Latest news with #UKDepartmentforBusinessandTrade
Saudi Gazette
5 days ago
- Business
- Saudi Gazette
Commerce and sports ministers participate in roundtable on Saudi-British sports cooperation
Saudi Gazette report LONDON — Saudi Minister of Commerce Dr. Majid Al-Qasabi has affirmed at the Saudi-UK Strategic Partnership Council that Saudi vision 2030 launched by Crown Prince Mohammed bin Salman transformed the Saudi economy and created promising opportunities in many vital sectors. He explained that the Saudi-British partnership is unique, and the UK is the second-largest exporter of services in the world. He added that the two countries can cooperate to establish a global integration system that covers many aspects of sports, tourism, culture, arts, and technology, all of which have become a global language that requires no translation. The meeting was also attended by Saudi Minister of Sports Prince Abdulaziz bin Turki, and Sir Chris Bryant, UK's Minister of State for Creative Industries, Arts and Tourism. The roundtable, organized by the National Competitiveness Center in cooperation with the UK Department for Business and Trade, focused on introducing companies to the promising opportunities offered by the Kingdom's hosting of international sporting events, such as the 2034 World Cup. It also addressed opportunities for cooperation in areas supporting the sports sector, such as technology, infrastructure, construction, facility operations, and planning and execution of major events. In a meeting with Jonathan Reynolds, Minister of State for Business and Trade, which was attended by Prince Khalid bin Bandar, Saudi Ambassador to UK, and Neil Crompton, British Ambassador to the Kingdom, Al-Qasabi discussed enhancing cooperation in developing the sports sector in light of Saudi hosting major events such as the 2034 World Cup. They reviewed the progress of initiatives emerging from the economic and social committees of the Saudi-British Strategic Partnership Council, including developments in the negotiations of the Free Trade Agreement between UK and the Gulf Cooperation Council countries. During the meeting, the two sides highlighted the importance of the Saudi-British Future Skills Initiative and its impact on developing skills in sectors of mutual interest, in addition to the continuation of the Great Futures Initiative for 2025. The Saudi delegation's agenda on the first day included a field visit to Queen Elizabeth Olympic Park and its facilities. The delegation was briefed on the facilities' capabilities and experience in hosting entertainment and sporting events. The participating entities in the visit included the ministries of Commerce, Sports, Investment and Finance, the Supreme Committee for Hosting the 2034 World Cup, the Public Investment Fund, the National Competitiveness Center, the Saudi Business Center, the National Center for Privatization, and a number of major national companies specializing in sports events, infrastructure, and media. Al-Qasabi arrived in the British capital, London, on a working visit, accompanied by a delegation comprising officials from nine government agencies and 30 leaders from the business sector and major national companies. The visit aims to build economic partnerships in the sports sector between the two countries, strengthen relations across various priority sectors, and raise the level of commercial partnerships.
Time of India
06-05-2025
- Business
- Time of India
UK's Keir Starmer accepts PM Modi's invitation to visit India
British Prime Minister Keir Starmer has accepted an invitation from Indian Prime Minister Narendra Modi to visit India following the finalisation of a landmark UK-India Free Trade Agreement (FTA). The deal reduces tariffs on 90% of traded goods and is projected to add £4.8 billion annually to the UK economy by 2040. Agreed in London by ministers from both countries, the FTA covers key sectors including whisky, cars, and medical devices, with further discussions underway on a Bilateral Investment Treaty. Prime Minister of the United Kingdom Keir Starmer posted on X, "The horrific terrorist attack in Kashmir today is utterly devastating. My thoughts are with those affected, their loved ones, and the people of India." (Credits: ANI) Tired of too many ads? Remove Ads Multi-billion Pound deal locked in Tired of too many ads? Remove Ads Tariff reductions on key goods Strategic wins and economic impact Tired of too many ads? Remove Ads British Prime Minister Keir Starmer has agreed to visit India soon, after receiving a formal invitation from his Indian counterpart, Narendra Modi. The announcement came on Tuesday, the same day the two leaders sealed a long-negotiated trade deal between their countries.'Prime Minister Modi extended an invitation to India, which the Prime Minister was pleased to accept and said he looked forward to visiting India at the earliest opportunity,' a Downing Street spokesperson timing of the visit is yet to be announced, but the acceptance signals a renewed chapter in the UK-India acceptance of Modi's invitation came just as the two governments confirmed the completion of a wide-ranging Free Trade Agreement (FTA). This deal reduces tariffs on 90 per cent of goods traded between the UK and India. It is forecast to add £4.8 billion annually to the UK economy by a phone conversation described as 'very warm,' both leaders reached final agreement on the FTA. The legal text will now go through the formal approval process in the British Parliament before it takes effect.'Today we have agreed a landmark deal with India – one of the fastest growing economies in the world, which will grow the economy and deliver for British people and business,' said Starmer in an official the most significant gains for the UK are in high-demand export sectors. Scotch whisky duties will be halved—from 150 per cent to 75 per cent. For UK automakers, tariffs are set to fall sharply from 100 per cent to just 10 per cent under a specified UK products seeing reduced duties include gin, medical devices, advanced machinery, and lamb. According to the UK Department for Business and Trade, the deal could cut Indian tariffs worth over £400 million in its early phase, growing to around £900 million over ten years.'This agreement represents a significant milestone in UK-India relations, underscoring the potential of our partnership and the opportunities that lie ahead,' said Manoj Ladwa, Founder and Chairman of the India Global from the UK government place current annual trade between the two countries at £41 billion. The FTA is expected to boost this figure by £25.5 billion over time. It may also raise UK wages by £2.2 billion each year in the long term. UK Business and Trade Secretary Jonathan Reynolds called it a pragmatic win. 'By striking a new trade deal with the fastest-growing economy in the world, we are delivering billions for the UK economy and wages every year and unlocking growth in every corner of the country, from advanced manufacturing in the North-East to whisky distilleries in Scotland,' he said.'In times of global uncertainty, a pragmatic approach to global trade that provides businesses and consumers with stability is more important than ever,' he deal also includes provisions aimed at making professional mobility easier. While the UK emphasised it will not change its broader immigration rules, business mobility procedures will be succeeded in getting new visa categories recognised for chefs, musicians and Yogis under the UK's professional visa key Indian demand, the Double Contributions Convention, has also been addressed. Under this, professionals working across both countries will no longer be required to pay into both national insurance and social security systems, reducing double taxation trade pact follows years of detailed negotiations that had paused in 2024 due to general elections in both countries. Talks resumed this February, picking up momentum accompanying Bilateral Investment Treaty (BIT), which was being negotiated in parallel, remains incomplete. However, UK officials remain optimistic that it too will reach a final agreement trade deal is widely seen as a breakthrough moment, offering long-term strategic and economic benefits for both sides, while also cementing stronger diplomatic ties between New Delhi and London.
Zawya
05-05-2025
- Business
- Zawya
Jordan: JEF, UK trade envoy discuss investment opportunities, growth indicators
AMMAN — The Jordan Economic Forum (JEF) has held a meeting with new UK Trade Envoy to Jordan Lord Iain McNicol to explore prospects for enhanced cooperation and investment. JEF Chairman Mazen Homoud, members of the board of directors, general assembly members, British Ambassador to Jordan Philip Hall and a representative from the UK Department for Business and Trade attended the meeting, according to a JEF statement. The meeting focused on expanding bilateral cooperation, particularly in economic research and identifying high-value investment opportunities, emphasising the importance of building strategic partnerships to stimulate economic growth. During the session, the forum presented a comprehensive overview of Jordan's Economic Modernisation Vision (EMV), which aims to stimulate growth and attract investment to create sustainable jobs, thereby reducing unemployment and supporting both economic and social stability. The forum also highlighted the 'strength and resilience' of Jordan's banking sector, noting its positive growth trajectory, which reflects 'strong' investor confidence. The sector plays a vital role in financing economic activities, especially investments that support sustainable development. Homoud welcomed the UK delegation and reaffirmed the forum's commitment to fostering strategic partnerships with international institutions aimed at positioning Jordan as a leading regional hub for investment. He expressed appreciation for the UK's 'consistent' economic support to Jordan, most notably exemplified by the 2016 London Conference, which marked a 'pivotal' moment in boosting economic cooperation between the two countries. He stressed that the current phase requires intensified cooperation in advancing economic research to produce practical solutions for development challenges and to meet the economic goals of both kingdoms. Homoud reiterated the forum's commitment to 'actively' connecting investors with real opportunities, pointing to Jordan's competitive investment environment, supported by advanced infrastructure and a business-friendly legal framework. He invited British investors to explore new projects in renewable energy, technology and education. For his part, Lord McNicol praised the economic reforms recently implemented by the Jordanian government, describing them as 'crucial' steps towards enhancing economic stability and growth. He expressed appreciation for the ongoing efforts to improve the business climate, affirming that Jordan holds significant potential to attract international investment. He noted the Jordan-UK Free Trade Agreement, which facilitates 'ambitious' bilateral trade cooperation, along with the free trade deals with the US, the European Union, countries of the Arab League and several others around the world, which offer valuable opportunities to Jordanian-based manufacturers and exporters. © Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (
Jordan Times
03-05-2025
- Business
- Jordan Times
JEF, UK trade envoy discuss investment opportunities, growth indicators
The Jordan Economic Forum holds a meeting with new UK Trade Envoy to Jordan Lord Iain McNicol to explore prospects for enhanced cooperation and investment (Photo Courtesy of Jordan Economic Forum) AMMAN — The Jordan Economic Forum (JEF) has held a meeting with new UK Trade Envoy to Jordan Lord Iain McNicol to explore prospects for enhanced cooperation and investment. JEF Chairman Mazen Homoud, members of the board of directors, general assembly members, British Ambassador to Jordan Philip Hall and a representative from the UK Department for Business and Trade attended the meeting, according to a JEF statement. The meeting focused on expanding bilateral cooperation, particularly in economic research and identifying high-value investment opportunities, emphasising the importance of building strategic partnerships to stimulate economic growth. During the session, the forum presented a comprehensive overview of Jordan's Economic Modernisation Vision (EMV), which aims to stimulate growth and attract investment to create sustainable jobs, thereby reducing unemployment and supporting both economic and social stability. The forum also highlighted the 'strength and resilience' of Jordan's banking sector, noting its positive growth trajectory, which reflects 'strong' investor confidence. The sector plays a vital role in financing economic activities, especially investments that support sustainable development. Homoud welcomed the UK delegation and reaffirmed the forum's commitment to fostering strategic partnerships with international institutions aimed at positioning Jordan as a leading regional hub for investment. He expressed appreciation for the UK's 'consistent' economic support to Jordan, most notably exemplified by the 2016 London Conference, which marked a 'pivotal' moment in boosting economic cooperation between the two countries. He stressed that the current phase requires intensified cooperation in advancing economic research to produce practical solutions for development challenges and to meet the economic goals of both kingdoms. Homoud reiterated the forum's commitment to 'actively' connecting investors with real opportunities, pointing to Jordan's competitive investment environment, supported by advanced infrastructure and a business-friendly legal framework. He invited British investors to explore new projects in renewable energy, technology and education. For his part, Lord McNicol praised the economic reforms recently implemented by the Jordanian government, describing them as 'crucial' steps towards enhancing economic stability and growth. He expressed appreciation for the ongoing efforts to improve the business climate, affirming that Jordan holds significant potential to attract international investment. He noted the Jordan-UK Free Trade Agreement, which facilitates 'ambitious' bilateral trade cooperation, along with the free trade deals with the US, the European Union, countries of the Arab League and several others around the world, which offer valuable opportunities to Jordanian-based manufacturers and exporters.
Arab News
19-02-2025
- Business
- Arab News
Governing AI for the public interest
UK Prime Minister Keir Starmer last month published an 'AI Opportunities Action Plan' that includes a multibillion-pound government investment in the UK's artificial intelligence capacity and £14 billion ($17.4 billion) in commitments from tech firms. The stated goal is to boost the AI computing power under public control twentyfold by 2030 and to embed AI in the public sector to improve services and reduce costs by automating tasks. But governing AI in the public interest will require the government to move beyond unbalanced relationships with digital monopolies. As matters stand, public authorities usually offer technology companies lucrative unstructured deals with no conditionalities attached. They are then left scrambling to address the market failures that inevitably ensue. While AI has plenty of potential to improve lives, the current approach does not set governments up for success. To be sure, economists disagree on what AI will mean for economic growth. In addition to warning about the harms that AI could do if it is not directed well, the Nobel laureate economist Daron Acemoglu estimates that the technology will boost productivity by only 0.07 percent per year, at most, over the next decade. By contrast, AI enthusiasts like Philippe Aghion and Erik Brynjolfsson believe that productivity growth could be up to 20 times higher (Aghion estimates 1.3 percent per year, while Brynjolfsson and his colleagues point to the potential for a one-off increase as high as 14 percent in just a few months). Meanwhile, bullish forecasts are being pushed by groups with vested interests, raising concerns over inflated figures, a lack of transparency and a 'revolving door' effect. Many of those promising the greatest benefits also stand to gain from public investments in the sector. What are we to make of the CEO of Microsoft UK being appointed as chair of the UK Department for Business and Trade's Industrial Strategy Advisory Council? The key to governing AI is to treat it not as a sector deserving of more or less support, but rather as a general purpose technology that can transform all sectors. Such transformations will not be value-neutral. While they could be realized in the public interest, they could also further consolidate the power of existing monopolies. Steering the technology's development and deployment in a positive direction will require governments to foster a decentralized innovation ecosystem that serves the public good. Policymakers must also wake up to all the ways that things can go wrong. One major risk is the further entrenchment of dominant platforms such as Amazon and Google, which have leveraged their position as gatekeepers to extract 'algorithmic attention rents' from users. Unless governed properly, today's AI systems could follow the same path, leading to unproductive value extraction, insidious monetization and deteriorating information quality. For too long, policymakers have ignored these externalities. While AI has plenty of potential to improve lives, the current approach does not set governments up for success Yet governments may now be tempted to opt for the option that is cheapest in the short term: allowing tech giants to own the data. This may help established firms drive innovation, but it also will ensure that they can leverage their monopoly power in the future. This risk is particularly relevant today, given that the primary bottleneck in AI development is cloud computing power, the market for which is 67 percent controlled by Amazon, Google and Microsoft. While AI can do much good, it is no magic wand. It must be developed and deployed in the context of a well-considered public strategy. Economic freedom and political freedom are deeply intertwined and neither is compatible with highly concentrated power. To avoid this dangerous path, the Starmer government should rethink its approach. Rather than acting primarily as a 'market fixer' that will intervene later to address AI companies' worst excesses (from deepfakes to disinformation), the state should step in early to shape the AI market. That means not allocating billions of pounds to vaguely defined AI-related initiatives that lack clear objectives, which seems to be Starmer's AI plan. Public funds should not be funneled into the hands of foreign hyper-scalers, as this risks diverting taxpayer money into the pockets of the world's wealthiest corporations and ceding control over public sector data. The UK National Health Service's deal with Palantir is a perfect example of what to avoid. There is also a danger that if AI-led growth does not materialize as promised, the UK could be left with a larger public deficit and crucial infrastructure in foreign hands. Moreover, relying solely on AI investment to improve public services could lead to their deterioration. AI must complement, not replace, real investments in public sector capabilities. The government should take concrete steps to ensure that AI serves the public good. For example, mandatory algorithmic audits can shed light on how AI systems are monetizing user attention. The government should also heed the lessons of past missteps, such as Google's acquisition of the London-based startup DeepMind. As the British investor Ian Hogarth has noted, the UK government might have been better off blocking this deal to maintain an independent AI enterprise. Even now, proposals to reverse the takeover warrant consideration. Prioritizing support for homegrown entrepreneurs and initiatives over dominant foreign companies is crucial Government policy must also recognize that Big Tech already has both scale and resources, whereas small and medium-size enterprises require support to grow. Public funding should act as an 'investor of first resort' to help these businesses overcome the first-mover bias and expand. Prioritizing support for homegrown entrepreneurs and initiatives over dominant foreign companies is crucial. Finally, since AI platforms extract data from the digital commons (the internet), they are beneficiaries of a major economic windfall. It follows that a digital windfall tax should be applied to help fund open-source AI and public innovation. The UK needs to develop its own public AI infrastructure guided by a public-value framework, following the model of the EuroStack initiative in the EU. AI should be a public good, not a corporate tollbooth. The Starmer government's guiding objective should be to serve the public interest. That means addressing the entire supply chain — from software and computing power to chips and connectivity. The UK needs more investment in creating, organizing and federating existing assets (not necessarily replacing Big Tech's assets entirely). Such efforts should be guided and co-financed under a consistent policy framework that aims to build a viable, competitive AI ecosystem. Only then can they ensure that the technology creates value for society and genuinely serves the public interest. - Mariana Mazzucato is Professor in the Economics of Innovation and Public Value at University College London and the author, most recently, of 'Mission Economy: A Moonshot Guide to Changing Capitalism' (Penguin Books, 2022). - Tommaso Valletti, Professor of Economics at Imperial College London, is Director of the Centre for Economic Policy Research and a former chief competition economist at the European Commission. - Copyright: Project Syndicate
