Macau, China, Nov. 20, 2024 (Lusa) - Macau accounts for 90% of Portuguese direct investment in China, according to Portugal's consul general in the Chinese semi-autonomous region, the Macau News Agency reported on Wednesday.

Macau was the 12th destination for Portuguese direct investment abroad, receiving almost €1.1 billion in 2023, while mainland China received €55 million, Alexandre Leitão said on Monday at an event organised by the Macau branch of the Portuguese-Chinese Chamber of Commerce and Industry at the Lusitano Club in Hong Kong.

Portuguese investment went mainly into sectors such as pharmaceuticals, banking, finance, insurance and food products, the diplomat added.

The consul general, whose brief covers both Macau and Hong Kong, acknowledged the importance of this investment, but stressed the need for Portugal to expand its commercial activity beyond Macau, in comments quoted by the English-language portal.

"Macau is a fundamental platform and base, but we have to look beyond its borders," he said, also drawing attention to the potential of trade through Hong Kong. "The volume of trade, both in imports and exports, is currently far below what it could be."

Also at the Club Lusitano, the director for Macau and Hong Kong of Portugal's Agency for Investment and Foreign Trade (AICEP), Bernardo Pinho, said that trade relations between Portugal and China have seen a "very interesting" evolution over the last 10 years.

"In 2013, trade totalled two billion euros and ten years later, in 2023, total trade totalled six billion euros, making China Portugal's 10th largest trading partner for goods," he said.

As for Macau, Pinho said that trade relations have been increasing, with trade in goods expected to grow by 15% in 2023, in annual terms, with more than 400 Portuguese companies exporting to the city, but at levels below those prior to the Covid-19 pandemic.

CAD/ARO // ARO.

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