The move is as much geopolitical as financial, with a growing number of countries questioning their dependence on the US dollar.
China
Chief Executive Ho Iat Seng promises ongoing support for the organisation, set up to boost trade and investment between China and the lusophone countries.
Vasco Rocha Vieira is in the territory until Saturday to collect an honorary doctorate, visit Hengqin and meet with Chief Executive Ho Iat Seng.
Leaders of the world’s most populous and sixth most populous nations are set to meet in Beijing to cement a growing friendship that will be keenly watched by Washington.
Of the six lusophone countries on the continent, only Cabo Verde escapes criticism in Washington’s annual survey of human rights around the world.
Although shipments last year were hit by drought and weak demand, the industry expects a strong recovery ahead of the upcoming meeting between Presidents Lula and Xi.
Beijing makes a large donation of rice in response to rising food insecurity in the African nation brought about by inflation and the pandemic.
João Gomes Cravinho, Portugal’s foreign minister, says such a move could alter “our political and economic relationship with China.”
The strong performance comes in the wake of a report that tips exponential export growth in the coming decade.