Air transport services between Saudi Arabia and Portugal are set to thrive as a result of a new agreement between the Kingdom's General Authority of Civil Aviation and the Ministry of Infrastructure in the European country. The agreement, which was signed on the margins of the Saudi-Portuguese Joint Committee, intends to build aviation services that provide the highest standards of safety and security, improve commercial interaction, and boost economic growth in both countries.
The agreement is one of a range of contracts signed during the visit of Saudi Minister of Economy and Planning Faisal Al-Ibrahim to Lisbon. These deals aim to strengthen economic relations and promote increased collaboration between Riyadh and Lisbon, as per arabnews.
“From 2021 to 2022, Saudi exports to Portugal surged by 50 percent, and imports from Portugal increased by almost 40 percent, culminating in a trade volume of $1 billion, underscoring the potential for enhanced collaboration between the two nations,” Al-Ibrahim said during his opening remarks at the Saudi-Portuguese Investment Forum.
He stated that facing significant global issues, including climate change, sustainability, and post-pandemic economic recovery, necessitates top-tier solutions in which collaboration between the public and commercial sectors in the Kingdom and Portugal may play a critical role. During his visit, Al-Ibrahim signed a memorandum of understanding with the Portuguese National Authority of Medicines and Health Products on behalf of the head of the Saudi Food and Drug Authority board of directors to further the effort.
The Memorandum of Understanding intends to strengthen collaboration and ease the exchange of information and knowledge between the two regulatory authorities in the management of pharmaceuticals, medical devices, and supplies.