The UK’s withdrawal from the EU will allow British companies to forge a more direct and closer relationship with governments and businesses in the Gulf, according to Simon Penney, Her Majesty’s Trade Commissioner for the Middle East, Afghanistan and Pakistan.
In an interview with Arabian Business, the government official said he expected the UK–GCC trading relationship to go from “strength to strength” post-Brexit.
For the year ending Q1 2020, total trade in goods and services between the UK and the GCC was £43.7bn, an increase of 6.5% or £2.7bn from the year ending Q1 2019, according to the latest figures.
The UAE remains the largest trading partner in the GCC, comprising 41.6 percent of all trade.
“My objective is to find ways to collaborate with nations across the region in areas which are of great importance to our respective governments,” said Penney, adding that many of the Gulf’s priorities chime with the UK’s own ambitions, such as clean growth, AI, mobility and healthcare.
“The Covid pandemic has put all this in stark relief, and it’s clear that there are sectors which have grown in importance as a result,” said Penney.
Technology transfer
“Agritech is one such area, with opportunities for trade and investment in both directions. The fluctuating oil price means that greentech and clean growth solutions are needed sooner rather than later,” he said, noting that the UK is hosting COP 26 – the global climate change conference – in Glasgow next year so there is “great impetus” for closer collaboration in this sector.
Penney said that technology is an enabler that cuts across all sectors.
“We have seen for ourselves the rapid acceleration in medtech and edtech as countries around the world grapple with the effects of the pandemic,” he said.
The government official said he sees great opportunities for shared success in fintech where the pace of change is accelerating as governments move to develop the regulatory framework required to attract startups and investment.
Penney said that despite the disruption of the Covid-19 pandemic, trade and investment ministers continue to engage with their counterparts in the region.
“It has been fantastic to see that the level of engagement has actually gone up during the pandemic as virtual meetings have become the norm,” he said.
Ministers Ranil Jayawardena, Graham Stuart and Gerry Grimstone have all had recent virtual visits with governments and businesses in the region.
“My whole team across the Middle East strive to promote opportunities here for British exporters and investors across all sectors,” Penney said.
“This month’s relaunch of the UAE-UK Business Council co-chaired by UAE Minister of State, Ahmed Al Sayegh, and our Prime Minister’s Chief Strategic Advisor, Sir Edward Lister, is testament to the appetite to deepen our ties and grow our trade and investment relationship,” he added.
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