"We see a very positive future for British investment in Portugal for a number of companies, but we would like to see it increase even more," says Chris Barton, HM Trade Commissioner for Europe.
Chris Barton, His Majesty’s (HM) Trade Commissioner for Europe, foresees a “very positive” future in terms of investment by British companies in Portugal. An investment that he would like to see increasing “even more” in the long term.
Chris Barton also stated that the appointment of a new prime minister in the United Kingdom, Rishi Sunak, in October, will not influence existing relations with European partners, including Portugal. The focus is to strengthen them, explained the HM Trade Commissioner to ECO during his visit to Web Summit Portugal.
According to a recent report from the Bank of Portugal, British companies invested a total of €13.3 billion in Portugal in 2021. What are the expectations for 2022?
In general, we see a very positive future for British investment in Portugal for several companies, but we would like to see it increase even more. That’s one of the reasons why (we went) to the Web Summit, because we think that in the technological area we can find potential investments.
For the near future, what are the projections for possible investments in Portuguese territory?
As has happened a bit all over Europe, for the United Kingdom, the focus has been on the green sustainability sector, which, naturally, is very diversified and can range from the energy to the transport sector. Then the technology area is also one of our interests. Those are the two key areas at the moment for us.
In June, the UK signed a joint declaration with Portugal. What is planned in terms of trade and investment? Any immediate measures?
This joint declaration is a positive sign, as it shows that in both countries, there is a desire to make this relationship flourish in the investment sector. This way, we can focus on dimensions such as exports and investment between the two sides. With the many issues we currently face in international trade, it is in our interest to work together.
I was at the Green Trade & Investment Expo in the North of England and spoke to Portuguese companies EDP and GreenVolt, who see opportunities in the UK. We expect a bright future.
To what extent has Brexit affected British investment in the country?
The last few years have certainly been quite difficult for several reasons. But if you look at what has been happening now with trade and investment flows gaining momentum, we think there is every reason to be optimistic as we look to the future. With the recent joint declaration [with Portugal], we have a trade agreement that is as good as the one signed between the UK and the European Union. There are several companies interested in the links between Portugal and the UK. I was at the Green Trade & Investment Expo in the North of England and spoke to Portuguese companies EDP and GreenVolt, who see opportunities in the UK. We expect a bright future.
What can Rishi Sunak’s government bring to bilateral relations with Portugal?
The focus of the new government is on economic growth. We all face challenges, given the current geopolitical situation, but we are very keen to grow and both trade and investment are essential. We are looking particularly at Europe, including Portugal, as a key driver for economic growth. So it comes with a real intention to strengthen these relations.
The existing relationship between the UK and Portugal is really strong, deep and has a long, long history (…) We have a good connection with Portugal, and that is interesting for investors.
In recent years, there has been an increase in the amount of British companies investing in Portugal. What makes Portugal more attractive compared to other countries in Europe?
Several reasons. The existing relationship between the UK and Portugal is really strong, deep and has a long, long history. Also, there is goodwill on both sides to see this relationship grow. We have a good connection with Portugal, and that is interesting for investors.
Is Portugal the right place to invest in tech companies right now?
I think so, especially because the technology sector has grown immensely and this has been prosperous in almost every country. There is a kind of democratisation of technology. We have cases where, initially, people come up with small ideas and, from one moment to the next, they grow rapidly and reach unicorn status. For example, in the UK, between 100 and 130 unicorns have emerged in the last decade.
What motivated you to go to Web Summit?
There are two aspects to consider. First, the relationship between the United Kingdom and Portugal. We talk about investment opportunities and the potential to grow even more. We are interested in being here [at Web Summit] to have some of these discussions directly with British and Portuguese companies that want to invest in the United Kingdom. We want to strengthen this relationship.
Secondly, is the interest in the technology sector. We want to welcome more investment and have greater participation from companies from all over the world, including Portugal.
We want to welcome more investment and have greater participation from companies from all over the world, including Portugal.
As for Portugal’s investment in the UK, which Portuguese companies would you consider good investors?
As I mentioned, there are two companies I have spoken to, GreenVolt and EDP, two examples of Portuguese companies that are investing in the UK and intend to continue. It is worth underlining that we believe the UK is a really attractive destination for companies to invest in.