It’s anticipated that Portugal will finish this year with exports in excess of 40% of GDP. This would be the first time this has been achieved since before the end of World War II in 1943. In spite of these positive predictions, the Portuguese government is hoping to increase exports until they reach 70% or even 80% of GDP.
The Portuguese economy minister Alvaro Santos Periera, feels that the key areas of investment have been ignored in the past, and that more efforts should be concentrated on sectors such as mining and agriculture. The agricultural minister is due to open the first-ever Portugal-Mozambique food forum this month. The minister is hoping to increase Portuguese exports to Mozambique, although exports to this country increased by 33% last year.
At the same time the Portuguese economy minister is aiming to be in the top 10 business friendly countries. It’s hoped Portugal will become less bureaucratic, and it’s aiming to emulate the British coalition government’s policy of ensuring every time a new regulation is introduced, another older one is eliminated.
Portugal’s corporate tax system is already being reviewed to see if it can be made more business friendly. Part of this plan will definitely be to make the country more tourism friendly, but it’s also hoped the mining industry will see significant investment. It’s estimated the value of deposits of iron ore, copper, wolfram and gold are worth between €170 billion and €250 billion. In addition prospecting for gas and oil is ongoing.