US$18.5 bln fillip tipped to boost Sino-Portuguese business

Chinese Ambassador to Portugal Zhao Bentang believes the expenditure of 16.6 billion euros (about US$18.5 billion) on reinvigorating the Portuguese economy, as envisaged by the new government in Lisbon, will mean closer Sino-Portuguese engagement, Xinhua says.

The ambassador expects such spending to create new opportunities for investment by Chinese-funded enterprises, whether in Portugal or China, the Chinese government-run news agency reported yesterday.

Mr Zhao expressed these thoughts at a seminar held online the day before by the Association of Chinese Enterprises in Portugal, the report says.

It says Portugal-China Chamber of Commerce and Industry Secretary-General Bernardo Mendia told the seminar that he was grateful to the Chinese companies that helped Portugal survive the 2008 financial crisis.

Foreign investment in Portugal is a fundamental feature of its economy, and more such investment is needed, Xinhua quotes Mr Mendia as saying.