Portugal wants to double trade with China and increase direct Chinese investment

25 September 2006

Macau, China, 25 Sept – The Portuguese minister of Public Works, Transport and Communication said Sunday in Macau that Portugal wants to double its exports to China within three years and increase Chinese investment in Portugal.

Speaking at the end of the ministerial meeting that defined the action plan for multilateral cooperation between China and the Portuguese-speaking countries for the next three years, Mário Lino said he was “happy” with the meeting and said that the good results achieved for the 2007-2009 period were due to the “success” of the first action plan.

“Portugal set as its objective to double exports to China and double Chinese investment in Portugal,” Lino said.

In 2005, total trade between Portugal and China totaled some US$1 billion, with Portugal posting a deficit of around US$300 million as compared with China. In the first half of this year Portugal increased its exports to the People’s Republic of China by around 30 percent.

Lino said tourism was the main area to be developed in the economic cooperation with China and said that as China was now a country that was more open to the outside, “Portugal should not look to merely increasing the number of Chinese tourists visiting the country, but also to seeking Chinese investment in the tourism sector.”

Overall, he added, China and the Portuguese-speaking countries had agreed to increase the cooperation in areas such as tourism, infrastructures, industry, investment and transport. (macauhub)