UK’s Department for International Trade welcomes Simon Penney
LONDON: The UK’s Department for International Trade yesterday welcomed Simon Penney in the new role of Her Majesty’s Trade Commissioner (HMTC) for the Middle East Afghanistan and Pakistan (MEAP). Appointed by the UK’s Secretary of State for International Trade, Dr Liam Fox, the former banking chief executive becomes the most senior UK trade figure to be based in the MEAP region.
In this new role, Penney will drive the UK’s trade and investment ambitions across the region, overseeing trade promotion and investment, trade policy and export finance. HMTC will lead the Department for International Trade teams in twelve markets, working to connect companies and governments in the region with cutting-edge UK technology and innovation, helping them deliver against their countries’ transformation
agendas.
Speaking of his role, new HMTC for MEAP, Simon Penney, said: “The UK’s trading relationship with the region is already strong, but its true potential has not yet been tapped. We want to work in partnership with businesses and governments to identify opportunities for greater collaboration. This could be in traditional sectors of energy and infrastructure, but also in sectors which are key to transformation. Healthcare and life sciences, education, creative services and technology are sectors where UK innovation has much to contribute.”
HM Ambassador to Kuwait said: “I am delighted by the appointment of Simon Penney as Her Majesty’s Trade Commissioner. With his rich private sector experience he is already bringing added value to HMG’s effort to support British business in exciting and growing markets like Kuwait. British businesses are working with Kuwaiti partners across a wide spectrum in taking forward Kuwait’s ambitious National Development Plan and delivering Vision 2035. Trade and investment are growing, British exports have increased by 23 per cent year on year, and I believe there is potential for faster growth over the next few years. The British Embassy and its team from the Department for International Trade (DIT) stands ready to support British businesses, large and small, to seize the opportunities out there.”
The UK’s trade with the MEAP region was £45bn in
2017/18, of which £29.5bn was related to the export of goods and services. In 2017 UK exports to Kuwait amounted to £2.1billion. Of all UK exports to Kuwait in 2017, £596million (28.8%) were goods and £1.5billion (71.2%) were services. The GCC is the UK’s 4th largest export market for goods outside of the EU after the US, China and Hong Kong. Penney’s appointment follows the formation of a dedicated regional UK Export Finance team in the UAE earlier this year and signals the strategic importance of this region to the UK. Simon Penney is one of nine regional HMTCs appointed by the UK government across the globe. Before his appointment as HM Trade Commissioner, Simon Penney spent many years in the banking sector with extensive experience leading Corporate and Financial Institution Groups and teams across, the Middle East, Europe, Africa and Asia. Simon has held roles in the Middle East with First Gulf Bank and Royal Bank of Scotland, prior to which he was with ABN AMRO Bank in South Africa and the UK. He has also worked in consulting at PwC and in project finance. —provided by British Embassy of Kuwait