Minister of Economy and Planning Faisal Al-Ibrahim revealed that Saudi exports to Portugal recorded an uptick of 50 percent, while imports from Lisbon experienced a substantial increase of around 40 percent.

During his participation in the Saudi-Portuguese Investment Forum, Al-Ibrahim said that the volume of trade exchange between the two countries reached $1 billion. He added that the unprecedented global challenges require innovative solutions, especially in terms of climate, sustainability, and post-pandemic economic recovery.

The minister stressed that efforts exerted by the public and private sectors in the two countries can play an important role in facing these challenges. He added that the sixth session of the Saudi-Portuguese Committee is being held at a time when bilateral trade is witnessing significant growth.

Al-Ibrahim went on to say that Saudi Vision 2030 intersects with the main goals of Portugal in a number of economic targets, such as commitment to economic diversification, sustainability, and comprehensive development.

Infrastructure projects in the Kingdom, the size of which exceed $7.2 trillion, represent great opportunities for joint cooperation, as future cities such as NEOM provide attractive opportunities for Portuguese investors.

Al-Ibrahim stated that the Kingdom’s commitment to improving the business climate has fostered economic reforms and regulatory transparency.

Meanwhile, the minister of Economy and Planning met on Tuesday with the Portuguese minister of Economy and Maritime Affairs, António Costa Silva, on the sidelines of the Saudi-Portuguese Joint Committee.

The meeting reviewed the means to enhance bilateral economic and investment cooperation.