Saudi-Portuguese economic cooperation gathers steam with creation of Business Council

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RIYADH —The Federation of Saudi Chambers (FSC) announced the formation of the Saudi-Portuguese Business Council, following the approval of the General Authority of Foreign Trade (GAFT).

Al-Waleed Al-Baltan was elected as chairman while Tarfa Al-Mutairi and Turki Al-Khalawi are vice chairmen of the council for its four-year founding session (1446 - 1450).

The Council Chairman Al-Baltan said that the formation of the council represents a new stage in the path of economic relations between Saudi Arabia and Portugal so as to enable the business sectors to benefit from promising investment opportunities in the two countries as well as to enhance trade and investment partnerships between the two sides.

He pointed out that the council will work to set specific targets and implement them in coordination with government agencies to provide an investment environment to raise the trade and investment partnership between the business sectors in the two countries, considering infrastructure, agriculture, tourism, technology and renewable energy as models of promising sectors for cooperation.

Referring to the growth in the trade exchange, he said that the value of Saudi Arabia's exports to Portugal amounted to SR 1.7 billion in 2023, while its imports from Portugal amounted to SR 1.1 billion.

Al-Baltan stressed that the action plan will focus on the targeted sectors in the two countries, especially in Saudi Arabia's Vision 2030, and will identify investment opportunities and markets in Saudi Arabia and Portugal, and enable Portuguese companies to enter the Saudi market, which is considered as one of the 51 largest global destinations for Portuguese exports.

It is noteworthy that the Federation of Saudi Chambers and its counterpart, the Portuguese Business Federation, signed a memorandum of understanding in 2021 to establish the Saudi-Portuguese Business Council to work as an important platform for business owners from both countries.