Welcome to the page of the State Visit to Czech Republic

Allow me to start by expressing my thanks for the honourable presence amongst us of President Vaclav Klaus, with whom I am linked by a personal relationship of many years, and which signals the wish of the Czech authorities for the need to strengthen the economic and entrepreneurial relations between our two countries.

I equally want to congratulate the organizers of this Seminar dedicated to the promotion of investment, partnerships and trade between Portugal and the Czech Republic, and to greet all those present here today.

As an economist I have always believed in the power of markets, in entrepreneurial initiative and in the opening up of economies between countries as primary catalysts for development and the well being of the people.

In Portugal we have greatly benefited from our increasing economic integration in the European Union and, particularly, in the Single European Market. It is difficult to conceive that we could have reached our current stage of development without the advantages and also without the challenges that our commitment to Europe have brought us.

One of the results of this process is our having today better institutions and better economic regulation. We benefit from a greater monetary stability deriving from our participation in the euro area, and also from the guiding principles of the Pact for Stability and Growth, which brought a relevant disciplinary reference to the conduct of budgetary policies.

Although we are facing very demanding challenges, especially relative to public finance and resulting, in part, from the grievous financial crisis which struck the World in the last two years, the fact remains that our insertion in the economic, political and institutional European framework contributes to the lessening of the costs of economic stability and provides a favourable picture for sustainable development.

Without wishing to become too lengthy, it is obvious to me that Portugal’s participation in the process of European construction was essential to the consolidation of our democracy and to the Country’s economic and social development.

Portugal and the Czech Republic have for some years been partners within the framework of the European Union. Portugal can relate much as to its experience in adhesion, which preceded that of the Czech Republic, as it will greatly benefit with the lessons learnt from the Czech experience, especially the example deriving from its strong export capability.

Ladies and Gentlemen,

Data on the trading and investment flows between our two countries are not comparable to the excellence which characterizes our political relationship, nor to the proximity which results from our common membership in the European Single Market.

It would thus be very positive if this initiative should show material results in terms of growth in trading and in direct investment flows.

Portugal has, nowadays, specific skills in sectors such as public works, renewable energies, distribution and telecommunications, which I believe could be particularly useful to the Czech Republic. The degree of sophistication of our financial system is, in turn, also very high. In countries with a high degree of Portuguese direct investment, this is normally viewed as strategically beneficial, and tends to become fully integrated in the communities where it is inserted.

Prague is one of the most beautiful cities in Europe. But, as you may be aware, Portugal is also one of the most attractive destinations in our continent.

Lisbon has just been elected as the best European tourist destination, and Portugal has much more to offer than just Lisbon. We have a country with greatly diversified landscapes benefiting from an extensive and magnificent coastal area. A destination with characteristics which do not compete, but rather complement, those of the Czech Republic.

The direct air connections which we fortunately have available between our two countries, facilitate not just tourism but also the building of entrepreneurial partnerships.

Another contributing factor for the growing proximity between our countries is the significant number of young Portuguese who nowadays study in Czech universities. I suggest to the entrepreneurs present here that they take advantage from the capital that these young people represent, well aware of the Czech and Portuguese realities.

Ladies and Gentlemen

The latter two years have been particularly difficult for the economies of our countries, and many of our citizens have suffered a worsening in their living conditions.

However, no economic crisis lasts forever. And the entrepreneurial strategies that take advantage from the opportunities offered by the future are, very often, construed during the lowest stages of the economic cycle.

It seems to me, for this reason, that this is a good moment to muster resources. There is a combining of economic factors favourable for investment. I underline two of these. Firstly, there are many assets which can be found today at extremely attractive prices. This means that there are opportunities for several types of entrepreneurial partnerships, which allow an improved use of installed capacity.

Secondly, financing conditions are, today, very attractive, due to the low interest rates which are being practised, particularly in countries in the euro area, and even here, in the Czech Republic, where the indicative interest rates are at historically low levels.

For an economist, this concatenation of factors suggests exceptional conditions to engender new investments and partnerships.

For an entrepreneur, manager or investor it is important to know, proximally, on site, the perspectives which are opening up in each of the countries. As you will certainly be able to ascertain during today’s Seminar, the trading and investment agencies of each country will be greatly interested in detecting and in taking advantage of new opportunities. In particular those that result in the creation of newly qualified employment consistent with the development conditions of our countries.

A degree of development which implies an increasing internationalization of our companies. The Czech Republic is an excellent platform in a region where Portuguese entrepreneurs are increasingly present, and Portugal, due to its historic and cultural relations and to the relevance of its economic presence, has available privileged conditions to operate as a partner in Latin American or African markets.

Mister President of the Czech Republic,
Ladies and Gentlemen,

The affinity between both our countries is much greater than what is reflected in trading and investment figures. The institutional framework in which we move favours the establishment of trading and entrepreneurial relationships based upon mutual trust. The political will of the authorities of our countries will answer positively to a deepening of economic and entrepreneurial relationships.

It is fitting that the private sector should take advantage of these conditions in the identification and in the design of credible and sustainable projects.

I am confident that this Seminar will provide an extremely important contribution in that sense.

Thank you very much