Portugal seeks enhanced trade cooperation with Saudi Arabia

Portugal eager to improve trade, investments with Saudi Arabia

Portuguese Ambassador Manuel Carvalho said that his country is eager to improve trade and investment with the Kingdom.

The envoy was speaking following his meeting with Saud Al-Meshari, secretary general of the Council of Saudi Chambers (CSC), in Riyadh on Monday.

Carvalho told Arab News that Saudi Arabia and Portugal have seen many positive developments in the relationship in all fields in the past years.

Carvalho said Portugal has a desire to push trade and investment relations with the Kingdom to the highest levels, with common interests that bind the two countries.

He expressed his aspiration to strengthen and increase joint investments between Saudi Arabia and Portugal, as the two countries are enjoying special advantages with the potential of encouraging investment. He pointed out that recently an agreement on double taxation was signed in Riyadh between the two countries to boost bilateral trade and an investment protection treaty is also on the pipeline.

There is a great potential of improving Portuguese trade in agricultural sector and there are promising opportunities in the tourism, energy, construction, food and IT sectors and technology.

The advantages in investing in Portugal include incentives and strategic location as the gateway to Europe, Africa, the United States and the Middle East. In addition to Portugal’s cultural relations with countries that share its language, such as Brazil, Angola and Mozambique, it was also pointed to the positive shift in Portugal’s economy, which includes a development plan through 2020 with the aim of increasing GDP through utilizing fishery and agriculture.

Carvalho assured his embassy’s readiness to provide the information required concerning investment opportunities in Portugal, as well as incentives and regulations of the country. He said that Portugal possesses vast natural resources, particularly in the agricultural sector.