The trade between Portugal and Saudi Arabia is still low, but last year’s results showed a 43 percent growth of Portuguese exports to the Kingdom, Portugal’s Minister of Health Paulo Moita de Maceda has said.
“Portugal remains committed to free-trade agreement between the European Union and the GCC,” the minister told Arab News.
The minister brought a 53-member business delegation to the Kingdom and inked a number of protocols on bilateral cooperation in economic and health care sectors.
“To foster appropriate conditions, we are enhancing our economic bilateral legal framework and soon will sign the convention to avoid double taxation,” said the minister who with Minister of Health Abdullah Al-Rabeeah signed a protocol of bilateral cooperation on health. “It should be an important stimulus to explore the business potential in this sector, with mutual benefits to our countries,” he said.
The visiting minister said: “Politically, our countries are on the same wavelength regarding major international issues, such as Syria, Iran and the Middle East peace process. I underline, for example, Portugal’s leadership within the European Union regarding the vote in favor of Palestine for its observer status in the UN.”
Pointing out that Portugal is associated in the Kingdom with a strong national football team and the names of Cristiano Ronaldo and Jose Mourinho, the minister said his country also represented an excellent opportunity for investment and business.
It is the doorway to Europe and a strategic platform for Africa, the Americas and the Middle East, he said. “Other strong points for investors include privileged economic and cultural relations with Portuguese-speaking countries, and expanding markets such as Brazil, Angola and Mozambique, given our shared history. We also offer qualified, adaptable and innovation-oriented human resources and we aim for bold reforms toward labor flexibility.”
He said Portugal had competitive operational costs in the European context, high quality infrastructure by road, air and sea, an excellent telecommunications network, and office and industrial space available across the country.
The minister underlined his government’s commitment to further enhance the business-friendly environment through various reforms. They were in addition to a high quality of life, pleasant weather in Europe, security and high quality health care facilities.
On visa issues, the minister said, “We recently approved a Golden Residence Permit Program — a residence permit in Portugal with full access to European countries in the Schengen area for non-EU citizens who invest in the Portuguese financial and real estate market, as well as for those who create jobs and have industrial activity in Portugal.”
He noted that this new policy links investments and residence permits. “When investing in Portugal you and your family will have a permit to reside in Portugal and an open door to Europe, with no need to worry about visas.”
The Portuguese government is very committed to this program. “I can confidently say that it is the best when compared with similar programs in Europe. Saudi Arabia has a very active embassy in Lisbon, and we have high expectations of the new ambassador who will soon arrive in Lisbon.”
Portugal, the minister said, is an excellent destination for foreign investment, particularly with a medium to long-term perspective. “Almost two years after the bailout, Portugal, with Ireland, can be presented today as the two countries in Europe closer to success. We already have seven positive evaluations from the international institutions and in a few weeks the European Commission might extend the maturities of our loan.”
Such a prospect, he observed, will boost confidence in Portugal. “That will allow for the Portuguese state, Portuguese enterprises and Portuguese banks to finance themselves autonomously in the regular markets.”
Another sign of confidence are its exports. “Despite Europe’s recession, our exports grew by 5.8 percent last year, particularly to non-EU countries (an increase of 19.8 percent). The numbers are impressive and they clearly show what we have done in the last two years.”
Referring to the economic situation of his country, the minister said: “Besides honoring our obligations, we have also made progress in all directions of our adjustment program, through fiscal consolidation, a major reduction in public expenditure, a fast correction of external balances, a first positive balance of goods and services in 60 years and more financial stability via a reduction of debt and financing needs of the economy.”
He also cited his country’s stable banking system, structural reforms, flexible and competitive labor market, fast-track judicial system, friendly business environment, and an efficient administrative system, besides new legislation to widen the markets.
He said in the last two years, Portugal concluded the privatization processes of several companies, including EDP (energy retail and production), REN (electricity distribution), Galp Energia (energy retail and production) and ANA (air infrastructure concession and privatization).
There will be other opportunities for investors this year, such as with CTT (mail distribution), CP Carga (railway logistics) and Caixa Geral de Depósitos Seguros (insurance).
There will be decisive concessions in urban transportation (Lisbon and Porto) and in maritime ports. The privatization of airline company TAP Portugal is still under debate. The airliner has a very strong presence in Africa and South America.
“One of the skills to that change is economic diplomacy, an issue of utmost importance to this government. We have unified the diplomatic, trade and tourism external networks, under a clear guidance with a view to promote exports, attract foreign direct investment and promote tourism,” the minister said.
He added that their embassies act as business centers at the service of Portuguese businessmen, brands and products, as well as of foreign companies that want to do business with Portugal. “Our diplomatic network is fully available, proactively and effectively opening doors and developing contacts. Ambassador Antonio Botelho de Sousa is at your service so that you can better do business with Portugal,” he added.
in Arab News 11/04/2013
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