Describing the Gulf as one of the UK’s key economic partners, Cameron Oxford Business Group (OBG) that bilateral trade between the two sides had increased by 39% over the last two years to reach £29.8 billion.
He said Britain 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.”
Cameron’s comments will appear in a selection of the Group’s The Report publications analysing Gulf economies. The reports 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 said. “All of which provide opportunities beyond the established oil and gas sectors – including infrastructure, transport, education, science and innovation.”
He 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 £250billion worth of opportunities under the UK’s National Infrastructure Plan,” he said.
Each Report in the Gulf will each mark the culmination of up to a year on-the-ground research by a team of analysts from the Group. They will provide information on opportunities for foreign direct investment into the countries’ economies. The publications will act as guides to the many facets of the countries and Gulf region, including their macroeconomics, infrastructure, banking and sectoral developments. They will be available in print form or online.