Establishment of a joint business council between Saudi Arabia and Portugal
Concluding a Memorandum of Understanding agreement to advance bilateral trade and investment movement between the two countries
Friday – 1 Dhu al-Qi’dah 1442 AH – 11 June 2021 AD Issue No. [
An agreement was signed between the Council of Saudi Chambers and the Portuguese Business Federation in Riyadh yesterday (Asharq Al-Awsat)
Riyadh: Fath Al-Rahman Yusuf
Minister of State for Foreign Affairs Yoriko Dias 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 trade and investment opportunities available in both countries.
The Portuguese minister invited the business sector and members of the Council of Saudi Chambers to organize a Saudi business delegation to his country in conjunction with the World Web Summit for Technology, which will be held this year in the Portuguese capital, Lisbon.
For his part, Luis Almeida Ferraz, the Portuguese ambassador to Saudi Arabia, told Asharq Al-Awsat that the agreement will deepen trade and investment in key areas, specifically agriculture, tourism, finance, information technology, construction and the environment, which supports curbing the general downturn and promotes future growth.
The memorandum of understanding included areas of cooperation in trade, investment, finance and banking, education, technology and creativity, communications, sports, tourism, health, energy, transport, infrastructure and media.
Engineer Tariq Al-Haidari, Vice-President of the Council of Saudi Chambers, stressed the importance of signing the memorandum of understanding, considering that this would help raise the volume of trade and investment exchanges between the two countries. He pointed out that the council will carry out many commercial and promotional activities systematically in the field of trade, investment and technology transfer, focusing on the targeted sectors.
For his part, Abdullah Al-Malehi, a former member of the Council of Saudi Chambers and head of the Excellence Company, told Asharq Al-Awsat that one of the new opportunities provided by Saudi Arabia to the Portuguese is to invest in the renewable energy, environment and waste treatment sectors, as well as the investment banking sector, pointing out that the Portuguese market is one of Europe The most promising one, as the Portuguese Export Development Bank supports companies for export and investment in Saudi Arabia.
It is noteworthy that the Kingdom and Portugal have old 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 ($1 billion).