By Commerce Reporter
LAHORE: Ambassador of Portugal to Pakistan, Paulo Domingues, has proposed organizing a Portugal-Pakistan Business Forum during the upcoming visit of Portugal’s Minister for Foreign Affairs to Pakistan later this year, saying that the platform would bring together companies, investors, financial institutions and public authorities from both countries to transform business opportunities into concrete partnerships.
Addressing the Lahore Chamber of Commerce and Industry (LCCI) during his maiden visit to Lahore and his first official visit outside Islamabad since assuming office three months ago, the Ambassador said that the proposed forum should be organized jointly by the Embassy of Portugal, the Lahore Chamber of Commerce and Industry, the Honorary Consulate of Portugal and other stakeholders to open a new chapter of economic cooperation between the two countries.
LCCI President Faheem Ur Rehman Saigol warmly welcomed the Ambassador and termed his visit a significant step towards strengthening Pakistan-Portugal economic relations. LCCI Vice President Khurram Lodhi, former Senior Vice President Zafar Mehmood Chaudhry, Honorary Consul of Portugal Iftikhar Firoz and Executive Committee Members Ali Imran, Syed Hasan Raza, Amir Ali, Mohsin Bashir, Muneeb Monnoo, Nadeem Ansari and Abdul Majeed were also present on the occasion.
Welcoming the Ambassador, LCCI President Faheem Ur Rehman Saigol said that Pakistan and Portugal have enjoyed cordial diplomatic relations since 1949 and there exists tremendous untapped potential to expand bilateral trade, investment and industrial cooperation. He said that Portugal, being an important member of the European Union, offers significant opportunities for Pakistani exporters and investors.
The LCCI President saidy that according to the State Bank of Pakistan, bilateral trade between Pakistan and Portugal reached approximately 226 million dollars during 2024-25, with Pakistan’s exports amounting to around 206 million dollars against imports of about 20 million dollars. While the trade balance remains in Pakistan’s favour, he said, both countries should work towards increasing bilateral trade to at least two billion dollars.
Faheem Ur Rehman Saigol said that Pakistan’s exports to Portugal are mainly concentrated in textiles and apparel, agricultural products, leather goods and surgical instruments, but there is considerable potential to diversify exports by promoting information technology services, pharmaceuticals, engineering products, processed foods, sports goods, home appliances, halal food products and value-added agricultural products.
The LCCI President stressed the need for stronger business-to-business engagement through exchange of trade delegations, participation in international exhibitions and organization of joint investment forums. He also sought the support of the Embassy of Portugal in connecting the Lahore Chamber with Portuguese chambers of commerce, trade associations and investors while ensuring regular exchange of trade and investment-related information.
Referring to Pakistan’s constructive diplomatic role in the region, Faheem Ur Rehman Saigol said that Pakistan has consistently demonstrated its commitment to regional peace and stability through responsible diplomacy, further strengthening its international standing as a reliable and peace-loving country.
Speaking on the occasion, Ambassador Paulo Domingues said Portugal and Pakistan have enjoyed over 76 years of diplomatic relations built on mutual respect, trust and friendship, adding that the time has come to place economic diplomacy at the centre of bilateral relations.
He paid tribute to Portugal’s Honorary Consul in Lahore, Iftikhar Firoz, acknowledging his more than three decades of dedicated service in strengthening Portugal-Pakistan relations and facilitating valuable business and people-to-people connections.
The Ambassador said that the rapidly changing global economy, reconfigured supply chains and growing search for reliable business partners have created fresh opportunities for Portugal and Pakistan to work together as complementary economies rather than competitors.
He highlighted Portugal’s strengths as a modern, innovative and export-oriented economy, exporting to more than 200 markets worldwide and enjoying international recognition in textiles, footwear, renewable energy, engineering, information technology, pharmaceuticals, agribusiness, food industries, tourism, automotive components, furniture, design and cork products.
Ambassador Domingues said Portugal offers investors political stability, legal certainty, a highly qualified workforce, world-class infrastructure and privileged access to the European Union’s market of around 450 million consumers. He added that Portugal also serves as a strategic bridge to Africa and Latin America through its longstanding historical, political and economic relations, particularly with Portuguese-speaking countries.
He said Portugal can become not only Pakistan’s gateway to Europe but also its strategic hub for expanding business across Europe, Africa and Latin America, offering Pakistani companies a unique platform for international growth.
The Ambassador described Pakistan as a country with enormous economic potential, a young population, a vibrant entrepreneurial culture, a strong industrial base and a rapidly growing digital economy. He said Lahore perfectly represents these strengths and expressed confidence that Portuguese technology, innovation and investment could be effectively combined with Pakistani manufacturing capabilities, entrepreneurship and talent.
Reaffirming the Embassy’s commitment to promoting economic diplomacy, Ambassador Paulo Domingues said the Embassy of Portugal would continue facilitating business contacts, identifying investment opportunities, connecting companies and supporting practical cooperation between the private sectors of both countries.
He urged Portuguese companies to view Pakistan beyond stereotypes and recognize its investment potential, while encouraging Pakistani entrepreneurs to consider Portugal as an attractive investment destination and a strategic platform for expanding into European, African and Latin American markets.
