Saudi - Portuguese Joint Committee end this afternoon at the Conference Palace in Riyadh with the participation of His Excellency the Minister of Trade and Investment, Dr. Majid bin Abdullah Al-Qasabi and the Portuguese Minister of Defense Dr. José Alberto Azeredo Lopes. HE the Saudi minister Dr. Al-Qasabi stressed in his speech on the importance of promoting trade and investment partnership between Saudi Arabia and the Republic of Portugal, focusing on the long relationship between the two countries where many visits were exchanged between the leaders and officials of the two countries and signing the General Agreement on cooperation.
Dr. Al-Qasabi explained that the Saudi Vision 2030 is based on three foundations: the Arabic and the Islamic depth, the power of investment, and the importance of Saudi Arabia's geographical and strategic location. HE also points out the importance of opening wider horizons for the private sector to be a major partner, facilitate its work, and encouraged it to grow and be one of the largest economies in the world, to become an engine for employment, and a source of prosperity for the country and well-being for all.
The minister added that according to the Vision, Saudi Arabia is keen to promote trade and investment cooperation with various countries around the world, search for best practices and methods in this area, overcome all the difficulties, and create an efficient environment to encourage the private sector to seize the investment opportunities available.
The Minister of Trade and Investment confirm the government's aspiration for the two countries to work together on the official and private levels to translate what emerge from the joint committee into reality. Also, to cooperate in increasing the investment and trade volume in quantity and quality. Furthermore, to seize the opportunities for more investment and production joint between private enterprises in the two countries.
HE added that the future of the Saudi-Portuguese cooperation is full of high potentials waiting to be invested and used to bring more benefits to the two countries and their peoples. Also, He said we look forward to work together and harness these potentials to promote bilateral cooperation in all fields, especially the field of trade, investment, technology, culture, and training to achieve greater well-being and prosperity of our two countries as friends.
For his part, the Minister of Defense Dr. José Alberto Azeredo Lopes stressed that the Saudi - Portuguese Joint Committee meetings in its third round has achieved a lot in a way that will contribute to the strengthening of the partnership in many practices, one of which is stopping the double taxation and provide the legal framework for investment between the two countries. Dr. Lopes added that the Kingdom of Saudi Arabia represents an important partner in the Middle East, pointing out that his government's quest to build a lasting partnership that will serve the two countries and provide a bright future for generations to come.
The participants agreed on several articles in the meeting agenda, one of which is to coordinate the efforts and expand the trade. Also, they emphasize the importance of developing cooperation between the private sectors in both countries and held a round of negotiations to set an agreement to encourage and protect the investments between the two countries. The agreement will also include cooperation in the financial and banking fields, and collaboration in the areas of small and medium industries.