Costa says Portugal-Brazil trade relationship has ‘room to grow’

Prime Minister António Costa said on Monday that trade relations between Portugal and Brazil “have room to grow” and also said that national investment in the country, currently ranked 18th, “needs to grow.”

“There has been some growth at the commercial level, but it is far below the huge growth potential that we have on both sides,” said António Costa during the Portuguese-Brazilian business forum, which took place in Matosinhos and marked the start of the third day of the official visit to Portugal by Brazilian President Lula da Silva.

Defending “good reasons” and “room for growth”, the prime minister emphasized that national investment in Brazil, currently ranked 18th, “should grow”.

“We are only the 18th investor in Brazil. It is clear that no one doubts the size of Brazil and the size of Portugal, the potential of Brazil and our size, but to be honest, 18th place is not our position. We must improve our position. in Brazil, which is why it is important to increase Portugal’s investment in Brazil,” he said.

Noting that national companies have a “presence” in sectors such as energy, food, construction, transport, technology, tourism and healthcare, António Costa, however, defended that trade relations should expand.

“Therefore, there are good reasons to understand that there is room for growth, so it is worth investing and it is worth working to expand our trade relations,” he added.

Along with calling for national companies to invest in Brazil, António Costa invited Brazilian companies to invest in Portugal, noting that the country has a “good regime for investment and innovation” but is also committed to human resource qualification and transition and digitalization.

“Therefore, I would like to say, in the very honorable presence of a great friend of Portugal, President Lula da Silva, to all Brazilian companies: welcome, you can invest in Portugal, we are very happy to have partnerships. with Portuguese companies, they are very happy to invite Portuguese companies to invest in Brazil,” the Prime Minister said.

And he added: “We are going to continue cooperation with Brazil for many, many years. Now that Brazil is back, we will never let it go.”

At the forum, a memorandum was signed between the Portuguese Agency for Investment and Foreign Trade (AICEP) and the Brazilian Trade and Investment Promotion Agency (APEX) with the aim of strengthening economic and business relations between the two entities.

Economic cooperation in the markets of the Community of Portuguese-speaking Countries (CPLP), exchange of best practices, promotion of development and internationalization of “start-ups” and small and medium-sized companies are some of the objectives of the Memorandum, which comes into force this Monday and will be valid for two years.

During the meeting, a protocol was also signed between IAPMEI – the Agency for Competitiveness and Innovation and the Federation of Portuguese Chambers of Commerce in Brazil.