Trade between China and Portuguese-speaking countries has new target of US$160 billion by 2016

6 November 2013

Trade between China and the Portuguese-speaking countries is expected to total US$160 billion by 2016, according to the new target set out in the plan of action for 2014-2016 approved Tuesday in Macau.

Forum Macau member countries – China and all the Portuguese-speaking countries with the exception of Sao Tome and Principe – also called for a rapid increase in mutual investment over the next three years, as well as pledging to boosting and improving the business climate in order to making visits by businesspeople and investment and trade activities by companies easier.

In the infrastructure sector, the signatory countries will make efforts to attract more companies to take part in infrastructure construction and, in terms of education and training the aim is to increase cooperation in teaching the Portuguese and Chinese languages in order to boost cooperation in developing human resources.

In the financial arena the aim is to improve cooperation between financial institutions and to promote the Fund for Cooperation and Development between China and the Portuguese-speaking Countries, which has capital of US$1 billion, as well as to promote economic and trade projects.

According to the plan of action, Macau’s role as a platform between its member countries will be extended, by organising specialised fairs in Macau for Portuguese-speaking markets, encouraging the participation of governments and companies from member countries of the International Infrastructure Investment and Construction Forum (IIICF).

The plan of action also proposes looking into setting up a Centre for Food Product Distribution to Portuguese-speaking Countries in Macau, as well as promoting the Special Administrative Region as a centre for arbitration of conflicts resulting from trade between companies from China and the Portuguese-speaking countries.

“The new government of China gives great importance to development of economic and trade cooperation with Portuguese-speaking countries,” said Trade Minister, Gao Hucheng, adding that, during this 4th Ministerial Conference, deputy prime minister Wang Yang had announced the measures to be implemented in the next three-year period. (macauhub)