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Chinese and Portuguese-speaking entrepreneurs discover a bounty of investment opportunities

The Macao Trade and Investment Promotion Institute (IPIM) took a delegation of more than 60 Macao entrepreneurs to the “Entrepreneurs Meeting for Commercial and Economic Co-operation between China and Portuguese-speaking Countries – Praia 2017”, held from 16 to 18 June in the Cape Verdean capital, Praia. The event was meant to help companies in Mainland China and Macao expand into the markets of Portuguese-speaking Countries and strengthen trade ties between China and Portuguese-speaking Countries.

More than 400 businesspeople and officials from Mainland China, Macao, Cape Verde and other Portuguese-speaking Countries attended the meeting. The event was organised jointly by Cape Verde TradeInvest, the China Council for the Promotion of International Trade (CCPIT) and IPIM. The main theme and sub-them for the meeting were “expanding trade and services between China and Portuguese-speaking Countries” and “exploring business opportunities in economic co-operation between China and Portuguese-speaking Countries” respectively.

IPIM President Jackson Chang said in a speech at the opening ceremony of the meeting that China and Portuguese-speaking Countries had new opportunities for co-operation to explore now that Premier Li Keqiang had announced measures to enhance the performance of Macao as a Commercial and Trade Co-operation Service Platform between China and Portuguese-speaking Countries.

Premier Li made the announcement at the 5th Ministerial Conference of the Forum for Economic and Trade Co-operation between China and Portuguese-speaking Countries (Macao), held in October 2016. He announced support for Macao to become a renminbi-clearing centre for Portuguese-speaking Countries, the setting up of the headquarters of the China-Portuguese-speaking Countries Co-operation and Development Fund, the construction of the Service Platform Complex for Trade Co-operation between China and Portuguese-speaking Countries and the establishment of the China-Portuguese-speaking Countries Federation of Entrepreneurs. The implementation of these measures has been carried out in a timely manner.

Participants from Cape Verde expressed the hope that Chinese companies would invest in their fishing industry. Fujian Provincial Department of Ocean and Fisheries Deputy Director Li Gangsheng related his experiences in developing the fishing industry in the Chinese province of Fujian and the prospects for investment in it.

CEO of YGA (Macau) International Information Technology Co. Ltd. Vincent Zhou shared what he had learnt in utilising Macao’s role as a Commercial and Trade Co-operation Service Platform between China and Portuguese-speaking Countries. Mr Zhou also urged others at the meeting to make use of Macao’s strength when exploring business opportunities between China and Portuguese-speaking Countries.

Participants of the three-day meeting signed 10 agreements. Half of the agreements were signed by representatives of Macao companies. The agreements covered several areas, including exporting coffee, projects in the field of medicine, exchange and co-operation, and construction and construction materials.

Entrepreneurs from Mainland China and Macao had the opportunity to visit the site of an integrated leisure, tourism and entertainment project in Praia, which a Macao businessman is investing in.

Trade opportunities

International Lusophone Markets Business Association Executive Committee Chairman Eduardo Ambrósio said his association had struck agreements with chambers of commerce in Cape Verde that were meant to increase exchanges of information, form the basis for mutual visits, organise trade forums and provide support on translation services. His association focused on the potential for investment in coffee plantations and exporting seafood.

The meeting was a chance for Mr Ambrósio, also the Executive Director of Chinlumac Corp. Ltd. to examine the potential of the business of supplying Cape Verde with Mainland Chinese medical equipment.

Macao Chinese Enterprises Association Supervisory Committee Chairman Xu Yu Xing, who is also the general manager of inspection and quarantine company CCIC Macao Co. Ltd., also attended the meeting. Mr Xu said the meeting had been the perfect occasion for getting a better understanding of Cape Verde’s investment environment. He believes Mainland Chinese companies belonging to his association are interested in exploring business opportunities in areas such as banking, insurance and construction in Cape Verde.

The meeting included a session to introduce those attending the China-Portuguese-speaking Countries Co-operation and Development Fund. The headquarters of the fund was opened in Macao in June 2017. CPD Fund Management Co. Managing Director Jin Guangze explained the procedure for obtaining money from the fund. All enterprises are welcome to apply for the fund and achieve mutual benefits.

IPIM Executive Director Gloria Ung made a brief presentation about Macao’s business environment and the charter of the China-Portuguese-speaking Countries Federation of Entrepreneurs, which was followed by a question and answer session and a discussion among those attending. The Economic and Trade Co-operation and Human Resources Portal between China and Portuguese-speaking Countries website was also promoted at the meeting. IPIM arranged for companies represented at the meeting to register on the spot.

After the meeting in Cape Verde, IPIM, CCPIT and AICEP Portugal Global went to the Portuguese capital of Lisbon where they had jointly arranged another meeting..

The IPIM delegation then attended the Forum and International Business Fair China-PLPE, a forum linking China with Spanish and Portuguese speaking businesspeople, which was held in the northern Portuguese city of Porto. Delegation members expected the visit to create more business opportunities for Portuguese-speaking Countries food products.

The Entrepreneurs Meeting for Commercial and Economic Co-operation between China and Portuguese-speaking Countries is an enterprise co-operation project held under the framework for co-operation of the Forum for Economic and Trade Co-operation between China and Portuguese-speaking Countries, signed between Mainland China’s trade promotion agencies and their counterparts in Portuguese-speaking Countries and Macao, during the meeting held in October 2003. Some entrepreneurs had successfully introduced Portuguese-speaking Countries products to Macao through the participation in the meeting.

The next Entrepreneurs Meeting for Commercial and Economic Co-operation between China and Portuguese-speaking Countries will be held in Portugal in 2018.