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Towards Internationalization: Exploring Economic Diplomacy in the Middle East (GCC)

Author

Listed:
  • Daniel Pontes

    (Instituto de Estudos Políticos, Universidade Católica Portuguesa, Palma de Cima, 1649-023 Lisbon, Portugal)

  • Vasco Santos

    (Departamento de Economia, Gestão, Engenharia Industrial e Turismo (DEGEIT), Universidade de Aveiro, 3810-193 Aveiro, Portugal
    CiTUR—Centre for Tourism Research, Development and Innovation, Polytechnic of Leiria, 2520-641 Peniche, Portugal
    ISLA Santarém—Instituto Superior de Gestão e Administração, 2000-241 Santarém, Portugal)

  • Orlando Samões

    (Instituto de Estudos Políticos, Universidade Católica Portuguesa, Palma de Cima, 1649-023 Lisbon, Portugal)

  • Shuangao Wang

    (Beijing Academy of Science and Technology, No. 27, Beike Building, Haidian District, Beijing 100089, China)

  • Ronnie Figueiredo

    (Centre of Applied Research in Management and Economics (CARME), School of Technology and Management (ESTG), Polytechnic of Leiria, 2411-901 Leiria, Portugal
    Research Center in Business Sciences, NECE (UBI), 6200-209 Covilhã, Portugal
    Spinner Innovation Centre (SIC), 2840-626 Lisbon, Portugal)

Abstract

Internationalization is a crucial process for companies seeking growth and expansion in foreign markets, especially in the Middle East, where economies have been developing and diversifying business opportunities, seeing it as an attractive destination to expand their operations. This study presents a comprehensive analysis of the internationalization process of economic diplomacy by exploring the experiences of renowned Portuguese companies within the Gulf Cooperation Council. The Gulf Cooperation Council countries are integral players in the Middle East market, characterized as rentier states that are heavily reliant on oil and gas revenues and possess varying levels of economic and military strength, with Saudi Arabia and the UAE being the most prominent. The focus group method was applied in the qualitative research. It contributes to reinforcing the literature on internationalization processes, economic diplomacy, and the Middle East market. The findings provide valuable guidance to Portuguese companies, policymakers, and economic diplomats involved in promoting and facilitating international trade and investment.

Suggested Citation

  • Daniel Pontes & Vasco Santos & Orlando Samões & Shuangao Wang & Ronnie Figueiredo, 2024. "Towards Internationalization: Exploring Economic Diplomacy in the Middle East (GCC)," Economies, MDPI, vol. 12(4), pages 1-19, March.
    • Handle: RePEc:gam:jecomi:v:12:y:2024:i:4:p:82-:d:1368127
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    References listed on IDEAS

    as
    1. Mina Yakop & Peter A. G. van Bergeijk, 2011. "Economic diplomacy, trade and developing countries," Cambridge Journal of Regions, Economy and Society, Cambridge Political Economy Society, vol. 4(2), pages 253-267.
    2. Jan Johanson & Jan-Erik Vahlne, 1977. "The Internationalization Process of the Firm—A Model of Knowledge Development and Increasing Foreign Market Commitments," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 8(1), pages 23-32, March.
    3. Sunkung Choi, 2023. "Measuring economic diplomacy using event study method: the case of EU-China summit talks and Airbus stock price changes," Asia Europe Journal, Springer, vol. 21(2), pages 155-171, June.
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