Portugal-China Trade and Investment to Hit New Records Post-Pandemic

Portugal-China trade and investment is set to hit new records after the pandemic, according to Macau businessman Wu Zhiwei.

“The pandemic situation will be temporary and, in the medium and long term, both the economies of Macau, mainland China and Portugal will certainly surpass new records of investment and trade”, the businessman, who is also a Portuguese national, told NOVO weekly newspaper in Portugal.

Wu, vice-president of the China-Portugal Chamber of Commerce and Industry, added that, as far as he knows, bilateral business projects are ongoing, “whether for exporting excellent products from Portugal or attracting investment to Portugal”.

“These slower times are being used to launch new projects or consolidate existing ones”, the businessman, who is a Portuguese national, underlined.

According to Wu, while China has “three very consistent policies” – Belt and Road, cooperation with Portuguese-speaking countries via Macau and the promotion of the Greater Bay Area – Portugal has also launched important intiatives.

These include the launch of the status of the diaspora investor, promoting tax benefits and increases in European funds for Portuguese entrepreneurs and investors around the world who want to invest or open activity in Portugal, which “is a very good opportunity for over five million Portuguese people around the world”.

“Above all, the elites belonging to the communities must pay greater attention to Portugal at this time, and so I believe that with a joint effort, giving back to society, we will have the capacity to recover and relaunch Portugal. After all, Portugal maintains an enviable global history and prestige”, Wu said.

According to the businessman, Chinese companies “will want to invest in the production of high quality goods in Portugal” and “the Portuguese, who have a privileged presence in Asia, must know how to attract, become partners and direct even more investment from China to Portugal”.

Regarding his investments in Portugal, that range from wine to real estate, Wu added that works have started on expanding the winery, outside the capital Lisbon, and that a large investment in the development of tourism in the Alenquer region is planned.

“If the ambassador of Portugal in Beijing, in one of his initiatives under the Portuguese presidency of the European Union, presented the wine of Quinta da Marmeleira to the diplomatic representatives of European countries in China, today our responsibility to guarantee a quality of excellence increased much more to global ambitions”, he added.