A Deepening Partnership

China and Portugal share a strong and ever-growing comprehensive strategic partnership. This year marks the 45th anniversary of diplomatic relations between the two countries, and Portugal's participation in the 2024 China International Fair for Trade in Services (CIFTIS) in Beijing signifies their commitment to deepening bilateral trade in services.

In an exclusive interview with the Global Times, Portuguese Ambassador to China Paulo Jorge Nascimento highlighted the win-win nature of economic and trade cooperation between the two countries. He emphasized the potential for collaboration in the green economy, energy transition, and joint efforts to address climate change.

Mutual Benefits of Investment

Over the past 12 to 15 years, China has been a significant investor in Portugal, initially through mergers and acquisitions and more recently with greenfield and brownfield investments. This experience has been mutually beneficial for both Chinese and Portuguese companies, and it serves as a foundation for further investment. In 2023, nearly 70% of announced foreign direct investment in Portugal came from Chinese companies, demonstrating the strong interest in the Portuguese market.

Expanding Trade in Services

While trade in goods between China and Portugal has been robust, there is significant potential to increase trade in services. Portugal aims to leverage its expertise and market-oriented frameworks to collaborate with China on joint projects, investments, and scientific and technological advancements in the green economy.

Portugal's Role in the Belt and Road Initiative

Portugal was one of the first European countries to join the Belt and Road Initiative (BRI). Due to its geographic location, Portugal sees itself as a potential partner and enabler within the BRI, particularly in trade with South America and Africa.

A Shared Path

Portugal and China can complement each other in the green economy. While China has a large scale and significant green energy needs, Portugal has established itself as a leader in green transition within Europe. This expertise, combined with China's scale, presents a win-win opportunity for both countries to collaborate on green development projects and tackle the common threat of climate change.

The deepening partnership between China and Portugal holds immense potential for mutual benefit and collaboration in various sectors, particularly in the green economy and trade in services. Both countries are committed to working together to address global challenges and build a more sustainable future.