1. What makes your country attractive to investors?
Since joining the EU in 1986, Portugal has achieved a good track record in terms of real economic convergence benefiting from modernisation, deregulation, privatisation and liberalisation of its economy. It has a pro-business environment, attractive wage costs, modern infrastructure, good quality products and services in areas such as the traditional industries (wine, textiles, cork, paper and tourism), and is making progress towards more technology-intensive areas such as IT software and electronic components. Portugal also benefits from the financial stability provided by the euro and has a privileged geographic location at the crossroads of Europe, Africa and the Americas.
2. What are the economic prospects for your country over the next three to five years?
Portugal is undergoing significant change, deriving from the implementation of structural reforms, increasing liberalisation and the upgrade of its industrial structure. While laying the foundations for a new cycle of development may translate into moderate GDP growth in the next few years, there are significant investment opportunities in traditional and high-tech sectors. New public projects and private sector dynamics should allow Portugal to resume the convergence towards European averages.
3. How do you foresee the financial sector in your country changing?
The banking sector will continue to invest in innovation and adopt state-of-the-art IT, and to seek the optimisation of processes and resources, to improve efficiency and productivity. The steps taken towards the creation of a single European financial sector should involve more competition and concentrate operations in and among many European countries, including Portugal.
4. What role will your bank play in your country’s future development?
Millennium bcp has played a decisive role in modernising the banking sector in Portugal. Our aspiration is to strengthen our leadership in change and innovation, supporting viable investment projects, promoting sound economic growth, adding value to our clients and shareholders, as well as embracing our social responsibilities.
