Chamber of commerce says Portugal to lose market share in Cape Verde to Brazil

24 September 2007

Lisbon, Portugal, 24 Sept – the Cape Verde-Portugal Chamber of Commerce warned Friday in Lisbon that Portugal was losing out on its share of the Cape Verdean market to other countries after closing the local branch of the foreign trade promotion agency.

João Chantre, president of the Portugal-Cape Verde Chamber of Commerce, Industry and Tourism said it was “important for Portugal to be in the field more seriously,” given the expression its has in Cape Vedrean imports as well as in exports of Cape Verdean products.

Chantre also noted the projections for growth of the Cape Verdean economy – of over 7 percent – and projects underway in sectors in which Portuguese companies have skills – such as tourism and information technologies – and said that “the market will respond” to changes in the commercial representation of Portugal.

“The shares (of foreign trade) will go to other countries, namely to Brazil and Spain,” said Chantre.

Half of all Cape Verde’s imports come from Portugal and last year totaled 188 million euros.

Portugal’s export promotion agency announced it would reduce the status of the delegations of Maputo, Praia and Johannesburg, all of which would become responsible to the Luanda office. (macauhub)