Portuguese group Visabeira has signed a memorandum of understanding with Chinese Beijing Urban Construction Group. The aim is to jointly develop businesses in different areas, including infrastructure, public works, energy and property, Portuguese newspaper Público reported last week.

According to a statement released by Visabeira – and quoted by the newspaper –, the two sides have agreed to “take advantage of their own strategic position and of the resources and economic activities they develop to co-operate to promote current and future projects, namely in the African and European continents”.

Co-operation between the two groups may involve launching joint companies or taking part in new projects as a consortium, Público reported.

Visabeira, which currently operates in 16 countries, said the agreement would contribute significantly to the growth of both companies, the newspaper added.