JEDDAH: Saudi Arabia and Portugal are set to enhance their economic relationship with the creation of a business council for the 2024-2028 term, as announced by the Federation of Saudi Chambers of Commerce. The newly approved Saudi-Portuguese Business Council, endorsed by the General Authority for Foreign Trade, is designed to boost trade and investment opportunities between the two countries. Alwaleed bin Khaled Al-Baltan has been elected president of the council, with Tarfah bint Abdulrahman Al-Mutairi and Turki bin Nasser Al-Khilaiwi serving as vice presidents, according to the Saudi Press Agency. The formation of this council aligns with Saudi Arabia’s broader strategy to strengthen economic ties with European nations. Portugal’s gross domestic product was $287.08 billion in 2023, representing 0.27 percent of the global economy, according to World Bank data. Trading Economics forecasts that Portugal’s GDP will reach $292.53 billion by the end of 2024, with projections of $299.26 billion in 2025 and $305.55 billion in 2026. Al-Baltan commented: “The formation of the council represents a new stage in the economic relations between the Kingdom and Portugal. It will enable the business sectors to benefit from promising investment opportunities in both countries and enhance trade and investment partnerships.” He further explained that the council will establish specific targets and coordinate with government agencies to foster a favorable investment environment. In 2023, Saudi Arabia’s exports to Portugal amounted to SR1.7 billion ($453 million), while imports from Portugal were SR1.1 billion. The council has identified key sectors for collaboration, including infrastructure, agriculture, tourism, technology, and renewable energy. Al-Baltan stressed that the council’s action plan will focus on these targeted sectors, particularly those aligned with Saudi Vision 2030. He added that the council will work to identify investment opportunities and markets in both countries, leverage comparative advantages and trade agreements, and facilitate the entry of Portuguese companies into the Saudi market, which ranks among the top 51 global destinations for Portuguese exports. The council’s establishment follows the signing of a memorandum of understanding between the Saudi and Portuguese federations in 2021, with operations officially commencing on Aug. 27. This marks a significant step in advancing business collaboration between the two nations. Between 2021 and 2022, Saudi exports to Portugal increased by 50 percent, while imports from Portugal grew by nearly 40 percent, resulting in a total trade volume of $1 billion. This growth underscores the potential for deeper collaboration, as noted by Saudi Minister of Economy and Planning Faisal Al-Ibrahim during his remarks at the Portuguese-Saudi Investment Forum in Lisbon in October 2023.