December 20, 2018 / 3:19 PM / 6 months ago

Portugal draws record export-oriented foreign investment in 2019

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 in an expansion of zinc production at its Neves-Corvo mine, and nearly 50 million euros from South Korea’s Hanon Systems in a plant that will make air conditioner compressors for cars. (Reporting By Sergio Goncalves, writing by Andrei Khalip; Editing by Angus MacSwan)

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