Edition 1518
23 March 2019
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PM defends Chinese investment

in News · 07-03-2019 09:44:00 · 7 Comments

Portugal’s Prime Minister has come out in support of Chinese investment in Portugal and
in the European Union, and has warned member states not to assume a similar protectionist position to that of United States President Donald Trump.

PM defends Chinese investment

 

Following hot on the heels of a European Parliament recommendation to abolish Golden Visas, Portuguese Prime Minister António Costa has warned European partners against misusing new security procedures for screening Chinese investments, saying it could lead to the continent becoming more protectionist.


In an interview published in the Financial Times earlier this week, António Costa said: “It is one thing to use screening to protect strategic sectors, it is another to use it to open the door to protectionism.”


Portugal is one of the biggest recipients of Chinese investment in Europe.


He added that Portugal’s “experience with Chinese investment has been very positive. The Chinese have shown complete respect for our legal framework and the rules of the market.”


Portugal’s MEO telecommunications operator also recently signed an agreement with the under fire Chinese group Huawei on 5G development.


António Costa said he had taken on board concerns over the Chinese operator, but said: “It is very important not to stop the modernisation of Europe’s digital infrastructure.”


He added closing the EU’s borders to foreign investment was not the answer, and that Brussels needed to rather look at investing more in education and research than placing barriers.


His comments came following the adoption by the European Parliament last month of a regulation to establish a mechanism for cooperation and exchange of information at European level to scrutinise foreign direct investment, where it comes from non-member countries.


The regulation in question, which was approved in a plenary session of the parliament in Strasbourg with 500 votes in favour, 49 against and 56 abstentions, will enable the EU to coordinate the analysis of investments from third countries in strategic sectors in order to ascertain whether or not they threaten public safety or order.


Key infrastructure covered include energy, transport, water, health, communications, media, data processing or storage, aerospace, defence, electoral or financial infrastructure and sensitive facilities, as well as urban buildings that are essential for the use of these infrastructures.


Last week, the European Parliament also called for the abolition of Golden Visas, with Chinese investors having been the biggest recipient of this programme in Portugal.


While the Communist Party and the Left Bloc came out in support of the ruling, parties to the right criticised the EU Parliament’s decision.


“We agree to enhanced monitoring and supervision, but not to the abolition of the programme”, the social democratic MP Carlos Peixoto was reported as saying.


He explained that more than four billion euros have already been invested in Portugal due to golden visas, which “make them very important to the country’s development.”


The People’s Party (CDS-PP) also criticised the EU for interfering in a country’s sovereign affairs.


“The programmes to attract investment should be Portugal’s responsibility and must never be decided in Brussels”, the CDS MP Pedro Mota Soares was quoted as saying by Lusa News Agency.

Comments

China is not to be trusted at all with investments , and this just shows how stupid and ignorant the politicians in Portugal are , they obviously know nothing of international problems , and what China has done to other countries .
by Paul R from Lisbon on 13-03-2019 12:13:00
Yes let’s welcome the Chinese most of these Chinese shops are tax exempt,but Portuguese have to pay Tax
Don’t think the Chinese can steal a lot of high technologies here, like the do in all the other country’s .
by MB from Algarve on 09-03-2019 09:34:00
Do they not understand the massive radiation dangers that 5G presents?
There will have to be a huge amount more signal masts and go look up 5G dangers to human health in Google.
5G is frankly terrifying and will lead to a massive rise in multiple diseases.
by James from Algarve on 09-03-2019 06:49:00
Yes let’s welcome the Chinese, most of these Chinese shops are tax exempt,but Portuguese have to pay Tax.
Don’t think the Chinese can steal a lot of high technologies here, like the do in all the other country’s .
by MB from Algarve on 08-03-2019 05:59:00
I hope it works for the benefit of Portugal and China to have friendly business relations.
by Alan Silva from USA on 08-03-2019 03:53:00
Yes let’s welcome the Chinese most of these Chinese shops are tax exempt,but Portuguese have to pay Tax
Don’t think the Chinese can steale a lot of high technologies here, like the do in all the other country’s .
by MB from Algarve on 08-03-2019 01:00:00
As in many countries especially Africa and the south Pacific China does a lot of building but uses their own people so very few countries actually get construction or other jobs. When they can no longer pay the vast suns owed to China they will negate the loan in exchange for military bases on the countries lands or other ways that benefit Chinas future dominance plans. My beief and that of many others is that Chinas long term plans are to be the most powerful country on earth.
by Iris Peters from Açores on 08-03-2019 12:45:00

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Edition 1518
23 March 2019
Edition: 1518

Read this week's issue online exactly as it appears in print.

Twitter

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