The Federation of Saudi Chambers of Commerce has announced that Saudi Arabia and Portugal will strengthen their economic ties by establishing a business council for the 2024-2028 term.
The newly approved Saudi-Portuguese Business Council, endorsed by the General Authority for Foreign Trade. It is designed to boost trade and investment opportunities between the two countries.
Alwaleed Al-Baltan has been elected president of the council, with Tarfah bint Abdulrahman Al-Mutairi and Turki Al-Khilaiwi serving as vice presidents, according to the Saudi Press Agency.
Furthermore, the establishment of this council is part of Saudi Arabia’s broader strategy to bolster economic relations with European countries.
In 2023, Portugal’s GDP was $287.08 billion, or 0.27% of the global economy, according to World Bank data. Trading Economics forecasts Portugal’s GDP will reach $292.53 billion by the end of 2024, $299.26 billion in 2025, and $305.55 billion in 2026.
Al-Baltan commented: “The formation of the council represents a new stage in the economic relations between the Kingdom and Portugal. It will enable the business sectors to benefit from promising investment opportunities in both countries and enhance trade and investment partnerships.”
In 2023, Saudi Arabia exported goods worth SR1.7 billion ($453 million) to Portugal and imported products valued at SR1.1 billion from the country. The council has pinpointed several key areas for collaboration, such as infrastructure, agriculture, tourism, technology, and renewable energy.
Saudi Vision 2030
Al-Baltan emphasized that the council’s action plan will focus on key sectors aligned with Saudi Vision 2030. He noted that the council will identify investment opportunities and markets in both nations, leverage comparative advantages and trade agreements. It also supports the entry of Portuguese companies into the Saudi market, a top destination for Portuguese exports.
The council was established following the signing of a memorandum of understanding between the Saudi and Portuguese federations in 2021, with its operations officially beginning on August 27. This development represents a major advancement in business collaboration between the two countries.
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