SINGAPORE: Portugal is prepared for any external shock, includingthe possibility of Greece's exit from the European Union, Ministerfor Economy and Employment Alvaro Santos Pereira said on Monday. Speaking at a business forum in Singapore, Pereira said thesituation in Greece was important for Europe, but he believed thatthe substantial reforms which Portugal had undertaken in the lastfew months would help the country weather potential shocks. "We have new labour laws, new competition laws, zero licensing forup to 98 per cent of industries, new venture capital laws, newinsolvency laws including chapter 11 provisions, entrepreneurshipand innovation programmes," he said. "We want to re-industrialise Portugal." The minister is in Singapore to attract investments in Portugal insectors such as manufacturing, energy, real estate andtelecommunications. Portugal's President Anibal Cavaco Silva, who was also at thebusiness forum, said, "Portugal's business environment today isclearly favourable and we are seen as good partners to do businesswith and with whom to create joint-ventures. "Although the present conditions of the European and worldeconomies are still particularly challenging, there is a convictionthat the European economy is on the road to recovery." Despite the economic uncertainties, some Singapore firms said theywere keen to tap on opportunities in Portugal. They see this as a gateway to reach the 250 millionPortuguese-speaking consumers worldwide. Xavier Hu, founder of SME Funding Advisory, said, "This is theperiod when you go in, there'll be more room for negotiation,there'll be bargains that SMEs here can look at, whereas in arecovered economy, these are more difficult for smaller companies." Lui Seng Fatt, director of Strategic Capital Global, said, "Similarto Europe, we have gone through an Asian crisis. At that timepeople think Asia probably will be finished or at least takeanother decade, but we came back." "Europe probably presents the same situation. In the medium- tolong-term, things probably will work out." Bilateral trade between Singapore and Portugal rose by some 40 percent in 2011 to over US$233 million (S$298 million) according todata from International Enterprise Singapore. Imports from Portugal grew by 45 per cent and exports increased by35.2 per cent over the same period. As of April 2012, there were 11 Portuguese companies which had apresence in Singapore. Meanwhile, ratings agency Moody's said the bailout programme inPortugal was on track and there was room for optimism. Portugal's consolidated general government cash deficit in thefirst quarter was 444 million euros, much less than the limit of1.9 billion euros under the bailout plan. - CNA/wm. We are high quality suppliers, our products such as Manual Ice Crushers , China Pineapple Peeler Corer Slicer for oversee buyer. To know more, please visits Stainless Steel Pepper Mill.
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