By Saifur Rahman
Bilateral commerce between Portugal and the UAE grew to US$394.20 million (€324 million) in 2020, up from US$358.3 million in 2019, based on a prime official.
This displays the truth that the two-way commerce between the 2 international locations elevated throughout COVID-19 pandemic.
The amount of non-oil commerce alternate between the 2 international locations throughout the previous 10 years amounted to about US$2.89 billion, whereas the mutual visits and commerce missions have been topped with the signing of about 13 strategic partnership agreements.
“The UAE and Portugal share a really heat relationship and we see the UAE as an financial gateway for our services and products in to the Center East. Portugal exported €210.3 million price of products to the UAE whereas it imported €113.7 million price of products from the UAE final 12 months,” Joaquim Moreira De Lemos, Ambassador of Portugal to the UAE, instructed the Arabian Put up.
He was speaking on the sidelines of a commerce exhibition on the Dubai World Commerce Centre, the place 26 Portuguese corporations have been showcasing their high-value house décor and hospitality décor merchandise.
He stated, his nation is taking a look at providing high-value pure merchandise to the UAE shoppers.
“We’re not out there for low-quality and high-quantity merchandise. Portugal has loads of high-quality environmentally-friendly and pure merchandise that matches into the posh life-style of UAE’s cosmopolitan shoppers and we’re introducing merchandise to go well with their wants, he added.
Round 35 Portuguese corporations are energetic within the UAE, whereas a higher variety of Portuguese corporations are being represented by numerous native companies within the UAE. Greater than 1,029 Portuguese corporations are exporting their merchandise to the UAE.
The UAE is house to greater than 6,000 Portuguese nationals dwelling and dealing within the UAE.
After falling sharply in 2020, GDP is projected toincrease by 3.7 p.c in 2021 and 4.9 p.c in 2022, based on a report by the OECD. Portugal confronted one of many world’s worst surges in COVID-19 infections in early 2021. Hospitals nearly reached full capability, placing strain on the healthcare system. A second nationwide lockdown was imposed in mid-January for 2 months.
Since March, containment measures have been progressively lifted because the sanitary state of affairs improved. The rollout of vaccination has been constrained by the gradual provide of vaccines as in different European international locations. About 70 p.c of the inhabitants are anticipated to be vaccinated by August, based on the nationwide vaccination plan.
“Financial exercise is ready to choose up with the progressive lifting of containment measures and the restoration of tourism, particularly from European international locations, throughout the 2021 summer season season. As vaccination accelerates and the EU help begins being carried out, GDP progress is projected to succeed in 4.9 p.c in 2022,” the report stated.
Portugal’s investments within the UAE, between 2018 and 2019, stood at round €20 million, the Ambassador stated.
“The UAE funding in Portugal, after a interval of progress from 2015 to 2018, registered a drop in 2019, however over the past 5 years, we registered a progress of 13 p.c,” Joaquim Moreira De Lemos stated. “Between Jan./Sep. 2020 evaluating to the identical interval in 2019, the UAE funding in Portugal elevated 33.5 p.c with a price of 32.2 million euros.”
The Ambassador stated, Portugal will show its pure and sustainability merchandise and superior companies on the Expo 2020.
“We now have developed a big pavilion unfold throughout 2,000 sq. metres plot of land that price us €20 million to construct,” Joaquim Moreira De Lemos stated. “Numerous delegates from Portugal will go to the Expo 2020 and we’re upbeat concerning the mega occasion.”
He stated, Portugal has been collaborating at numerous exhibitions and conferences within the UAE to advertise its services and products within the UAE.
“The common presence of the model Associative Design – The Better of Portugal since 2016 in famend occasions of the Center East, reminiscent of Dubai Design Week, Downtown Design Dubai, Idf Oman and the Lodge Present Dubai, permit the enlargement of the model and the promotion of ‘The Better of Portugal ‘within the surrounding markets so as to benefit from the funding initiated within the area in 2016,” he stated.
“Bringing Portuguese aptitude and creativity to the Center East, the Associative Design showcase will current a Idea of a Portuguese Home, with merchandise 100% designed and produced in Portugal.
“On this present, guests had the prospect to see a mixture of innovation, sustainability and up to date design apply within the furnishings, lighting, textiles and objects d’artwork included on this exhibition.”