By Peter Alagos
The number of Portuguese companies exporting to Qatar increased twofold between 2011 and 2015, indicating growth bilateral trade and investment relationship, ambassador Antonio Tanger has said.
Citing the latest data from the Portuguese National Statistics Institute, the ambassador said Portuguese companies exporting various goods to Qatar increased from 117 in 2011 to 247 in 2015.
“Qatar is still a growing market for business opportunities in several sectors. In the last year and a half, the relationship between Portugal and Qatar has been intensified in different areas. Since 2011, exports from Portugal to Qatar increased from €13.9mn to €17.8mn in 2015,” Tanger told Gulf Times.
He said major exports from Portugal to Qatar are minerals and clothing, while the major exports from Qatar to Portugal are processed products derived from petroleum.
Asked about Qatari investments in Portugal and the amount of FDI inflow from Qatar, Tanger said, “Qatari investment in Portugal still doesn’t have a great expression. Although, in the last years some advances were made. As far as I know, Qatar has a share of 2.27% in the Portuguese energy company, EDP, and a share in VINCI Portugal.
“A big investment from W Hotel is being made in Albufeira in the south of Portugal. The Jaidah Group is building the first W Resort in Europe and my country has been chosen for this investment. It represents an amount of several million euros.”
To expand investment opportunities between Portugal and Qatar, Tanger said the embassy is organising with Qatari authorities “to have the highest level visits this year.” The last visit from Portugal, he noted, was in December 2015 by the president of Portuguese investment agency AICEP Portugal Global.
“The year 2016 saw the launching of the sustained economic relations between Portugal and Qatar. Numerous contacts have been established and a series of direct channels with public and private entities of the Qatar have been established in order to strengthen the economic relations between the two countries.
“In the current increasingly globalised market, the economic aspect cannot be detached from the political and cultural aspects. All the work of promoting a country, supporting exports, establishing companies, and attracting foreign investment must be made jointly and integrated, enhancing these aspects,” Tanger said.
Asked how Portugal can play a role in Qatar’s diversification strategy, the ambassador said Portugal could provide expertise in specific sectors like agriculture, high-technology, and the textile industry.
In developing Qatar’s small and medium-sized enterprise sector, Tanger said Portugal is among the leading countries that have a high presence of startups.
“With some work, I am sure our companies can share their knowhow with Qatari companies. Last year, Lisbon organised the ‘Web Summit’, Europe’s largest technology conference. After six years in Ireland, the event took place in Lisbon in 2016. Attended by more than 50,000 people, for the next two years it will be organised by Portugal,” he pointed out.
He added: “In the last months, we have been approached for a significant number of Portuguese companies that would like to come and work in this market. It seems that Qatar is increasingly known in Portugal as a platform to work in the Middle East, and Portugal as a good base for Qatar investments.”
© Gulf Times 2017
