Liaquat Ali
Islamabad: Ambassador of Portugal to Pakistan Paulo Miguel Guedes Domingues this week proposed the establishment of a Portugal-Pakistan Business Forum during the planned visit of Portugal’s foreign minister to Pakistan later this year, saying the initiative could usher in a new era of economic cooperation by connecting businesses, investors and public institutions from both countries.
Addressing the business community during a visit to the Lahore Chamber of Commerce and Industry (LCCI), Ambassador Domingues said the proposed forum should be jointly organized by the Embassy of Portugal, the Lahore Chamber, the Honorary Consulate of Portugal and other relevant stakeholders. He said the platform would bring together companies, investors, financial institutions and government representatives to transform emerging business opportunities into concrete commercial partnerships.
The ambassador stressed that after more than 76 years of diplomatic relations built on mutual respect, friendship and trust, the time had come for economic diplomacy to take centre stage in bilateral ties.
He said the rapidly evolving global economy, shifting supply chains and the increasing search for dependable business partners had created an ideal opportunity for Portugal and Pakistan to strengthen cooperation as complementary economies rather than competitors.
Highlighting Portugal’s economic strengths, Ambassador Domingues described his country as a modern, innovative and export-oriented economy that ships products to more than 200 international markets. He said Portugal has developed globally competitive industries in textiles, footwear, renewable energy, engineering, information technology, pharmaceuticals, agribusiness, food processing, tourism, automotive components, furniture, design and cork products.
The envoy said Portugal offers investors political stability, legal certainty, a highly skilled workforce and world-class infrastructure while providing privileged access to the European Union’s market of approximately 450 million consumers. Beyond Europe, he said, Portugal’s longstanding historical and economic ties with Portuguese-speaking countries also make it an important gateway to Africa and Latin America.
Ambassador Domingues said Portugal could become not only Pakistan’s gateway to Europe but also a strategic hub for Pakistani businesses seeking expansion into European, African and Latin American markets.
Describing Pakistan as a country with enormous economic promise, he pointed to its youthful population, vibrant entrepreneurial culture, strong industrial base and rapidly expanding digital economy. He said Lahore exemplifies these strengths and expressed confidence that Portuguese innovation, technology and investment could be effectively combined with Pakistan’s manufacturing capabilities and entrepreneurial talent to generate mutual economic benefits.
Reaffirming the embassy’s commitment to promoting economic diplomacy, the ambassador said it would continue facilitating business contacts, identifying investment opportunities, connecting companies and supporting practical cooperation between the private sectors of both countries.
He also urged Portuguese businesses to look beyond outdated perceptions and recognize Pakistan’s growing investment potential, while encouraging Pakistani entrepreneurs to view Portugal as an attractive destination for investment and a strategic platform for international expansion.
During the event, Ambassador Domingues paid tribute to Portugal’s Honorary Consul in Lahore, Iftikhar Firoz, acknowledging his more than three decades of service in strengthening bilateral relations and fostering business and people-to-people connections.
Earlier, LCCI President Faheem Ur Rehman Saigol welcomed the ambassador and described his visit as an important milestone in advancing Pakistan-Portugal economic relations.
Saigol said Pakistan and Portugal have maintained cordial diplomatic relations since 1949 but still possess substantial untapped potential in trade, investment and industrial cooperation. Referring to central bank data, he said bilateral trade reached approximately $226 million during 2024-25, with Pakistan exporting around $206 million worth of goods while importing nearly $20 million, leaving the trade balance firmly in Pakistan’s favour.
He called for raising bilateral trade to at least $2 billion, saying cooperation should expand beyond traditional exports such as textiles, apparel, leather goods, agricultural products and surgical instruments to include information technology, pharmaceuticals, engineering products, processed foods, sports goods, home appliances, halal products and value-added agriculture.
The LCCI president also emphasized the importance of stronger business-to-business engagement through reciprocal trade delegations, participation in international exhibitions and joint investment forums. He sought the embassy’s support in linking the Lahore Chamber with Portuguese chambers of commerce, trade associations and investors to facilitate greater commercial collaboration.
Saigol also noted that Pakistan’s commitment to responsible diplomacy and regional peace had further strengthened its international standing, creating a conducive environment for greater foreign investment and economic cooperation.
