European trade commissioner optimistic about future of Portuguese economy

10 October 2006

Porto, Portugal, 10 Oct – The European Trade Commissioner, Peter Mandelson said Monday in Porto that he was “optimistic” about the Portuguese economy, which he said was learning to take advantage of the single European market in order to compete on a world level.

“I am, without a doubt, optimistic about the Portuguese economy, to the extent that it is taking advantage of the single European market as a launch pad for competing in the world,” Mandelson said on the sidelines of the seminar “Portugal and Europe: Trade and Investment in a Global Context,” which took place at the Serralves Museum in Porto.

Mentioning the opportunities and challenges created by globalization, the European commissioner said that the single European market, “allows European companies to grow more in Europe to the become larger in the world.”

He said the main advantage of both the Portuguese and European economies was the “unique blend of tradition, quality, investment in knowledge, people and the creativity of society.”

In terms of relocation of many multinational companies from Portugal to other countries where labor is cheaper, Mandelson played the issue down saying that “companies will come and go from the country, as employment will disappear and new jobs will be created.” (macauhub)