Expatica news

Portugal has some success in attracting UK pre-Brexit investment

londonThe United Kingdom was the largest foreign investor in Portugal in 2018, according to a delighted Secretary of State for Internationalisation who claims that this is an indication that Portugal is working well in attracting foreign money.

Eurico Brilhante Dias, interviewed on Antenna 1, said that Portugal has captured investment due to the uncertainty generated by Brexit and that €900 million originated from the UK, more than from the Netherlands and Luxembourg, the financial centres that normally top the ranking.

The Secretary of State says that Portugal’s strategy is not to, “mine the spoils of Brexit,” but claimed that Portugal has benefited from the uncertainty that has been generated by the Brexit process.

Eurico Brilhante Dias commented that, “the United Kingdom has always been a major investor in Portugal, even before Portugal became a member of the European Community and it will be thereafter. The Japanese, Americans, Canadians, Brazilians, Germans are saying that, ‘I have my operation in the UK, but right now I think it’s time to rethink how I’m creating value in Europe, and I need another location.”

Portugal has tried to position itself as a go-to destination with some success but not an overwhelming rush of UK relocations and investments.