Saudi-Portuguese Business Council Formed to Enhance Economic Relations

KSA, 28 August, 2024 : The Federation of Saudi Chambers (FSC) has announced the creation of the Saudi-Portuguese Business Council, following approval from the General Authority of Foreign Trade (GAFT). Al-Waleed Al-Baltan will chair the council, with Tarfa Al-Mutairi and Turki Al-Khalawi serving as vice chairmen for its four-year term (1446 - 1450).

Al-Baltan highlighted that the council marks a significant advancement in Saudi-Portuguese economic relations, aiming to leverage investment opportunities and enhance trade partnerships. The council plans to focus on sectors such as infrastructure, agriculture, tourism, technology, and renewable energy.

In 2023, Saudi exports to Portugal reached SR 1.7 billion, while imports from Portugal totaled SR 1.1 billion. The council’s action plan will align with Saudi Arabia’s Vision 2030 and target specific investment opportunities in both countries, facilitating Portuguese entry into the Saudi market, a key destination for Portuguese exports.

The establishment of the council follows a 2021 memorandum of understanding between the Federation of Saudi Chambers and the Portuguese Business Federation, designed to foster business collaboration between the two nations.

Source : www.saudigazette.com.sa