Portugal draws record export-oriented foreign investment in 2019

Hanon Systems

20/12/2018 15:16

LISBON, Dec 20 (Reuters) - Portugal signed deals on Thursday
encompassing investments of about 400 million euros, raising the
total agreed investment this year to a record 1.1 billion euros.
     The five agreements, representing mostly foreign direct
investment, involve tax and other incentives to support exports
and innovation. This year's amount was nearly double the 2017
value and exceeded the previous record of 827 million euros
attracted via the AICEP state export agency in 2016.
    "Having a (AICEP) pipeline of another 2.5 billion euros of
investments under evaluation, I'm sure we will beat the 2018
record in 2019," Prime Minister Antonio Costa said at the
signing ceremony.
    An export push and a tourism boom have contributed heavily
to Portugal's recovery from its 2011-14 debt crisis and bailout.
    Last year, the economy grew at its strongest pace since the
turn of the century but this year export growth slowed down and
the economic expansion has been lagging last year's.     
    The latest deals involve 256 million euros to be invested by
the local unit of Canada's Lundin Mining  LUN.TO  in an
expansion of zinc production at its Neves-Corvo mine, and nearly
50 million euros from South Korea's Hanon Systems  018880.KS  in
a plant that will make air conditioner compressors for cars.

 (Reporting By Sergio Goncalves, writing by Andrei Khalip;
Editing by Angus MacSwan)
 ((andrei.khalip@thomsonreuters.com; (351) 213-509-209; Reuters
Messaging: andrei.khalip.thomsonreuters.com@reuters.net))