Riyadh, June 10, 2021, SPA -- The Council of Saudi Chambers and Portuguese Business Union signed here today a memorandum of understanding (MoU) to establish Saudi-Portuguese business council, in conjunction with holding meetings of the fifth joint Saudi-Portuguese Committee in Riyadh, in the presence of Portuguese Secretary of State for Internationalization Eurico Dias, Portuguese Ambassador to the Kingdom of Saudi Arabia Luis Almeida Ferraz and senior economic figures from both countries. 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 the Kingdom of 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 through shedding 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 the participation in exhibitions and forums and exchanging visits and commercial delegations. --SPA 15:54 LOCAL TIME 12:54 GMT 0023 www.spa.gov.sa/w1570100