Welcome to the page of the State Visit to United States of America

First of all, I want to congratulate the organizers of this timely initiative. You will allow me a special note of thanks to our American friends for their presence. My words are mainly addressed to them.

Portugal and the United States are friends and Allies. We have excellent political relations. But we are still lagging very much behind full potential in what regards economic relations.

I felt particularly pleased to confirm at my meeting with President Obama, yesterday, in Washington, that he completely shares my view that we should take advantage of the existing potential and work together to improve the present situation.

As far as our bilateral trade is concerned, things are slightly getting better. Still, the US – the second largest market in the world, after the European Union - is only our eighth client of goods and ranks sixth as far as services are concerned.

This makes little sense.

In what regards investment, although there are some encouraging signs of recovery, US investment in Portugal has declined in recent years.

In turn, Portugal has become a relevant investor in the US. There are many good examples, particularly in the renewable energies and power transformers, with the purchase of Horizon by EDP and a new plant of EFACEC in Georgia. Other areas which attracted Portuguese companies include the electric vehicles smart grid, information and communication technologies, infra-structures, logistics and life-sciences.

These areas reflect the new pattern of Portuguese companies, which is still relatively unknown in the United States: dynamic, innovative, technologically advanced, with a broad international experience and presence, often including privileged relations in Portuguese-speaking countries such as Brazil, Angola or Mozambique.

As you know, Portugal is undergoing a very tough adjustment program following an agreement with the IMF and the European Union. It covers two main areas: fiscal consolidation and economic reform. The final objective is to achieve a sound, sustainable fiscal situation and a more competitive economy. And I want to reiterate our firm commitment to fully implement the adjustment program.

This will entail a number of important structural reforms, including an ambitious privatization plan of some key economic sectors. Therefore, the program also provides a source of business opportunities, which are meant to be seized.

Contacts between businessmen are still the best way to identify and seize the right opportunities. This is why this initiative is so timely. I wish you all a very good and very productive meeting.

Thank you very much