Portugal merges investment and exports into single agency

27 March 2006

Lisbon, Portugal, 27 March – Portugal plans to merge the activities of promoting investments and exports into a single agency, Portugal’s economy minister, Manuel Pinho told Portuguese financial daily Jornal de Negócios, Friday.

Pinho said that the merger of ICEP, which is currently responsible for promoting exports, with the Portuguese Investment Agency (API) is due to be approved next week in a Cabinet Meeting.

Another government source cited by Jornal de Negócios said that the aim was to “integrate in a complementary way, the activities of the two institutes,” which could be justified given that, “they are two agencies that promote Portugal abroad.”

The merger will be a return to the previous model in which ICEP was responsible for foreign trade, tourism, investment and promotion.(macauhub)