Despite growing ties, Pak-Portugal trade stays low

Ambassador urges businesses to forge partnerships, explore new markets, pursue practical projects

Portugal Ambassador Paulo Domingues has called for a major transformation in Portugal-Pakistan economic relations, stressing that the two countries must move beyond cordial diplomatic ties and translate their longstanding friendship into tangible trade, investment and joint-venture opportunities.

Highlighting the significant untapped potential between the two economies, he urged businesses on both sides to forge direct partnerships, explore new markets and pursue practical projects that could substantially expand bilateral commerce.

Addressing a meeting at the Karachi Chamber of Commerce and Industry (KCCI), the ambassador said that although relations between Portugal and Pakistan were friendly and steadily improving, bilateral trade remained considerably below its potential. He emphasised that the two countries had complementary economic strengths and considerable scope to deepen cooperation across multiple sectors.

"Portugal and Pakistan have much more to offer each other. We must work together to turn our friendly relations into real business opportunities. Our political and economic relations are good and growing steadily, but the trade figures remain relatively low compared with the enormous potential that exists between our two countries. There is significant untapped potential that we must identify and develop through sustained efforts," he said.

Domingues observed that Portuguese businesses had yet to fully explore the Pakistani market, partly because they remained insufficiently aware of the opportunities it offered. In contrast, he noted that Pakistani businesses were increasingly exploring Portugal, with business missions already visiting the country to examine commercial prospects in different sectors. He expressed confidence that trade would increase as these initiatives gained momentum.

"The challenge is to bring our business communities together and encourage more Portuguese entrepreneurs and companies to visit Pakistan. Portugal and Pakistan may be geographically far apart, but geography should never limit our ambitions. We have a strong foundation for cooperation and what we need now is greater engagement between our companies," he remarked.

The ambassador identified several promising areas for cooperation, including trade and industry, renewable energy, technology, agriculture, fruit cultivation and innovation. He said the Portuguese embassy could help Pakistani and Portuguese companies identify buyers, suppliers, distributors and reliable long-term commercial partners.

Highlighting Portugal's experience in clean energy, he pointed out that approximately 70% of Portugal's electricity generation came from renewable sources, offering valuable opportunities for knowledge-sharing, technology cooperation and potential investment partnerships.