UK 'committed to strong GCC trade ties'
Dubai, November 28, 2012
The ambitious development plans which Gulf countries are rolling out represent a wealth of new investment opportunities for British businesses in emerging economic sectors across the region, said UK Prime Minister David Cameron.
Describing the Gulf as one of the UK’s key economic partners, Cameron told the global publishing, research and consultancy firm Oxford Business Group (OBG) that bilateral trade between the two sides had increased by 39 per cent over the last two years to reach £29.8 billion ($48 billion).
Cameron said Britain had recognised the importance of not taking its strong trade ties with the Gulf for granted.
“Our deep strategic partnership is well established, through shared ties of history and commerce,” he said. “But I know full well that it is not good enough just to look backwards. We have got to redouble our commitment to a relationship that serves us all so well,” he remarked.
Cameron’s comments will appear in a selection of the OBG's 'The Report' publications analysing Gulf economies.
OBG is a global publishing, research and consultancy firm, which publishes economic intelligence on the markets of the Middle East, Africa, Asia and Latin America.
The reports in the OBG will include a detailed, sector-by-sector guide for foreign investors, alongside a wide range of interviews with the most prominent political, economic and business leaders, including the executive director of the International Energy Agency (IEA) Maria Van Der Hoeven and the EU trade commissioner Karel De Gucht.
Cameron said he hoped the skills Britain’s business community possessed would prove instrumental in helping them win key contracts across the Gulf.
“The region is weathering the international economic storm, and is embarking on ambitious development plans,” he remarked. “All of which provide opportunities beyond the established oil and gas sectors – including infrastructure, transport, education, science and innovation,” he added.
The British Premier also highlighted some of the attractions which he said the UK offered Gulf investors, including direct access to the European single market, the lowest corporation tax of any G8 country and a committed, skilled workforce.
“This government will continue to work with the sovereign wealth funds of the Gulf and UK financial institutions to attract investment for approximately £250 billion worth of opportunities under the UK’s National Infrastructure Plan,” he said.-TradeArabia News Service