Minister Shafay for tapping Pak-Portugal vast bilateral trade potential

LAHORE, Jul 08 (APP): Punjab Minister for Industries and Commerce, Chaudhry Shafay Hussain has said that Pakistan and Portugal could significantly increase cooperation in industry, agriculture, tourism, textiles, surgical instruments, and several other sectors.

He was addressing as chief guest the Portugal National Day ceremony held at a local hotel on Wednesday. The event was attended by the Ambassador of Portugal to Pakistan, Paulo Domingues, Consul General Iftikhar Feroz, the Consuls General of Turkiye and China, diplomats, and members of the business. The Provincial Minister along with Portuguese Ambassador and other diplomats, cut a cake to celebrate Portugal’s National Day. Chaudhry Shafay Hussain congratulated the Ambassador, the Consul General, and the people of Portugal on the occasion.

Chaudhry Shafay said Pakistan and Portugal enjoy friendly relations but the time has come to transform this friendship into stronger economic cooperation. He noted that there is immense potential for expanding bilateral cooperation and trade in various sectors.

He said that people-to-people contacts are necessary to enhance and promote economic ties between the two countries, besides ensuring practical implementation of Memorandums of Understanding (MoUs).

For the first time in Pakistan’s history, he said, the manufacturing of Vivo mobile phones and chip frames is set to commence in Punjab. He highlighted that Punjab’s Special Economic Zones offer excellent investment opportunities and attractive facilities across various sectors.

He informed the participants that Punjab Chief Minister has introduced a Land Lease Policy under which industrial land can now be acquired on lease or rental basis for establishing factories. He added that investors are required to establish their industrial units within two years of acquiring plots in industrial estates.

Inviting Portuguese investors to invest in Punjab, Chaudhry Shafay Hussain said, the Punjab government would extend every possible facilitation to Portuguese companies seeking to establish businesses in the province.

Speaking on the occasion, Portuguese Ambassador Paulo Domingues said, Pakistan and Portugal share a relationship based on friendship and mutual trust, but bilateral economic cooperation needs to be further strengthened. He noted that Portugal could serve as Pakistan’s gateway to Africa, Europe, and other international markets. Turning business opportunities into strong partnerships, he said, is the need of the hour.

The Ambassador said, he is deeply impressed by Pakistan’s hospitality. Visiting Lahore for the first time, he described it as a beautiful, historic, and culturally rich city.

Portuguese Consul General Iftikhar Feroz thanked the distinguished guests for attending the Portugal National Day reception.