The Council of Saudi Chambers (CSC) hosted on Wednesday, January 22, the biannual meeting of the Saudi-British Joint Business Council (SBJBC) with attendance of CSC Acting Secretary General Hussain Al Abdulkader and over 40 executives and officials who participated in discussions on fostering bilateral relations between the two friendly countries.
Meeting co-Chair Dr. Emad Al Dukair noted during his address that the meeting coincides with numerous economic and social developments in Saudi Arabia, which present great opportunities for the UK to create partnerships with KSA, especially post-Brexit, and to increase Saudi investments to Britain.
For her part, co-Chair on the British side, Jennie Gubbins, commended SBJBC’s continued efforts to foster bilateral relations, as reflected in their great successes so far. She revealed that the Saudi and British sides signed a cooperation agreement concerning venture capital.
UK Trade Commissioner for the Middle East Simon Penney emphasized Britain’s keenness on fostering cooperation with the Saudi Kingdom, citing the latter as the UK’s top trade partner in the region, with robust strategic relations across various fields. He noted the growing number of British companies in the Saudi market, adding that both sides should explore opportunities in their respective markets.
Deputy Governor for Trade Facilitation at Saudi Customs Eng. Abdulrahman Al Thukair touched on the Custom’s initiatives in this regard, including reducing the licensing process to less than 24 hours, reducing required documents from 9 to 2 documents, and creating a customer service center. In addition to other programs and operations offered across custom areas and warehouses.
Moreover, Head of Partnerships (Service Sector) at the Saudi Arabian General Investment Authority (SAGIA) Abdulrahman Al Anbar gave a presentation on investment solutions provided to investors in the private sector, and reforms in the business environment, including accelerating the licensing process, 100% ownership for foreign investors, creating a commercial arbitration center, facilitating visa procedures, and reducing required documents.
The meeting included a CSC presentation on the upcoming B20 Summit in Riyadh and the main topics it will cover, as well as the contribution of SBJBC to the summit, along with the joint committee’s plans for the present and future, namely in regards to the renewable energy, healthcare, tourism, and technology sectors.