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Saturday, Jun 03, 2023

UK and Saudi Arabia Sign Letter of Intent to Cooperate on Critical Minerals for Carbon Neutrality

UK and Saudi Arabia Sign Letter of Intent to Cooperate on Critical Minerals for Carbon Neutrality

The UK and Saudi Arabia have signed a letter of intent to cooperate on critical minerals to support the global transition to carbon neutrality.
The goal is to increase and diversify global sources of supply of critical minerals, prioritize sustainable and responsible production, and develop a unified vision for key minerals.

The letter also seeks to coordinate with multilateral forums, explore joint investment opportunities, and identify opportunities for collaboration on cleaner mining technologies, resource efficiency, substitution and others.

The Deputy Minister for Mining Affairs of Saudi Arabia and the UK Business and Trade Secretary signed the letter of intent.

The Business and Trade Secretary also visited the Middle East to make progress in the UK's aspirations for a modern and comprehensive trade agreement with the Gulf Cooperation Council, which is expected to increase the volume of mutual trade with the region by 16%.

Commerce and Trade Minister Kimi Patenok is set to embark on a tour of the Gulf Cooperation Council (GCC) countries to strengthen trade and investment ties with the region.

The GCC represents a significant opportunity for British businesses, with an expected £61.3 billion in bilateral trade by 2022 and a projected £1 trillion in demand for British goods and services by 2035.

The British government is aiming to boost the economy through increased investment, and business leaders and investors will be targeted during the tour.
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