continuing commitment to support the implementation of Saudi Vision 2030, Saudi Arabia's program for economic diversification and social Development. The statement recognized the significant economic progress achieved since the launch of Vision 2030 in 2016 as part of the strategic partnership. Both countries have worked to support the development of the skills and capabilities of Saudi citizens as the two countries are key strategic partners of Vision 2030, and both countries reaffirmed their common commitment to building and developing trade and investment, and to the common prosperity of the citizens of both kingdoms. The appointment by the UK of Ken Costa as Special Envoy for Vision 2030 and Sir Anthony Seldon as Special Envoy for Education of the UK Vision 2030 reinforces the importance attached by the UK to developing bilateral ties to strengthen communication bridges between the two peoples and provide closer opportunities for economic and social cooperation, the statement said. Saudi Arabia and the UK are committed to a long-term partnership to support the implementation of Vision 2030 in the areas identified in the Strategic Partnership program, including the assessment of joint investment opportunities including the UK Public Investment Fund, bilateral trade and investment that meet the Vision 2030 orientations. In the trade and investment hub, the joint statement pointed out that the volume of bilateral trade between Saudi Arabia and the UK exceeds $5 billion annually. The meeting reviewed ways to further enhance cooperation, including encouraging mutual exports and attracting direct domestic investments. The two sides also discussed investment licenses granted to British companies, which are estimated to invest more than $10 billion in the Kingdom. The committee discussed the work of the private sector groups, which was established in March 2018 to facilitate (B2B) relations, thus contributing to the achievement of the objectives of Vision 2030. — SPA
