International Trade Relations Director at Confederation of Portuguese Business Praises Investment Climate in Saudi Arabia

Director of International Trade Relations at the Confederation of Portuguese Business Pedro Magalhães noted the mega projects that the Kingdom of Saudi Arabia is witnessing and its qualitative initiatives that are in harmony with the Saudi Vision 2030, in addition to having economic estates with developed infrastructure.

In a press statement after concluding a visit with a Portuguese commercial delegation of several companies to the headquarters of the Federation of Saudi Chambers and meeting with Saudi businesspeople, Magalhães stressed that the investment climate in both countries is attractive and characterized by diversity, especially in agricultural technology, innovation, industrial sector, services and constructions.

He highlighted the importance of exchanging commercial visits during the next period, calling on the Federation to form a Saudi commercial delegation to visit Portugal and meet their Portuguese counterparts, participate in the Web Summit, and check closely on the investment opportunities in various economic sectors in Portugal.

He also referred to the economic fundamentals, incentives and investment features that Portugal offers to foreign investors in terms of tax incentives, low costs of commercial businesses and the gold visa that allow access to all Schengen countries, ease of establishing a company within only 45 minutes, in addition to providing public services on the internet, while the workforce enjoys skills, knowledge and low costs.

The coming phase is envisioned to witness the launch of the biggest cooperation between the two countries in fields like agricultural technology in light of the Kingdom of Saudi Arabia’s plans to enhance its food security, in addition to the industrial sector in a way that supports Saudi industries and achieves economic diversity, as well as technology, especially that the Kingdom of Saudi Arabia is planning to move to knowledge society through the Saudi Vision 2030 via establishing artificial intelligence research centers that allow transferring knowledge and technology.