Dec 06, 2018 (China Knowledge) - China and Portugal have agreed to cooperate in the construction of Beijing's modern Chinese Silk Road initiative project. The consensus and memorandum of understanding (MoU) was reached and signed during the meeting between Chinese President Xi Jinping and Portuguese Prime Minister Antonio Costa. Government in Lisbon expressed its commitment towards the cooperation and construction of the project.
President Xi has managed to ink 17 bilateral cooperation MoUs with the Portuguese government during his two-day state visit, including one that has similarity to the other Chinese infrastructure investment in Asia, Africa, and Europe that aims to link the continents together and increase connectivity within.
Xi has called for high-level visits and exchanges between both countries to promote the Belt and Road Initiative and hence allow both nations to play a more important role in strengthening Asia-Europe connectivity.
The Chinese President also stressed on the need of enhanced cooperation in the areas of culture, education, tourism, science and technology, and medicine.
Hit hard by the post-2008 economic crisis, Portugal has been benefiting from Chinese investment into the country. According to data compiled by the American Enterprise Institute, the country has since received USD 8 billion in investment from China, notably in the energy, banking, and insurance sector.
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