The Federation of Saudi Chambers (FSC) recently announced the formation of the Saudi-Portuguese Business Council, following approval from the General Authority of Foreign Trade (GAFT). Al-Waleed Al-Baltan was elected as chairman, with Tarfa Al-Mutairi and Turki Al-Khalawi serving as vice chairmen for the council’s four-year founding session. The council aims to strengthen economic relations between Saudi Arabia and Portugal, allowing businesses in both countries to benefit from investment opportunities and enhance trade partnerships. Specific targets will be set, and the council will work with government agencies to create an investment-friendly environment, focusing on sectors such as infrastructure, agriculture, tourism, technology, and renewable energy.
The Council Chairman, Al-Baltan, highlighted the growth in trade exchange between Saudi Arabia and Portugal, with Saudi exports to Portugal reaching SR 1.7 billion in 2023 and imports from Portugal amounting to SR 1.1 billion. The action plan of the council will concentrate on targeted sectors in both countries, aligning with Saudi Arabia’s Vision 2030. It will identify investment opportunities and markets in Saudi Arabia and Portugal, enabling Portuguese companies to enter the Saudi market. Saudi Arabia is considered a major global destination for Portuguese exports, making it a lucrative market for businesses from both countries to explore.
The formation of the Saudi-Portuguese Business Council builds upon a memorandum of understanding signed between the Federation of Saudi Chambers and the Portuguese Business Federation in 2021. This partnership aims to establish a platform for business owners from Saudi Arabia and Portugal to collaborate, exchange ideas, and explore new opportunities. The council’s founding session will span from 1446 to 1450, with Al-Baltan leading the way as chairman and Al-Mutairi and Al-Khalawi supporting him as vice chairmen. By promoting cooperation and facilitating communication between businesses in both countries, the council seeks to boost economic growth and strengthen bilateral ties.
One of the primary goals of the Saudi-Portuguese Business Council is to leverage promising investment opportunities in key sectors such as infrastructure, agriculture, tourism, technology, and renewable energy. By focusing on these areas, the council aims to drive economic development, create job opportunities, and foster innovation in both Saudi Arabia and Portugal. Additionally, the council will work closely with government agencies to support businesses in navigating regulatory frameworks, accessing funding, and expanding their market reach, ultimately paving the way for sustainable growth and prosperity.
The establishment of the Saudi-Portuguese Business Council marks a significant milestone in the economic relations between Saudi Arabia and Portugal, signaling a new era of collaboration and partnership. By bringing together business leaders, government officials, and industry experts from both countries, the council serves as a platform for dialogue, cooperation, and knowledge sharing. Through joint initiatives, trade missions, and investment forums, the council will work towards fostering stronger economic ties, expanding bilateral trade, and unlocking new opportunities for businesses in Saudi Arabia and Portugal. As the council sets its sights on achieving its strategic objectives and driving economic growth, it is poised to play a pivotal role in shaping the future of commerce and investment between the two nations.
