President Xi wraps up trip in Portugal with bilateral agreements

World Today

China’s President Xi Jinping (L) and Portuguese Prime Minister Antonio Costa (R) shake hands after their metting at Queluz Palace in Queluz, in the outskirts of Lisbon, on December 5, 2018. (Photo by PATRICIA DE MELO MOREIRA / AFP)

Chinese President Xi Jinping wraps up his four-nation tour. His travels took him to Spain, Argentina, Panama and Portugal.

The trip focused on trade, investments and business agreements.

CGTN’s Al Goodman reports on Xi’s last stop in Portugal.

On the final day of his four-nation tour that started last week, there was still plenty of bilateral business to be done for Chinese President Xi Jinping. He met Portugal’s head of government, Prime Minister Antonio Costa. The setting, on the outskirts of Lisbon, at the ornate 18th-century Queluz Palace.

The Chinese community in Portugal, turned out in force to welcome their president. Security forces kept them across the street from the palace.

The talks inside, focused on expanding trade and investment, as the two nations prepare to mark 40 years of diplomatic relations next February. Portugal has more than ten billion dollars of investments in Portugal in energy, electricity, banking, insurance and health care.

The two leaders presided over the exchange of numerous bilateral and business accords, signed by senior government officials and business leaders. Including a Memorandum of Understanding on China’s Belt and Road initiative, where the two countries agreed to cooperate on specific projects. Another accord allows exports of Portuguese table grapes to China.

Both leaders expressed satisfaction with the results.

“We achieved several points of consensus. I witnessed along with Prime Minister Costa the signing of various important documents of cooperation including the memorandum of understanding of the Belt and Road initiative. I can say that my visit produced results,” Xi Jinping President of China.

The CEO of Portuguese energy company EDP, the target of a takeover bid by China Three Gorges Corporation that already owns a 23 percent stake, said the visit pushes the relationship ahead.

“I think the visits of presidents always, I would say, a push, a revamping of any relation. It’s always like this. It’s very important. Why Because it gives you, again, focus, and attention. The partnership for us between CGT and EDP has been very important,” said Antonio Mexia the CEO of Energias de Portugal.

President’s Xi’s visit to Portugal was the first by a Chinese head of state in eight years.

Philippe Le Corre discusses President Xi’s visit to Portugal

CGTN’s Elaine Reyes spoke with Philippe Le Corre a senior fellow with the Harvard Kennedy School’s Mossavar-Rahmani Center for Business and Government about President Xi’s trip to Portugal.