On 4 June 2024, Lisbon, Portugal, Chinese Minister of Commerce Wang Wentao chaired a roundtable with representatives from Chinese enterprises operating in Portugal. Representatives from Chinese enterprises engaged in sectors such as energy, finance, construction, and telecommunications in Portugal attended the roundtable, during which they shared the development and operations of their companies in Portugal and provided suggestions for deepening Sino-Portuguese economic and trade cooperation. At the roundtable also attended by Zhao Bentang, the Chinese ambassador to Portugal, Wang Qunbin, Co-Chairman of Fosun International introduced Fosun’s business presence, operations, and decade-long development in Portugal.

Chinese Minister of Commerce Wang Wentao expressed that Portugal has been a pragmatic and friendly partner to China, and Sino-Portuguese economic and trade cooperation demonstrates great shared interests and strong economic complementarity. In recent years, under the strategic guidance of the leaders of China and Portugal, Sino-Portuguese economic and trade cooperation has developed rapidly, and Chinese companies have made great contributions to Portugal’s economic and social development. Chinese companies need to fully recognize the importance of deepening Sino-Portuguese economic and trade cooperation, actively engage in practical cooperation between the two countries, deeply tap the potential for green cooperation, continuously expand bilateral cooperation areas, explore and cultivate new cooperation opportunities, and steadily advance third-party market cooperation.

Decade of deepening presence in Portugal

Wang Qunbin, Co-Chairman of Fosun International shared Fosun’s decade-long development in Portugal at the roundtable

Fosun is the Chinese private enterprise with the largest investment footprint in Portugal, with its businesses primarily concentrated in the insurance, banking, and healthcare sectors. Wang Qunbin, Co-Chairman of Fosun International said in his remarks, “This year marks the 10th year of Fosun’s in-depth development in the Portuguese market. Fosun’s investments in Portugal include three of the country’s largest players: including Fidelidade, the largest insurance company in Portugal, Luz Saúde, one of the largest healthcare groups, and Millennium BCP, the largest listed privately-owned bank.”

Fidelidade, in which Fosun holds an 85% share, is the market leader in Portugal, with a market share of approximately 30%. As of the end of 2023, Fidelidade’s total gross written premiums amounted to EUR5.207 billion, up 1.7% year-on-year, and dividends have also been gradually increasing in the past year and this year. Luz Saúde has 29 healthcare service units, covering 75% of Portugal’s population. It is also the only professional healthcare service provider in Portugal that offers Chinese-language assistance service. As the largest shareholder, Fosun holds approximately 20% of Millennium BCP’s shares.

Wang Qunbin said, “Luz Saúde is equipped with top-notch facilities and equipment, as well as excellent services, providing a comfortable healthcare environment and great patient experience. Luz Saúde also offers high-quality healthcare services for embassies, overseas Chinese, and Chinese enterprises.”

Empowering local community with global operations

Fosun adheres to the strategy of “rooted in China, operating globally”. In addition to strengthening local operations, Fosun also helps local companies expand their international businesses, with growing influence in Portuguese-and-Spanish-speaking regions.

Fidelidade operates in 12 countries, including Portugal, Spain, France, Luxembourg, and Liechtenstein in Europe; Angola, Mozambique, and Cape Verde in Africa; Bolivia, Peru, Chile, and Paraguay in Latin America, as well as Macao SAR, China, serving a total of 9.1 million customers worldwide. Millennium BCP has maintained rapid growth momentum in countries such as Poland, Mozambique, and Angola. It also owns a leading digital banking platform, ActivoBank.

Wang Qunbin said, “While strengthening its business operations, Fosun also actively empowers the local community in Portugal. The Protechting Startup Accelerator Program, co-organized by Fidelidade, Fosun Foundation, and Luz Saúde, aims to support youth entrepreneurship in the era of AI and encourage youth to deeply integrate innovation in areas such as health, medical, insurance, and ESG. Over the past six editions, the program has attracted over 1,000 startup teams from 50 countries, supporting youth entrepreneurship and improving sustainable development through the power of innovation.”

In addition, the Fidelidade Comunidade Award, held annually, dedicates EUR750,000 each year to support social inclusion of people with disabilities, promote healthy lifestyle, and care for the elderly, with an ever-increasing impact on the Portuguese community.

Fidelidade

Luz Saúde

Protechting 6.0: The Protechting Startup Accelerator Program

Wang Qunbin expressed that in addition to “going global”, Fosun is also actively “bringing in” overseas companies (and their capabilities). Fosun Pharma entered into a cooperation agreement with the leading Portuguese pharmaceutical company Bial, to import an innovative drug for the treatment of Parkinson’s disease. This drug has already been launched for sale in Hainan Boao Lecheng, and is expected to receive formal approval for sale in the Chinese market next year.

Besides fostering economic and trade cooperation, Fosun is also actively promoting cultural exchange between China and Portugal. Fosun has organized the “Compass” Sino-Portuguese contemporary art exhibition that reflects the deep historical connections between the two countries in Shanghai and Lisbon, as well as the Lusophone film festival, fostering cultural exchanges and mutual benefit between the domestic and overseas markets.

“Portugal is an important overseas market for Fosun, and this year also marks the 45th anniversary of the establishment of diplomatic relations between China and Portugal. Looking ahead, Fosun will continue to uphold its original aspirations of ‘Self-improvement, Teamwork, Performance and Contribution to Society’, and fulfil its mission of ‘creating happier lives for families worldwide’. We will deepen our presence in the Portuguese market and further promote two-way cooperation between China and Portugal, contributing to the new development paradigm of ‘dual circulation’ between the domestic and international markets,” Wang Qunbin said.