Minister for Investment Set to Strengthen UK-Gulf Cooperation Council Ties on Tour of Kuwait and UAE
London, England - Lord Dominic Johnson, the UK's Minister for Investment, is set to embark on a tour of Kuwait and the UAE this week to promote and develop multi-billion-dollar trade and investment relationships with these key Gulf nations.
Johnson will meet with government ministers and leading investment partners in Kuwait, including the Kuwait Investment Authority, National Bank of Kuwait, and Kuwait Direct Investment Promotion Authority.
He will also hold roundtable talks with representatives of Rolls-Royce and BAE in the UAE.
Johnson emphasized the importance of the UK-GCC trade deal, stating that it will be a significant catalyst for investment on both sides.
The next round of ongoing talks on the trade agreement is expected to take place in the coming weeks.
The UK-Kuwait trade relationship has seen a significant increase in the past year, with the total value of trade in goods and services standing at £4.7 billion in the four quarters to the end of 2022, an increase of 93.8 percent from the previous year.
The UK also has a strong investment relationship with the UAE, with the total value of trade in goods and services between the two countries standing at £21.6 billion in the four quarters to the end of 2022, an increase of 63.0 percent from the previous year.
The UAE was the UK's 19th-largest trading partner during the four quarters to the end of 2022, accounting for 1.3 percent of total UK trade.
In 2021, the value of outward FDI stock from the UK in the UAE was £5.2 billion, while inward FDI stock in the UK from the UAE was worth £7.4 billion.
The minister's visit to the region comes after the release of a UN Conference on Trade and Development report that revealed the UK has the highest level of Foreign Direct Investment stocks in Europe, worth $2.7 trillion, and the third-highest in the world, after the US and China.
Overall, the UK has a strong investment and trade relationship with the Gulf Cooperation
He will also hold roundtable talks with representatives of Rolls-Royce and BAE in the UAE.
Johnson emphasized the importance of the UK-GCC trade deal, stating that it will be a significant catalyst for investment on both sides.
The next round of ongoing talks on the trade agreement is expected to take place in the coming weeks.
The UK-Kuwait trade relationship has seen a significant increase in the past year, with the total value of trade in goods and services standing at £4.7 billion in the four quarters to the end of 2022, an increase of 93.8 percent from the previous year.
The UK also has a strong investment relationship with the UAE, with the total value of trade in goods and services between the two countries standing at £21.6 billion in the four quarters to the end of 2022, an increase of 63.0 percent from the previous year.
The UAE was the UK's 19th-largest trading partner during the four quarters to the end of 2022, accounting for 1.3 percent of total UK trade.
In 2021, the value of outward FDI stock from the UK in the UAE was £5.2 billion, while inward FDI stock in the UK from the UAE was worth £7.4 billion.
The minister's visit to the region comes after the release of a UN Conference on Trade and Development report that revealed the UK has the highest level of Foreign Direct Investment stocks in Europe, worth $2.7 trillion, and the third-highest in the world, after the US and China.
Overall, the UK has a strong investment and trade relationship with the Gulf Cooperation
