Saudi tax deal heralds increased efforts to boost trade, investment
Portugal’s deputy prime minister, Paulo Portas, and Saudi Arabia’s minister of trade, Tawfiq bin Fawzan Al-Rabiah, recently signed an agreement abolishing double taxation between the two countries, as part of a continued broader effort by Portugal’s government to boost exports and investment.
The document was signed after a meeting in Lisbon at which the two men discussed ways to boost economic ties, with the Saudi minister taking the chance to encourage Portugal’s companies to invest in his country.
According to Portas, the fact that his guest was accompanied by some 35 top business officials is a “clear signal” that “concrete and real proposals” are being discussed where bilateral ties are concerned. He described inward investment, meanwhile, as “the critical conditions for economic growth” in Portugal.
He cited plans for a roadshow by Portugal’s trade and investment agency, AICEP, to include Saudi Arabia, where it also plans to open an office soon.
Portugal currently exports some €100 million in goods and services to the kingdom, up from €70 million four years ago, according to the Lisbon-based agency.
