Portugal and China create working group to promote bilateral investment

31 January 2007

Beijing, China, 31 Jan – The Portuguese and Chinese prime ministers are due to sign an agreement Wednesday to set up a Working Group on Bilateral Investment, which was decided Tuesday during a meeting of the Portugal-China Mixed Economic Commission.

A source from the office of the secretary of State for Commerce, Services and Consumer Defense, Fernando Serrasqueiro, told Portuguese news agency Lusa that the group’s aim was to identify, ” Chinese investment opportunities in Portugal and vice versa.”

Yu Guangzhou, the Chinese deputy Trade Minister, proposed during the meeting that a Memorandum of Understanding be signed as a framework for future cooperation between small and medium-sized companies from Portugal and China.
According to Serrasqueiro’s office Portugal welcomes the move, “because it fits with the government policy to support small and medium-sized companies in Portugal.”

During the meeting, Serrasqueiro called for the creation of a specific credit line for consumer goods and short term operations, within the existing US$200-million credit line to encourage Portuguese exports to China.

Serrasqueiro also, “showed interest in setting up partnerships with China to enter other markets, through joint applications to public tenders and internationally financed projects, particularly in Portuguese-speaking countries,” his office said in a statement. (macauhub)