JAKARTA – Portugal is positioning itself to strengthen economic ties with Saudi Arabia as the Kingdom’s Vision 2030 transformation program creates expanding opportunities across multiple sectors, according to the nation’s Economy Minister Manuel Castro Almeida.

Vision 2030 Opens Doors for Portuguese Businesses

In an interview with Arab News during his Riyadh visit, Castro Almeida described Saudi Arabia’s economic metamorphosis as a compelling draw for Portuguese enterprises pursuing international growth. “Vision 2030 represents a tremendous opportunity for our country,” he stated, identifying immediate potential in home goods manufacturing, construction, infrastructure development, agribusiness, clean energy, fashion, and hospitality.

The minister characterized the bilateral relationship as still in its formative stages but positioned for evolution into a substantial long-term economic alliance.

Clean Energy Partnership Takes Center Stage

Renewable energy emerges as a particularly promising avenue for collaboration between the two nations. Portugal ranks as Europe’s fourth-leading clean energy producer, trailing only Norway, Denmark, and Austria, with renewables accounting for 75.2 percent of its electricity generation as of January 2025.

Castro Almeida outlined Portugal’s ambition to achieve 100 percent renewable energy in the coming years. “We possess highly skilled professionals in renewable energy and energy efficiency,” he noted. “Significant opportunities exist for Saudi investment in this domain, and Saudi capital would be warmly received.”

He mentioned that Portuguese companies operating in markets like the United States are also considering Saudi expansion, bolstered by domestic government support programs.

The minister stressed that successful energy partnerships require business-led initiatives: “Initial dialogue must occur between enterprises. Once they identify viable opportunities, the government will provide comprehensive support.”

Tourism and Cultural Exchange as Growth Drivers

Castro Almeida emphasized tourism as a critical area for future partnership, particularly regarding cultural exchange and professional development.

“This represents an excellent field for cooperation and training in high-level tourism services… Portugal offers numerous opportunities for Saudi enterprises to invest in our tourism sector,” he said, highlighting his country’s specialized workforce in hospitality and tourism management.

As Saudi Arabia’s tourism industry flourishes, Portuguese cultural influence manifests through sports and fashion sectors.

The minister reflected on sports diplomacy’s impact, noting how Cristiano Ronaldo’s transfer to the Kingdom transformed global perceptions: “Saudi Arabia’s image in Portugal, Europe, and worldwide has evolved,” he observed, referencing the Kingdom’s enhanced international profile following the football star’s arrival.

Fashion serves as another dynamic channel for cultural and economic exchange. Castro Almeida discussed Portugal’s “fashion capabilities,” revealing that numerous luxury Portuguese brands are entering the Saudi market following his visit, with “many making their debut appearance here.”

Growing Business Interest and Support Mechanisms

A fundamental driver of this partnership momentum stems from increasing interest among Portuguese companies in exploring Saudi opportunities. As Riyadh establishes itself as a global commercial center, Portuguese businesses are eager to participate in the capital’s diversifying economy.

By January 2025, the Saudi-Portuguese Business Council at the Federation of Saudi Chambers in Lisbon had enrolled over 250 Portuguese companies in a specialized market entry training program focused on investing in the Kingdom.

As these enterprises learn about foreign investor benefits in Saudi Arabia, their engagement demonstrates Vision 2030’s success in attracting international headquarters and investment.

Discussing Portuguese companies’ market entry, Minister Castro Almeida explained that specialized agencies now assist Portuguese businesses investing in Saudi Arabia: “We collaborate on investments… Regarding bureaucratic and administrative challenges, we help accelerate investment intentions.”

Mutual Benefits and Future Prospects

Minister Castro Almeida expressed enthusiasm for the visit’s potential, hoping to maximize diverse investment opportunities between both nations.

“I would be delighted if we can increase our exports to Saudi Arabia and welcome Saudi investments… We are friends,” he stated.

Referencing Portugal’s investor-friendly policies, the minister noted reduced corporate profit taxes: “The Portuguese government values investment, and we embrace the concept of profit.”

Original Article:

The Arab News. (2025, November 23). Portugal sees major investment openings in Saudi Arabia, economy minister says. Retrieved from https://www.arabnews.com/node/2623642/business-economy