Uruguay signs investment protection deal with Saudi Arabia

Uruguay’s Chancellor Mario Lubetkin has signed an Investment Promotion and Protection Agreement with Saudi Arabia during an official visit to Riyadh, reports Diario La R, a partner of TV BRICS. 

The agreement, signed alongside Saudi Investment Minister Khalid bin Abdulaziz Al-Falih, aims to guarantee Saudi investors the confidence to invest in Uruguay.

“The signing of the reciprocal investment protection agreement here in Saudi Arabia is intended to ensure that entrepreneurs from this country can invest in ours with full guarantees,” said the Chancellor.

Lubetkin held a press briefing to contextualise the mission, stating that a similar reciprocal investment protection deal with Qatar is expected to be finalised before the end of the year.

He also highlighted Uruguay’s recent free trade deal between Mercosur and noted that modernisation of origin rules with Chile and new sanitary approvals have facilitated the entry of Uruguayan products into markets such as the Philippines, Algeria, Qatar, Singapore, Malaysia, Kuwait, and China.

Photo: Oleksii Liskonih / iStock