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Portugal moving down Chinese silk road

AFP  |  Lisbon 

on Wednesday said it would cooperate with in the hope of creating "new Roads" of trade without necessarily becoming an extension of Beijing's "Belt and Road" initiative.

and used a two-day state visit by Chinese to ink 17 bilateral cooperation memoranda of understanding including one relating to China's ensemble of investment in infrastructure designed to link Asia, and

"We are going to pursue (the initiative) in a spirit of openness and mutual gain to create further synergies between our development strategies and underpin the construction of new roads," Xi told a conference.

The welcomed the move on deepening in "a vast range of sectors."

In contrast with Britain, where largest mobile provider BT said Wednesday it was shutting out equipment from China's ahead of the rollout of next-generation owing to security concerns, said its door remained open.

Telecoms operator MEO, subsidy of France's Altice, revealed it has agreed to cooperate with in order to "accelerate the development of the in "

Portuguese recently announced his intention of giving the green light to a plan for integrating Portugal's southwestern deepwater into the "new roads" roadmap.

Costa on Wednesday simply underlined "the importance of Portugal's strategic role in linking silk roads with the ensemble of connections between and "

Several EU countries, including and several eastern European states, have rushed to embrace the silk roads idea and the investment it promises -- but others are wary of growing Chinese influence on the continent.

and neighbouring Spain, which Xi visited last week, are both moderately enthusiastic in their backing for China's multibillion ambition.

notably said ahead of Xi's visit it not sign on to the One Belt, initiative but preferred to work within the framework of an existing "connectivity initiative" with Asia, which feels Europeans should work within.

That initiative entails EU states developing their own to link the continent with while seeking "synergies" between the European and the Chinese projects.

Hard hit by the post-2008 economic crisis, Portugal has since received some USD8 billion in Chinese investment, notably in energy, and insurance, notably outstripping neighbouring which received around $6 billion, according to data compiled by the (AEI).

has invested around USD1.9 trillion since 2005 in global investment and construction projects, according to AEI data.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, December 05 2018. 23:45 IST