Imagine a future where Saudi Arabia and Portugal stand as pillars of economic collaboration, bolstered by a newly established business council for the 2024-2028 term. The Federation of Saudi Chambers of Commerce has unveiled plans for this Saudi-Portuguese Business Council, with the mission to unlock vast trade and investment opportunities between the two nations.
This strategic council, approved by the General Authority for Foreign Trade, aims to deepen economic relations with European countries, reflecting Saudi Arabia’s commitment to a broader global economic strategy. Leading this pivotal initiative is Alwaleed bin Khaled Al-Baltan as president, with Tarfah bint Abdulrahman Al-Mutairi and Turki bin Nasser Al-Khilaiwi as vice presidents.
Fostering Economic Growth
Portugal’s economic landscape is poised for growth, with its GDP projected to rise from $287.08 billion in 2023 to $305.55 billion by 2026, according to Trading Economics. This upward trajectory presents fertile ground for the Saudi-Portuguese Business Council to nurture promising opportunities and strengthen trade partnerships.
Al-Baltan emphasized the council’s role in advancing economic ties, stating, 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.
The council’s efforts will focus on setting clear objectives and working alongside government bodies to create an investor-friendly environment.
Strategic Sectors and Vision 2030
In 2023, Saudi Arabia exported goods worth SR1.7 billion ($453 million) to Portugal, while importing SR1.1 billion in return. The council has pinpointed key sectors for collaboration, including infrastructure, agriculture, tourism, technology, and renewable energy, aligning with the objectives of Saudi Vision 2030.
Al-Baltan underscored the council’s dedication to identifying investment prospects and exploring new markets, leveraging both nations’ strengths and existing trade agreements. A notable goal is to facilitate the entry of Portuguese enterprises into the Saudi market, which is ranked among the top 51 global destinations for Portuguese exports.
Building on a Strong Foundation
The foundation for this council was laid with a memorandum of understanding signed by the Saudi and Portuguese federations in 2021, with operations officially beginning in August 2023. This collaboration marks a significant milestone in enhancing business ties between these two dynamic economies.
Between 2021 and 2022, Saudi exports to Portugal surged by 50 percent, while imports from Portugal rose by nearly 40 percent, culminating in a total trade volume of $1 billion. This impressive growth underscores the potential for further collaboration, as highlighted by Saudi Minister of Economy and Planning Faisal Al-Ibrahim at the Portuguese-Saudi Investment Forum in Lisbon.
With the establishment of the Saudi-Portuguese Business Council, a new chapter of economic partnership unfolds, inviting investors and businesses to partake in a journey of mutual prosperity and development.
