7 March 2022 • 0

Portuguese companies can aim for investments in tech, AI, green industries in Greater Bay Area

Technology, health and environmental sustainability are some of the areas that Portuguese companies can invest in in the Guangdong-Hong Kong-Macau Greater Bay Area (GBA), said participants at a conference in Macau on Wednesday.

The Macau delegate of the Portuguese Investment and Foreign Trade Agency (AICEP), Carolina Lousinha, noted that “results take time to appear,” and require financial capacity, in a highly competitive and protectionist market.

For the CEO of Banco Nacional Ultramarino (BNU), Carlos Cid Alvares, it is essential that the Portuguese government presents several support measures for Portuguese companies to allow them to set up in the Guangdong-Hong Kong-Macau Greater Bay Area.

The economy of this area grew 8 percent last year and represents a gross domestic product (GDP) 7.5 times higher than Portugal’s.

In terms of business areas, the heads of AICEP and BNU noted technological innovation, artificial intelligence, e-commerce and health, as well as green industries and innovation in environmental sustainability, areas also in focus in Portugal, Carolina Lousinha said.

Responsible for the internationalisation of Portuguese companies, AICEP opened a delegation in Guangzhou in 2019, strengthening its presence in China, which shows the attention and interest of the Portuguese government in the country, she stressed.

At the conference “Portuguese business presence in the Greater Bay Area: perspectives of entrepreneurs and investors,” organised by the Association for Cooperation and Development Portugal-Greater Bay Area and Rui Cunha Foundation in partnership with the Portugal-China Chamber of Commerce and industry and the Portuguese Association for Young Entrepreneurs , the need for legal and tax planning and a marketing strategy before entering the Chinese market were also highlighted.

A total of seven guest speakers based in Macau, Shenzhen, Coimbra and Porto participated in the roundtable.

The Greater Bay is a Beijing project to create a global metropolis that includes Hong Kong, Macau and nine cities of Guangdong province (Dongguan, Foshan, Guangzhou, Huizhou, Jiangmen, Shenzhen, Zhaoqing, Zhongshan and Zhuhai), with around 70 million inhabitants and a GDP of around 1.2 trillion euros, similar to that of Australia, Indonesia and Mexico, countries that are members of the G20.