China’s investment in Portugal at the end of 2018 exceeded 9 billion euros, involving energy, finance, insurance, telecommunications, waterworks, health, design and engineering, architecture, aquaculture and catering, among others, said the ambassador of China in Portugal.
Cai Run, in an interview with the Diário de Notícias newspaper also said that Chinese-owned companies created 42,000 local jobs, making China the fifth largest foreign investor in Portugal.
The diplomat said that so far, the Portuguese energy sector, the largest Chinese investment sector, has received 4.5 billion euros of investment.
Cai Run recalled that China also invested 3.2 billion euros in Portuguese financial companies, gradually setting up comprehensive Sino-Portuguese financial cooperation. Last April, private bank BCP, in cooperation with Unionpay International of China, became the first European financial institution to issue Unionpay cards and, in May, Portugal issued public debt in Renminbi (panda bonds), becoming the first country in the Euro Zone to do so.
The ambassador also noted that in May COFCO International inaugurated its Shared Services Centre in Matosinhos, where it created 150 jobs in the first year and another 400 in the coming years.
Cai Run also referred to Huawei, which has been established in Portugal for 16 years and owns 31% of the mobile phone market, noting that in the last three years the value of the company’s investment in Portugal has exceeded US$200 million.
“Chinese companies are active in three-way cooperation in partnership with Portuguese companies, exploring markets in Europe, Latin America and Africa, especially in the Portuguese-speaking countries,” he said adding that Portugal “as an important part of the terrestrial and maritime silk routes, is a natural partner in the joint construction of the Belt and Road.”