RIYADH: When Mario Lubetkin stepped off the plane in Riyadh this week, it marked the beginning of a new chapter in bilateral relations between Uruguay and Saudi Arabia.

The South American nation’s minister of foreign affairs had come on a mission of singular purpose — to sign a long-awaited memorandum of understanding that could redefine economic ties between the two nations.

“First of all, I think that you need to take into consideration that this is the first visit of a minister of foreign affairs in 11 years,” Lubetkin told Arab News at the Embassy of Uruguay in Riyadh. “I think that shows how important that is for us to come.”

On the sidelines of the 9th Future Investment Initiative, Lubetkin signed the MoU with Saudi Arabia’s Minister of Investment Khalid bin Abdulaziz Al-Falih — a landmark agreement designed to boost investment flows and deepen bilateral cooperation.

“I came directly from my country, from Uruguay, from Montevideo, on the other side of the world,” Lubetkin said, reflecting on the long journey. It was not a multi-stop regional tour or a diplomatic courtesy call — Riyadh was the sole destination.

“My key reason for coming is to sign the agreement with the minister of investment about the protection of investment between Saudi Arabia and Uruguay,” he said. “That was an agreement that was discussed during the last year.”

For Lubetkin, the mission was clear. The signing of the investment protection agreement represents not only a new layer of legal and economic cooperation but also a signal of trust — a framework that will allow private sector investors from both nations to operate with confidence.

“It’s very important, for this country and for my country, to develop a capacity of investment for the near future,” he said.

Today, trade and investment between Uruguay and Saudi Arabia remain limited.

“Trade between the Kingdom and Uruguay is very (low),” said Lubetkin. “And the investment from Saudi Arabia and Uruguay is practically nothing. And the investment comes through other companies outside.”

The agreement he signed in Riyadh aims to change that. “The first point for us was to guarantee all the juridical conditions and all the conditions at all the levels for the investors from this country to develop in our country,” he said.

That legal clarity is crucial. In an increasingly competitive global investment environment, certainty and transparency are what attract capital.

For Uruguay, a small but stable democracy in Latin America, this partnership with the world’s fastest-transforming economy represents a major opportunity.

Lubetkin made it clear that the timing of his visit was no accident. “First of all, because we finally concluded the negotiation of the agreement,” he said.

“We cannot wait, because we need to give all the guarantees, especially for the private sector of this country, to invest in Uruguay. In the past, perhaps we could wait years to try to do this. We are not. The time (is) now.”

Both nations, though geographically distant, are exploring ways to align their strengths — Saudi Arabia as an ambitious investor with a vision for global partnerships, and Uruguay as a resource-rich nation with expertise in agriculture and renewable energy.

“What we need to do is … think together … and to work together. (That is) one of the elements that we agreed (on) today,” Lubetkin said.

That shared vision was nurtured in part through a meeting between Lubetkin and Saudi Minister of State for Foreign Affairs and Climate Envoy Adel Al-Jubeir at the 80th session of the UN General Assembly in New York in September.

Their encounter laid the groundwork for the Riyadh visit and culminated in multiple follow-up discussions during the FII. The two ministers reviewed bilateral relations and explored international issues of common concern.

Besides Al-Falih and Al-Jubeir, Lubetkin also met with Saudi Foreign Minister Prince Faisal bin Farhan and Vice Minister of Sport Bader Alkadi — a lineup that underscored the breadth of Saudi interest in forging a stronger partnership.

“We (didn’t) need to (be) thinking (about) hundreds of issues,” Lubetkin said. “We needed to focus very clearly together on two, three, four issues (in) which we can create the possibility to deepen our capacity and (how to find a) win-win (situation) between both countries.”

Among those focus areas, sport — and particularly football — emerged as a natural arena for collaboration. Uruguay, after all, is a nation steeped in footballing glory. It hosted and won the very first FIFA World Cup in 1930, and triumphed again in 1950.

“In 2030, the first match of the World Cup will be Uruguay, and the World Cup in 2034 will be here in Saudi Arabia,” Lubetkin said. “I think that we can cooperate a lot with 2034, but we want to link between what we will do in 2030 with 2034.”

Uruguay’s deep-rooted football culture and Saudi Arabia’s growing ambition to become a global sporting hub create fertile ground for exchange, whether through youth programs, professional partnerships, or joint development initiatives.

Lubetkin described his discussions with Saudi officials as constructive and energizing. “I feel that we are on the same page,” he said.

“We can work better together. I’m more convinced than before that we are (working) in the correct way. And the signature of this agreement shows where we are going.”

Saudi Arabia and Uruguay established diplomatic ties in 1974. While the relationship has long been cordial, it has often been underutilized.

In recent years, however, both sides have shown renewed determination to expand cooperation in sectors such as agriculture, environment, energy, and industry.

Last year saw the launch of the Saudi-Uruguayan Joint Committee, providing an institutional platform to turn political goodwill into tangible results.

Although bilateral trade remains relatively modest, it is trending upward. In 2022, Saudi exports to Uruguay totaled around $30.5 million, primarily consisting of mineral and chemical fertilizers and ethylene polymers.

Meanwhile, Uruguay exported about $17.3 million worth of goods to Saudi Arabia, led by concentrated milk, butter, and frozen beef — products that reflect the country’s agricultural prowess.

As global food security becomes an ever more pressing concern, Uruguay is positioning itself as a reliable, sustainable supplier to the Middle East.

The country’s fertile land, livestock, and commitment to environmental standards make it a natural partner for Saudi Arabia, which is working to secure resilient food supply chains under Vision 2030.

Beyond economics, the two nations are also finding common ground in sustainability and climate diplomacy.

Vision 2030 includes a major environmental component — from large-scale renewable energy projects to the Saudi Green Initiative — while Uruguay is recognized as one of Latin America’s greenest economies, with more than 90 percent of its electricity generated from renewables.

Lubetkin’s visit — and the signing of the MoU — represent a practical effort to unlock those opportunities.

As the visit drew to a close, Lubetkin expressed satisfaction and optimism. “I leave the country with a very optimistic approach (that) we (can) start a new scenario, a new step between both countries.”