Ten years ago, the “One Belt, One Road” initiative was proposed by Chinese President Xi Jinping and gained positive participation from Portugal and other countries around the world. Over the past decade, China and countries participating in the initiative have adhered to the principle of comprehensive consultation, joint contribution and shared benefits and the concept of inclusive, green and transparent. This initiative, which attracts more and more partners, has brought more and better results of cooperation and has become a public good and a platform for international cooperation welcomed by the Portuguese people. The 3rd “One Belt, One Road” International Cooperation Forum will be held in China in October, during which the world will see a China with a higher level of openness and more diversified areas of cooperation.
As global strategic partners, China and Portugal, since the establishment of diplomatic relations, have continuously expanded their bilateral trade. From January to July 2023, Sino-Portuguese trade volume totaled US$3.439 billion, with China remaining Portugal’s largest trading partner in Asia. Electromechanical products dominate bilateral trade, with exports and imports accounting for more than a third of the total volume. Thanks to the “One Belt, One Route” initiative, delicious black pork and fragrant Port wine bring with them the best taste of Portugal, across the sea, appear at Chinese dinners and receive a large following. We are looking forward to importing more quality Portuguese products to the Chinese market.
The size of China’s investment in Portugal maintains a stable trend of development and Portugal has become the European country that attracts the most Chinese investment per capita. Until May of this year, China’s investments in Portugal totaled 10.5 billion euros, covering the areas of energy, finance, medicine, telecommunications, water, construction, services, etc.
Under the “One Belt, One Road” initiative, China and Portugal take advantage of several specific funds and credits to provide financial support for Sino-Portuguese investment and cooperation. Currently, Sino-Portuguese investment projects not only benefit both countries economically and socially, as some projects have also gone beyond the bilateral scope, expanding into tripartite cooperation that includes European, African and Latin American partners. Tripartite cooperation has already become new highlights of economic and trade cooperation between the two countries. China is willing to work with Portugal to better integrate bilateral cooperation with their respective development strategies, share development wisdom and boost Sino-Portuguese cooperation within the scope of the “One Belt, One Road” initiative to come to fruition in various aspects, bringing more benefits to both people.
*Article originally published in Diário de Notícias
