Welcome to the Official page of the Presidency of the Portuguese Republic

I welcome and thank all the participants, some who have come here from other Canadian Provinces and many who have traveled from Portugal for joining us here today in this Business Conference. Your presence is a sign of the attention that the relationship between our two countries clearly deserves. I would also like to congratulate the Ministry of Economic Development, Trade and Employment of Ontario as well as the AICEP for organizing this event.

Canada is recognized as one of the most advanced countries in the world. A country with vast natural and human resources and a welcoming people – who, in times gone by, have taken in so many of my compatriots.

A member of the G7, the G20, and of NATO, Canada has been an ally and a friend to Portugal for many years. In this globalized world of ours, Canada is a good example of an open and sophisticated economy, while being, at the same time, a huge and attractive market.

Portugal, a founding member of NATO and a Member-State of the European Union, is today a country with a highly qualified workforce, a rapidly evolving economy and excellent infrastructures.

The complementary nature of our economies and the convergence of our strategic interests provide good opportunities for trade, cooperation between companies, and the development of new businesses and investment, not just at bilateral level but also geared to third markets.

Ladies and Gentlemen,

Following the global financial crisis that hit the world in 2008, Portugal, along with several other countries, became severely exposed and fiscal vulnerabilities emerged.

In May 2011, Portugal committed itself to an ambitious and wide-ranging Program of economic, financial and budgetary adjustment. After almost three years of implementing this program, and a few months left before its completion, it is important to highlight two major aspects.

First, the commitments made and the wide-ranging measures foreseen have been fulfilled and implemented.

Second, both the financial and budgetary adjustment and the structural changes in the Portuguese economy have proved quite significant. I am firmly convinced that our partners and the financial markets have acknowledged these facts, as Portugal has managed to rebuild confidence and restore its international credibility.

Recent developments have been encouraging and the positive economic signals allow us to look to the future with more hope. Portugal emerged from the recession in which it had lived since the end of 2010. GDP has grown consistently over the last three quarters of 2013, showing one of the highest growth rates among the EU Member-States. Unemployment has been declining. Exports continued to register a very positive performance, which reflects the capability of Portuguese companies to adapt. Our external accounts have moved to a surplus in 2013.

We know how important it is to provide an attractive and stable business environment for those who invest. And that is much the purpose of our work. Essential reforms are well underway, amongst others, on labor laws, judicial procedures, licensing, and to ensure a progressive reduction of tax and bureaucratic burdens on companies. We are keen to welcome investment, and in particular, foreign investment.

Portugal provides the conditions and offers clear advantages to be a Priority Location among the investment choices mapped out in the European and international arenas. I believe that the Canadian entrepreneurs and Portuguese business people living here will find it worthwhile to take Portugal as a good investment destination. In addition, a strengthened economic partnership agreement is being finalized between the European Union and Canada, which, I am certain, will create a whole new background for business relations.

Ladies and Gentlemen,

A new generation of companies and entrepreneurs has been emerging in Portugal, with great technological and innovative capacity, supported by Universities and other knowledge centers. Today, the Portuguese productive fabric includes a vast range of industrial activities and provides competitive services on a global scale. In electronics, information technologies, renewable energies, the pharmaceutical industry, the automotive and aeronautical sectors, in software applications or in tourism.

Even our traditional industries – such as Footwear, Textiles and Clothing, Furniture and Wine – have been able to innovate and reinvent themselves. They enjoy an enormous amount of accumulated experience and hold a strong commercial position in international markets today. A capacity for innovation and reinvention which is unmistakable in the case of the tissue-paper company Renova, as I believe you have had a chance to confirm in their presentation at this Conference.

Many of our companies are willing to expand to Canada or cooperate with their local counterparts, for ventures in other countries. While being the Atlantic’s gateway to Europe, Portugal maintains age-old ties with Africa, South America and Asia, which open up countless opportunities for partnerships.

Allow me to add a few words about the Tourism industry in Portugal. This is a sector that is particularly well placed in the dynamics of the global economy. Portugal is a destination whose quality is renowned. The climate, the hospitality of its people, the general atmosphere of security, along with an extensive coastline of outstanding beauty and excellent infrastructures, make our country a unique touristic destination, including for long-term or even residential stays. As the Portuguese company SATA is already doing, Air Canada, through its subsidiary Rouge, will soon start direct flights to Lisbon, which I am sure will give a new boost to the flow of tourists between our two countries.

Ladies and Gentlemen,

In recent years, relations between Portugal and Canada have fallen far short of their potential, including at the political and economic levels. Therefore, the challenges that the future places on us are immense, but just as great as the opportunities that lie ahead. I hope my presence in Toronto contributes to strengthening our relationship and to generating a new bilateral dynamic that I believe will bring significant mutual benefits.

Thank you very much for your presence and for your contribution.