Trade Minister Ömer Bolat on Monday highlighted significant opportunities as Portugal plans to invest billions of dollars in new infrastructure projects, with the southern European country saying its doors are “wide open” to Turkish firms.

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.

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, said Bolat.

“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,” he noted.

Also addressing the event, Manuel Castro Almeida, Portuguese minister of economy and territorial cohesion, said his country is “very interested in strengthening our relations with Turkish entrepreneurs.”

“We are currently focused on constructing a new airport as part of a restructuring process for Lisbon. In addition, we have major goals in housing construction. We need to build a large number of homes,” Almeida said.

“The government has a program to build 130,000 housing units, but since the actual need is much greater, we expect contributions from the private sector. Schools need renovation, and health centers and hospitals must be modernized.”

He noted that a large hospital is currently under construction in Lisbon, describing it as a significant project for the country’s scale.

“Our population is around 10.5 million. While we need such an ambitious infrastructure program and our unemployment rate is low, our doors are wide open to foreign investors, especially Turkish companies, to contribute to the growth of our economy,” Almeida added.

Turkish Foreign Economic Relations Board (DEIK) head Nail Olpak said Portugal’s infrastructure projects are attracting widespread interest.

“This includes investments in transportation, airports, high-speed rail, housing and telecommunications. Our delegation from the Turkish Contractors Association has just returned from a visit related to these developments. It is our shared aspiration that our well-established firms can take part in these projects,” Olpak noted.

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,” Bolat added.

Potential in shipbuilding, defense

He highlighted further cooperation potential in shipbuilding, defense products, maritime transport, information technologies, renewable energy, health tourism and engineering consultancy.

Almeida also expressed satisfaction in collaborating not only in infrastructure but also in industry, technology and science with Turkish companies, institutions and universities.

“Whenever we speak with the Turkish people, we always feel positive sentiments. The Portuguese people see Türkiye as a neighbor. We share a long history, and next year we will celebrate the 100th anniversary of our diplomatic relations,” he added.

Bolat 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.

“Our bilateral trade is showing promising growth. What pleases us even more is that the process is moving toward a balanced structure, not just increasing in volume,” DEIK’s Olpak said.

“Our goal is to further enhance this.”

According to Bolat, 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.

“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,” he said.

Calling Portugal a valued NATO ally, Bolat said Ankara 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.”