The port is closest to the United States shale basins on the east coast and is in the same direction as the Panama Canal. American companies wanted to expand the port’s liquid natural gas terminal to increase their gas exports to the continent, which would reduce Europe’s dependence on Russia. The United States ambassador in Portugal, George Glass, said that the investment proposed by the USA would convert Sines into “Singapore from the West”. China, on the other hand, aims to build a mega port of containers there. It is a €640 million project that can play a key role in the Belt and Road Initiative, of which Portugal has been a part since 2018.
At the time, President Xi Jinping borrowed an ancient Chinese saying to describe the bilateral relationship: “A partnership forged with the right approach defies geographical distance; it is thicker than glue and stronger than metal or stone.” Portugal’s President Marcelo Rebelo de Sousa reciprocated with a state visit to Beijing in late April that also coincided with the 2nd Belt & Road Forum.
It also becomes important to mention that the relations between Portugal and the United States of America started as early as the USA itself, as an independent country. Following the American Revolutionary War, also known as the American War of Independence, Portugal was the first neutral nation to recognize the United States of America as an independent country and establish diplomatic relations between both entities. Portugal is hence on track to become a United States E1 and E2 treaty country, which will allow new Portuguese citizens to live and work in the US. Read more about how Portugal - USA relations are strong and have a great future ahead.
Chinese investors have become the biggest single shareholders in Portugal’s leading power and national grid utilities, and in 2018, the two-way trade exceeded €10 billion, an increase of more than 7% from the previous year. This thanks to Chinese firms have invested vast sums in a lot of Portuguese sectors: electricity, oil, transport, financial services, insurance, health, real estate, hospitality, and the media, to name a few, turning Portugal into a recipient of Chinese investment per capita in Europe, after the crisis, in 2014.
The rising economic footprint of China in Portugal has drawn both Washington and Brussels’ attention. Ambassador Glass warned last month, November, that if Portugal continues with Huawei’s 5G network, sanctions could be imposed on Portuguese companies with Chinese investment, adding that it would have consequences in terms of security and defense if they do so. In response, the Portuguese Prime Minister, António Costa, argued that Chinese shareholders in Portuguese companies play an essential role in providing stability and development and alerted Brussels that the misuse of new security procedures for screening Chinese investments could lead to Europe becoming more protective.
The port of Sines, located 100 kilometers south of Lisbon, has always been coveted by foreign powers for its geostrategic importance. Romans, Visigoths, and Moors established settlements along with its deepwater port. It was from here that Vasco da Gama set out to build Portugal’s maritime empire in the 15th century, creating Portuguese colonies in Goa, India, and Formosa and Macau, China, having returned the latter to the Chinese only in 1999.
Portugal Homes’ Guide to Portugal
Go through some highlights of the Portuguese beautiful territory with the extensive guide on our website! Here you can find more information on some of the best real estate investment areas in the country.
Portugal Homes has very experienced and knowledgeable professionals working with some of the most established and reputable developers Portugal has to offer. Our vast experience allows us to guide you through the best investment choices.
Whether you want a holiday home or an investment property, we select the best units for your profile and take care of all the process from start to finish. Even after the sale! Our After Sales services assume the responsibility of furnishing your property at your taste, taking care of the property in your absence, managing the rentals if you wish to rent your property when you’re not in Portugal and so much more!
To learn more about the Portuguese Non-Habitual Resident Program and our After Sales services, please fill the form below.
Overwhelming. Luisa has exceeded our expectations on all levels. Trust was established immediately. Enhanced by super friendly professionalism. The networks to banks, accountants, lawyers was seamless. there is not enough space here to write all the positives, enough to say we are making an offer and we only arrived 4 days ago. Its impossible to improve from perfection!John Mulroe and Wiebke Bock
Thank you. Lovely experience with all of the staff. George was very helpful, knowledgeable and had a good grasp of the financials. Will recommend Portugal Homes to friends. Also excellent experience with the After Sales - very helpful.Nadia Webb
Portugal Homes is very customer-oriented. Mr. George Hobson epitomizes professionalism and dedication. This in addition to his amiable and congenial attitude.Investor from Algeria
Thank you very much for your help. I'm glad to have chosen Portugal Homes as my property management agent.Investor from Hong Kong
Simon has been wonderful to work with. We did not feel pushed in any way.Andre & Lena Jourdan from USA
Portugal Homes is a personal and competent company. Our experience with Antoine was excellent and enjoyable. Thank youUsha Pinninti from Texas, United States of America