Lusa - Business News - Portugal: Greater Bay allows 'wide access' to China - economy minister

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Lusa - Business News - Portugal: Greater Bay allows 'wide access' to China - economy minister

Macau,China,April.22,2024(Lusa)- Portugal's minister of economy told Lusa on Monday that, from the point of view of Portuguese companies, entry into the Chinese Greater Bay Area, which includes Macau, allows "wider, more natural access to a larger market".
The Greater Bay Area is a Beijing project that aims to create a global metropolis from Hong Kong, Macau and nine cities in Guangdong province (Guangzhou, Shenzhen, Zhuhai, Foshan, Huizhou, Dongguan, Zhongshan, Jiangmen and Zhaoqing), with more than 60 million inhabitants.
Noting that this is "a market equivalent to, or even slightly larger than, Iberia itself", Pedro Reis considered that "with the articulation of projects, geographical proximity and intentionality on China's side", for Portuguese companies in Macau this is a "broader, more natural access to a larger market".
He emphasised, however, that contact with the other side of the border is not intended to affect Macau's "specificity and identity" but to expand "its natural space and nearby market".
"It's not about seeing a paradigm shift. It's about widening the natural space that can be accessed by entering via Macau, which I think is always a privilege for Portuguese companies to have this long-standing relationship."
Regarding areas that might be of interest to the Portuguese business community, the minister said that economic agents have pointed to different sectors, namely infrastructure, such as "recycling projects, bridges, hospitals, construction", as well as agriculture and technology.
"It would be interesting, if there is interest and openness here to receive our most developed technology companies or patents or startups, to perhaps seize the important financial centre in the Greater Bay Area to speed up the financing of these projects, not so much the financial sector, but the financing of the projects," said the official, who is in Macau representing the Portuguese government at the sixth ministerial conference of the Forum for Economic and Trade Cooperation between China and Portuguese language Countries, known as Forum Macau.
Another sector that is "very much mentioned" as a "future and robust bet" is "the entire health cluster", he added, emphasising the presence in Macau of "very strong companies", namely pharmaceutical companies "and even the development of new molecules".
"It's also interesting for Portugal, which has invested a lot in biotechnology," he said.
Portuguese pharmaceutical company Hovione, founded in 1959 and established in Macau in the 1980s, received the Macau government's Industrial and Commercial Merit Medal in January on the occasion of the territory's 24th anniversary of its transfer to China.
At the time, the local government said that Hovione's business expansion "in the Asian market is already taking advantage of the opportunities provided by the development of the Guangdong-Macao Deepened Cooperation Zone in Hengqin", contributing to the development of local economic diversification.
The Guangdong-Macau Deepened Cooperation Zone in Hengqin is another project launched by Beijing in 2021. It is jointly managed by Guangdong province and Macau. The zone has an area of around 106 square kilometres and a population of more than 53,000.
In addition to China, Forum Macau includes nine Portuguese-speaking countries: Angola, Brazil, Cabo Verde, Guinea-Bissau, Equatorial Guinea, Mozambique, Portugal, Sao Tome and Príncipe, and Timor-Leste.
Five ministerial conferences were held in the territory in 2003, 2006, 2010, 2013 and 2016, during which Action Plans for Economic and Commercial Cooperation were approved.
Initially scheduled for 2019, the sixth ministerial conference, which ends on Tuesday, was postponed to June 2020 due to the elections for Macau's parliament, but with the Covid-19 pandemic it ended up not taking place.
CAD/ADB // ADB.
Lusa

Agency : LUSA
Date : 2024-04-23 11:24:00

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