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ENTREPRENEURSHIP / DEC. 27, 2012
version 19, draft 19

PAULO PORTAS: Chinese Investment Paves the Way For Small and Mediun Size Companies

2012-07-04 at 11:41

The Minister of State, Minister for Foreign Affairs Paulo Portas, believes that Chinese investment in Portugal is a "process that empowers strong bilateral economic cooperation" likely to be capitalized by small and medium size companies.

"It's time to take advantage of the potential these partnerships offer that may pave the way for competitive and ambitious, small and medium size Portuguese companies", stated Paulo Portas at the opening of the China-Portugal economic seminar in Beijing.

The Portuguese minister was referring to China Three Gorges and State Grid's entry in EDP and REN's share capital, respectively, and the partnership in Brazil between Sinopec and Galp.

"As a result of the partnerships between large Portuguese and Chinese companies, small and medium size companies can access this market as suppliers. That's what I call the 'kangaroo effect': large companies pave the way for small and medium size companies", Paulo Portas added.

 

"It's not a very common fact in the EU and shows the difference in Portugal: three large Chinese companies have won positions in major Portuguese companies, in a transparent and competitive process, where the best bidder won", stated the head of Portuguese diplomacy.

China's deputy prime minister Li Keqiang praised "the efforts of the Portuguese government to restructure its finance and promote Portugal's economic development".

"The last European Council reached consensus at many levels, which is good news and gives a sign of confidence. As a strategic partner of Europe and largest trading partner, China is also pleased", stated Li Keqiang at the beginning of a meeting with the Portuguese Minister of State, Minister for Foreign Affairs.

After meeting with Li Keqiang, Paulo Portas visited the China Three Gorges headquarters, the company that bought a 21.35 percent stake in EDP for 2.7 billion euros, making it the largest shareholder of the Portuguese electric company.

 


 

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