LCCI Seeks to Raise Pakistan-Portugal Bilateral Trade to $2 Billion: LCCI President

Ambassador of Portugal Proposes Portugal-Pakistan Business Forum to Unlock New Trade Opportunities

By Farzana Chaudhry
Lahore, Pakistan

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 the initiative would bring together companies, investors, financial institutions, and public authorities from both countries to transform business opportunities into long-term partnerships.

Addressing members of 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 the proposed forum should be jointly organized by the Embassy of Portugal, the LCCI, the Honorary Consulate of Portugal, and other stakeholders to usher in a new era of economic cooperation between the two countries.

LCCI President Faheem Ur Rehman Saigol welcomed the ambassador and described his visit as an important milestone in 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, Faheem Ur Rehman Saigol said Pakistan and Portugal have enjoyed cordial diplomatic relations since 1949, with significant untapped potential to expand bilateral trade, investment, and industrial cooperation. He noted that Portugal, as a member of the European Union, offers substantial opportunities for Pakistani exporters and investors.

The LCCI president said that, according to the State Bank of Pakistan, bilateral trade between Pakistan and Portugal reached approximately US$226 million during 2024-25, with Pakistan’s exports accounting for around US$206 million and imports standing at nearly US$20 million. While the trade balance remains in Pakistan’s favour, he said both countries should work towards increasing bilateral trade to US$2 billion.

Faheem Ur Rehman Saigol said Pakistan’s exports to Portugal are currently dominated by textiles and apparel, agricultural products, leather goods, and surgical instruments. However, he identified considerable opportunities to diversify exports by promoting information technology services, pharmaceuticals, engineering products, processed foods, sports goods, home appliances, halal food products, and value-added agricultural commodities.

He emphasized the importance of enhancing business-to-business engagement through the exchange of trade delegations, participation in international exhibitions, and the organization of joint investment forums. He also sought the support of the Portuguese Embassy in connecting the Lahore Chamber with Portuguese chambers of commerce, trade associations, and investors while ensuring a regular exchange of trade and investment information.

Referring to Pakistan’s constructive diplomatic role in the region, the LCCI president said the country has consistently demonstrated its commitment to regional peace and stability through responsible diplomacy, reinforcing its image as a reliable and peace-loving nation.

Speaking on the occasion, Ambassador Paulo Domingues said Portugal and Pakistan have shared more than 76 years of diplomatic relations founded on mutual respect, trust, and friendship. He stressed that the time had come to place economic diplomacy at the centre of bilateral relations.

The ambassador 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 promoting business and people-to-people ties.

Ambassador Domingues said the rapidly evolving global economy, changing supply chains, and the 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 that exports to more than 200 countries and markets. He said Portugal enjoys international recognition in sectors including textiles, footwear, renewable energy, engineering, information technology, pharmaceuticals, agribusiness, food processing, tourism, automotive components, furniture, design, and cork products.

The ambassador said Portugal offers investors political stability, legal certainty, a highly skilled workforce, world-class infrastructure, and privileged access to the European Union’s market of approximately 450 million consumers. He added that Portugal also serves as a strategic gateway to Africa and Latin America through its longstanding historical, political, and economic ties with Portuguese-speaking countries.

He said Portugal could become not only Pakistan’s gateway to Europe but also a strategic hub for expanding business across Europe, Africa, and Latin America, providing Pakistani companies with an ideal platform for international growth.

Describing Pakistan as a country with immense economic potential, Ambassador Domingues praised its young population, entrepreneurial spirit, strong industrial base, and rapidly expanding digital economy. He said Lahore embodies these strengths and expressed confidence that Portuguese technology, innovation, and investment could be successfully combined with Pakistan’s manufacturing capabilities, entrepreneurship, and skilled workforce.

Reaffirming the Embassy’s commitment to advancing economic diplomacy, Ambassador Paulo Domingues 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 encouraged Portuguese businesses to look beyond outdated perceptions of Pakistan and recognize its investment potential, while urging Pakistani entrepreneurs to consider Portugal as an attractive investment destination and a strategic platform for accessing European, African, and Latin American markets.