Economist / Council of Saudi Chambers and the Portuguese Business Federation sign a memorandum of understanding to establish a joint business council The Saudi Press Agency

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Riyadh, Shawwal 29, 1442 AH, corresponding to June 10, 2021 AD
Today, the Council of Saudi Chambers and the Portuguese Business Federation signed a memorandum of understanding to establish the Saudi-Portuguese Business Council, coinciding with the holding of the work of the Saudi-Portuguese Joint Committee in its fifth session in the capital, Riyadh. the two countries.
The memorandum of understanding was signed by the Vice-President of the Council of Saudi Chambers, Engineer Tariq bin Muhammad Al-Haidari, and the Vice-President of the Portuguese Business Federation, Oscar Gaspar, in the presence of the Portuguese Minister of State for Foreign Affairs, Yoriko Dias, the Portuguese Ambassador to the Kingdom, Luis Almeida Ferraz, and a number of economic figures from the two countries.
On this occasion, Eng. Tariq Al-Haidari valued the signing of the memorandum of understanding, which was considered the result of continuous efforts and joint work and a Saudi-Portuguese desire to raise the volume of trade and investment exchanges between the two countries, noting that the council will carry out many commercial and promotional activities in a systematic way in the field of trade, investment and technology transfer, focusing on the targeted sectors. It will also provide a platform for Saudi and Portuguese businessmen to introduce and promote their activities and establish business partnerships.
In turn, the Minister of State for Foreign Affairs affirmed his country’s commitment and interest in strengthening its commercial relations and interests with the Kingdom, as it is one of the largest markets in the region, pointing out that the establishment of a joint business council would support economic relations by shedding more light on the commercial and investment opportunities available in both countries. The Saudi Chambers to organize a Saudi business delegation for Portugal in conjunction with the World Web Summit for Technology, which will be held this year in the Portuguese capital, “Lisbon”.
According to the terms of the memorandum, the Saudi-Portuguese Business Council will be concerned with opening new qualitative areas for economic cooperation, facilitating continuous interaction between the Saudi and Portuguese business sectors, and working to remove challenges and obstacles, as well as exchanging information on available markets and investment opportunities, enabling commercial and investment partnerships, and providing recommendations to the competent authorities in the two countries. To improve economic relations, encourage participation in exhibitions and forums, exchange visits and trade delegations.
It is noteworthy that the Kingdom of Saudi Arabia and the Republic of Portugal have good economic and trade relations, as Portugal ranked 47th among the main trading partners of the Kingdom in 2019, while the volume of trade exchange for the same year amounted to 3.9 billion riyals.
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