Portugal's 16.6 bln euro recovery plan to boost economic cooperation with China

LISBON, March 30 (Xinhua) -- New opportunities for investment and enhanced economic ties between China and Portugal are on the horizon thanks to the Portuguese Recovery and Resilience Plan (PRR), said Chinese Ambassador Zhao Bentang on Wednesday.

Discussing the PRR at a webinar organized by the Association of Chinese Enterprises in Portugal, Zhao said that Chinese-Portuguese economic relations have been steadily advancing in the last few years.

Last year in particular, there was a peak in goods trade between the two countries, which amounted to over 8.8 billion U.S. dollars in 2021. This represented an increase of 28.1 percent.

Meanwhile, China has become the fifth largest investor in Portugal, with cumulative investments of 10.6 billion euros.

The Ambassador said that China and Portugal share the same post-pandemic economic goals of promoting development, stabilizing jobs, guaranteeing people's livelihoods and restructuring the economy.

Zhao expressed confidence that Portugal's PRR, created by the European Union (EU) to revitalize member states' economies in the post-pandemic period, will be fully implemented after the new government swears in on Wednesday. This will bring new opportunities for Chinese-funded enterprises, both in Portugal and China, Zhao added.

Fernando Alfaiate, president of the mission for recovery in Portugal, the body responsible for the technical coordination and monitoring of the PRR, said its goal is to prepare Portugal for the future via a set of reforms and investments that will promote sustained economic growth. The plan is focused on three elements: resilience, climate transition, and digital transition.

Meanwhile, Bernardo Mendia, secretary-general of the Luso-Chinese Chamber of Commerce and Industry, said that economic growth is "only possible with the movement of globalization."

"Foreign investment is fundamental for Portugal. After the 2008 crisis, Portugal went through its most difficult moment, with the risk of bankruptcy."

However, he added: "Thanks to partnerships and foreign investments, we managed to recover."

The country is now seeking more investment, he said, expressing his gratitude to the Chinese companies who helped Portugal to survive the financial crisis. (1 euro = 1.12 U.S. dollars)