RIYADH — The Council of Saudi Chambers and the Confederation of Portuguese Business signed here on Thursday a memorandum of understanding (MoU) to establish Saudi-Portuguese business council on the sidelines of the fifth joint Saudi-Portuguese Committee meetings in Riyadh. The MoU was signed in the presence of the Portuguese Secretary of State for Internationalization, Eurico Dias, Portugal Ambassador to Saudi Arabia Luis Almeida Ferraz and senior economic figures from both countries, the Saudi Press Agency reported.The Saudi-Portuguese business council is envisioned to lead intensified institutional efforts to enhance trade and increase commercial and investment cooperation between the two countries. Portuguese secretary of state for internationalization expressed his country’s commitment and keenness to enhance its relations and commercial interests with Saudi Arabia for its being one of the biggest markets in the region, noting that establishing a joint business council would further boost economic ties as it would shed light on available commercial and investment opportunities in the two countries. He also invited the Council of Saudi Chambers to organize a Saudi business delegation to Portugal in synchronization with the Web Summit 2021 that will be hosted in Lisbon. The Saudi-Portuguese business council, as stipulated in the memorandum, will be tasked with opening new qualitative fields of economic cooperation, facilitating continuous interaction between the Saudi and Portuguese business sectors, and working on overcoming challenges and obstacles. It will also work on exchanging information on markets and available investment opportunities, empowering commercial and investment partnerships, referring recommendations to stakeholders in both countries to improve economic relations, and encouraging participation in exhibitions and forums and exchanging visits and commercial delegations.