Trade Minister Ömer Bolat on Monday stressed the opportunity for Turkish contractors as Portugal plans billions of dollars worth of infrastructure projects, while also expressing confidence that trade and mutual investment flows will accelerate rapidly in the coming period.
Bolat’s remarks came after Türkiye earlier this month sent a large contracting delegation to inspect on-site infrastructure and superstructure projects that the Southern European country on the Iberian Peninsula plans for the upcoming years.
“Our Portuguese friends said they plan to invest $75 billion (TL 3.15 trillion) over the next decade in infrastructure, housing and telecommunications, and that they are expecting Turkish contractors and investors to take part,” he told the Türkiye-Portugal Business Forum in Istanbul.
Turkish companies have made around 1.5 billion euros ($1.75 billion) in investments in Portugal, operating in both manufacturing and trade, Bolat said. There are around $270 million in Portuguese investments in Türkiye, with about 80 companies operating in various sectors, he added.
“The trend indicates that mutual investments will increase much more rapidly,” the minister said.
Bolat said Portuguese infrastructure projects, including airports, high-speed railways, tunnels, bridges and housing developments, represent “important opportunities” for Turkish contractors, who are globally recognized for their high quality, cost efficiency and fast delivery.
“Our contractors have undertaken 12,665 projects in 137 countries, worth a total of $547 billion, including $500 billion in the past 20 years alone,” Bolat said.
Potential in shipbuilding, defense
He highlighted further cooperation potential in shipbuilding, defense products, maritime transport, information technologies, renewable energy, health tourism and engineering consultancy.
Bolat also underlined that Türkiye already has significant investments in Portugal’s pharmaceutical production, port construction and operations, and cement industries.
“During this visit, I believe we will find greater opportunities to enhance our economic relations. The agreement on the avoidance of double taxation and the agreement on the promotion and protection of mutual investments between the two countries provide a reliable and strong environment for trade and investment,” he noted.
“What truly matters is that we, as public officials, prepare the infrastructure and legal frameworks that will elevate our economic relations to the highest level. The rest depends on the successful initiatives, trade, investments and partnerships of our businesspeople.”
Bolat said the next Türkiye-Portugal Joint Economic and Trade Commission (JETCO) meeting will be held early next year in Lisbon with a large official and private-sector delegation.
“Türkiye and Portugal are truly two friendly nations,” he said. “Just as we once admired Portuguese television series and football legends, today Turkish TV dramas are watched with great enthusiasm in Portugal and around the world.”
Trade volume on track to exceed $3.5 billion
Bolat said the bilateral trade volume reached $3 billion in 2024 and is on course to surpass $3.5 billion this year, adding that the goal for 2026 is to lift it to $4 billion-4.5 billion.
“There are opportunities for cooperation between the two countries, especially in regions where Portugal has strong ties, such as Latin America and Portuguese-speaking African countries like Angola, Mozambique, Equatorial Guinea and Guinea,” said Bolat.
“We also see great potential for partnerships and collaborations between Turkish and Portuguese businesspeople in regions where Türkiye has strong connections, including the Balkans, the Middle East, North Africa, Central Asia and the Caucasus.”
Calling Portugal a valued NATO ally, Bolat said Türkiye aims to bring bilateral economic relations to a level “similar to those we have with other Mediterranean countries such as Italy and Spain.”
“We are confident that we will achieve this together.”
