At the conclusion of a two-day official visit to the Middle Eastern country, Castro Almeida stated that he aimed to showcase that “Portugal is now a stable country.”
“Stability and predictability are fundamental notions for those who want to invest,” he noted.
Castro Almeida emphasized that Portugal has “surpassed the image created 15 years ago with the financial crisis” and today stands “on the opposite side.”
“The transformation Portugal has undergone in the last 15 years is a success story: we moved from large budget deficits and unmanageable debt to a situation of consecutive years of budget surplus, full employment, controlled inflation, and controlled debt,” he remarked.
Portugal “is a country with economic and political stability and social peace,” Castro Almeida highlighted.
On the other hand, the Saudis “also like to know” that the government of Luís Montenegro has lowered corporate profit taxes.
“And we will continue to reduce them over the coming years,” he said, concluding, “This predictability is very important, and I sought to convince Saudi entrepreneurs that Portugal is a good destination.”
The Portuguese economy requires foreign investment both for companies and major infrastructures, he asserted.
“And here there is both money and appetite for technology-based companies, and Portugal has a good reputation in this area,” the minister commented.
At a time when the United States is imposing new tariffs, the country needs to diversify its markets, and “the Gulf region has great potential.”
“There is a great consumption capacity here, and Portugal has many luxury products, from luxury furniture to design, architecture, jewelry, and porcelain,” he exemplified.
More than 50 Portuguese companies accompanied the minister during this visit, in a business mission that had not occurred for 12 years, and participated in a business forum attended by over 150 Saudi entrepreneurs.
During the visit, the Minister of Economy and Territorial Cohesion held meetings with Saudi ministers responsible for Economy, Industry, and Investment, and participated, along with the Saudi counterpart, in the seventh bilateral joint committee meeting.
Memorandums of understanding were signed to strengthen cooperation between the two governments and state bodies, such as ASAE.
The visit provided “a political rapprochement,” but “more importantly, business needs to be done.”
Castro Almeida claims to leave this visit with “a responsibility to continue this work.”
“It is worth insisting with this country because there is a lot of potential here and great affinities, large intersections between what we have to offer and what they can provide,” he stated.
The minister also highlighted that an AICEP delegation was opened this year in Riyadh, with a delegate tasked to “help those who want to export and those who want to invest in Portugal,” and he expressed confidence that the team will need to be strengthened.
Questioned by Lusa about human rights issues in the country, a monarchy accused by international organizations of discriminating against women and migrants and repressing opponents, Castro Almeida replied that this “was not at the center” of his concerns or those of his interlocutors.
The minister pointed out that there are already many women in prominent positions in Saudi administration: “There was not a single meeting without women (…) participating actively.”
The overwhelming majority of Saudi women still wear the ‘niqab,’ a garment covering the body and face, leaving only the eyes exposed, although Crown Prince Mohammad bin Salman has abolished this requirement.
“I had an idea of greater segregation of women, and it was a positive surprise for me, but I believe there is still a long way to go,” he commented.
He also mentioned that Portuguese businesswomen interested in being present in this country did not express any concerns to him.
