RIYADH: The Council of Saudi Chambers (CSC) has invited Portuguese businessmen to invest in the Kingdom that offers attractive incentives and profitable returns.

CSC’s Assistant Secretary General for Foreign Affairs Waleed Al-Orainan gave the call to the visiting Portuguese businessmen at a meeting held in Riyadh last week.

The Portuguese team was headed by Chairperson of Confederation of Portuguese Business (CIP) Manuel Miranda.

The two sides discussed and explored ways and means of enhancing their bilateral trade relations, especially in light of the advantages and incentives offered by both.

Al-Orainan said enhancing relations between the two countries will benefit both, and encourage exchange of business and investment delegations from both ends, adding that cooperation should extend to the value-added products and nonoil sectors.

“Portuguese investors are welcome to benefit from the stable economic environment of the Kingdom and the incentives offered by its government,” he said.

Al-Orainan additionally noted the importance of activating the trade agreement signed between CSC and CIP last April during the Saudi-Portuguese Business Committee meeting, attended by Saudi Minister of Commerce and Industry Tawfik Al-Rabiah.

In his speech, Miranda encouraged Saudi investors to benefit from Portugal’s special programs, which offer incentives that cover tourism, energy, construction, foodstuffs, agriculture, health care and IT.

He pointed out Saudi Arabia remains Portugal’s main trade partner and is the leading economy in the Middle East.

He encouraged more cooperation between Saudi and Portuguese firms, especially in exploring investment opportunities in the Kingdom due to the growing economic relations between the two countries.

The Portuguese businessman highlighted the advantages offered by Portugal to foreign investments, including its incentives and strategic location as the gate to the Middle East, Africa, Europe and the United States.

In addition to Portugal’s cultural relations with countries that share its language such as Brazil, Angola, and Mozambique, he pointed to the positive shift in Portugal’s economy, with expectations for more growth next year due to the government reforms, which include a development plan that lasts until 2020 with the aim of increasing GDP through fishery and agriculture.

Portuguese Ambassador to Saudi Arabia Manuel Carvalho assured his embassy’s readiness to provide the information required concerning investment opportunities in Portugal, as well as incentives and regulations of the country, explaining that Portugal possesses vast natural resources, particularly in the agricultural sector.

Further discussions of the meeting included details on the business environments in both countries and their current economic status, and the need to provide Saudi investors with more information on Portugal’s investment opportunities.