British Business and Trade Secretary Kemi Badenoch began her Gulf tour by signing a letter of intent with Saudi Arabia to enhance cooperation in the field of critical minerals, and consolidate a commitment to co-develop critical mineral supply chains needed for the global transition to carbon neutrality.
The letter was signed by Bandar Al-Khorayef, Saudi Minister of Industry and Mineral Resources, and Badenoch, in the presence of Deputy Minister for Mining Affairs Eng. Khaled Al-Mudaifer, at the ministry’s headquarters in Riyadh.
Al-Khorayef explained that the step comes within the framework of raising the level of cooperation between the two countries in the industrial and mining sectors, and supporting joint global efforts towards a sustainable and green future.
He added that the letter of intent would allow the two countries to diversify supply chains for critical minerals for a number of mineral-intensive industries, including electric vehicle manufacturing, aerospace, defense, and renewable energy.
“Critical minerals are a necessity for our daily lives, including electric cars, medical devices, wind turbines and solar panels,” Badenoch said, noting that signing the letter of intent with Saudi Arabia would enhance the two countries’ partnership in developing the supply chain and enhancing industrial cooperation.
Critical metals are defined as vital to the economic well-being of the world’s major and emerging economies, and the supply of which may be at risk due to geological rarities, geopolitical issues, trade policy, or other factors.
The British Business and Trade Secretary is visiting the Middle East to advance UK efforts to conclude a modern and comprehensive trade agreement with the countries of the Gulf Cooperation Council.
Her five-day tour includes Saudi Arabia, Qatar and the UAE. A trade agreement between Britain and the GCC is expected to increase the volume of mutual trade with the region by 16 percent.
The total volume of mutual trade between the United Kingdom and the GCC countries reached a record high of 61.3 billion pounds sterling in 2022.
