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U.S. Department of State 
Portugal Country Commercial Guide 
Office of the Coordinator for Business Affairs 

                              P O R T U G A L

               C O U N T R Y   C O M M E R C I A L   G U I D E


This Country Commercial Guide (CCG) presents a comprehensive look at 
Portugal's commercial environment through economic, political and market 

The CCG's were established by recommendation of the Trade Promotion 
Coordination Committee (TPCC), a multi-agency task force, to consolidate 
various reporting documents prepared for the U.S. business community. 
Country Commercial Guides are prepared annually at U.S. Embassies 
through  the combined efforts of several U.S. government agencies.

July, 1995






          STANDARDS (E.G. ISO 9000 USAGE)






American firms should view Portugal as an attractive market by itself 
and as part of the greater European Union (EU) Single Market. It is also 
an excellent place to invest in production facilities or to establish 
distribution facilities for exports from the United States due to its 
competitive costs and excellent communications and access to the EU 

As Portugal rapidly integrates into the EU and Portuguese economic 
development slowly approaches the level of other economies in the Union, 
the number of business opportunities increase and the country becomes a 
more attractive destination for exporters and investors.  Importation 
will grow because industrial modernization requires a larger volume of 
machinery, equipment and instruments and consumers require more and 
better commodities.  

Portuguese domestic industry is relatively unsophisticated and needs to 
adjust to the increased competition of the EU. It faces growing threats 
to the survival of its large traditional sectors but, in service sectors 
such as telecommunications, health, insurance, and banking -- and even 
in some areas of the traditional industries -- quick modernization is 
taking place.
Assisting the modernization process are EU structural funds, available 
as generous incentives, that can range from 25 to 35 percent of the 
total investment, to support new domestic or foreign industrial 
investment. Between 1994-1999 Portugal will receive USD 20 billion in 
structural funds.  These funds are deployed in virtually every sector of 
the economy.  A large proportion is being applied in highways, ports, 
subways, and rail lines.  These funds are essential to improve the 
country's lagging infrastructure and to modernize industry -- and to 
sustain economic growth above the EU average.  

Portugal's economy is expected to grow by at least 2.5% in 1995, and by 
as much as 3.5% over each of the next four years.  With sound economic 
policies and substantial EU support, the country is making significant 
progress in raising its standard of living closer to that of its EU 
partners.  Recovery from the 1992-93 recession is slow but steady, with 
inflation falling under 5%, stable external accounts, and international 
reserves equivalent to 20% of GDP.  Despite the recovery, however, 
unemployment has not fallen, as structural changes in less productive 
sectors and rigid labor laws slow employment growth.  Although inflation 
is relatively low, interest rates remain stubbornly high, reflecting 
both the government's tight monetary policy and local market 

The export sector led the 1994 recovery.  Firms in traditional 
industries -- clothing, footwear, cork and wood products, wine, 
porcelain, earthenware, and glassware -- have proven resilient and 
expanded production.  Other opportunities for growth will continue to 
come from large investments in the automotive manufacturing, 
construction, and tourism sectors.  

Additional growth is likely result from the government's privatization 
efforts.  To reduce the role of the state in the economy, the government 
has pursued structural reform by fully or partially privatizing over 100 
state held firms.  Over the past 12 months large equity positions in 
state-owned firms in the telecommunication, energy, paper and pulp, and 
cement industries have been sold. 

Both the ruling Social Democratic Party (PSD) and the majority 
opposition Socialist Party (PS) are committed to macroeconomic 
discipline and structural reform and are likely to maintain current 
positive trends despite political pressures leading up to parliamentary 
elections in October 1995.

The Portuguese are a people in transition but with sufficient worldly 
experience to have confidence in dealing with the future.  And they view 
Americans as a friendly counter-balance to the friendly (but 
overwhelmingly so) Europeans.  

American products and services are highly regarded in Portugal. The 
"Made in US" tag is a symbol of quality and innovation.  However, this 
market does not appear on the radar screen of most American firms. The 
relatively small overall size of the Portuguese market offers little 
incentive to the casual American exporter/investor to investigate 
further when, in truth, Portugal is one of the most accessible markets 
in the world in key growth areas which match American lead technologies 
very closely.  American exporters and investors should perhaps be 
reminded of the obvious: as a fully-integrated member of the EU, 
Portugal abides by the import and investment rules that govern the rest 
of the EU...therefore whatever applies in other EU countries applies to 
Portugal.  If an American firm is mastering the EU regulations prior to 
exporting or investing in the EU, it has already done its homework for 

Aggressive marketing of carefully selected product lines and maintaining 
a knowledge of the Portuguese market and the marketing network is a must 
to sustain growth in American market share.

Given the priorities of the EU and the Portuguese government in the 
spending of structural funds and considering where U.S. companies have a 
clear technological and industrial edge, the following sectors are the 
most attractive for US exporters:

- Telecommunications;
- Pollution control equipment/waste management;
- Energy Conservation;
- Medical equipment and health management systems;
- Computers and peripherals;
- Software

In the Agricultural field U.S. products that have high market potential 
in Portugal are soybeans, cotton, and hides and skins (including 
finished leather).  Cotton, hides and skins are Portugal's largest 
agricultural imports, and there is scope for expanding the U.S. share of 
these markets if U.S. exporters can be more aggressive and price 

American firms interested in selling in Portugal generally start by 
appointing  an agent or a distributor.  This may be followed by the 
establishment of local facilities through wholly owned subsidiaries or 
joint venturing or even franchising.  Most marketing techniques valid in 
other EU countries are valid in Portugal.  However, bureaucratic 
difficulties, such as those generally experienced with the establishment 
of the new firms, may offset early enthusiasm but should not be 
permitted to offset the favorable business environment and emerging 
opportunities found in this market.  

NOTE:  Country Commercial Guides are available on the National Trade 
Data Bank on CD-Rom or through the INTERNET.  Please contact STAT-USA at 
1-800-STAT-USA for more information.  To locate Country Commercial 
Guides via the INTERNET, please use the following World Wide Web 
address:  WWW.STAT-USA.GOV.



The macroeconomic fundamentals in Portugal remain positive:  economic 
recovery is slow but steady, inflation remains low, public finances are 
stronger than expected, external accounts remain broadly stable, and 
international reserves remain high.  The main negatives are persistent 
unemployment and high real interest rates.  These trends are likely to 
continue despite political pressures associated with parliamentary 
elections in October.  Both the ruling Social Democrat Party (PSD) and 
main opposition Socialist Party (PS) are committed to fiscal restraint 
and monetary discipline in support of a stable exchange rate as part of 
Portugal's commitment to economic and monetary union (EMU) of the EU.  
The Portuguese economy grew by 1.1 percent in real terms in 1994 after 
declining by 1 percent in 1993.  Exports led the recovery and investment 
kicked in during the second half of the year; domestic demand remained 
depressed, however, as high real interest rates and weak real wages 
dampened consumer confidence.  The economy is expected to expand by 2.5 
- 3 percent in 1995 and by 3 - 3.5 percent during 1996 - 1999.  Portugal 
is making significant progress in raising its standard of living closer 
to that of its EU partners.  GDP per capita on a purchasing power parity 
basis rose to 64 percent of the EU average in 1994 from 51 percent of 
the EU average in 1986.  Inflation declined from 6.5 percent in 1993 to 
5.2 percent in 1994 and 4.7 percent on a 12-month annuallized average 
basis in April 1995.  The inflation differential over the EU-15 average 
declined to 1.5 percentage points in early 1995 from 3 percentage points 
in 1993.  The disinflationary process continued to depend crucially on a 
stable exchange rate and on wage moderation.  Portuguese financial 
authorities allowed interest rates to rise and intervened in foreign 
exchange markets as necessary to keep the exchange rate of the 
Portuguese Escudo (PTE) close to its central rate against the German 
Mark.  Nominal private sector wage settlements averaged 4.9 percent in 
the first quarter of 1995 versus 5.2 percent in 1994 and 7.7 percent in 
1993.  The government made progress in reducing its budget deficit in 
1994: it targeted a general government deficit of 6.7 percent of GDP for 
1994 and expects the actual deficit to come it at 5.9 percent.  It has 
set a target of 5.8 percent for 1995.  On the negative side, employment 
growth has been slow and the unemployment rate has risen to around 7 
percent.  Flexible real wages limited the growth in cyclical 
unemployment during the recession, but structural changes in less 
productive agricultural and industrial sectors, plus labor regime 
rigidities such as high severance and social costs, have slowed 
employment growth during the recovery.  Although projected inflation in 
Portugal is 4 - 5 percent, commercial lending rates remain at 15 - 16 
percent and benchmark long-term bonds are yielding almost 12 percent.  
High lending rates reflect both tight monetary policy and local market 
deficiencies.  High risk premiums on government assets suggest 
international investors do not know about Portugal's fundamentals or do 
not believe they are sustainable.  The government is striving to raise 
its profile of good economic performance to differentiate the Portuguese 
economy from Spain's and other southern European economies.


The export sector has led Portugal's economic recovery: merchandise 
exports grew by about 10 percent to USD 17.5 billion in 1994 and were 
expanding at a 30 percent rate in early 1995 versus 1994.  Firms in 
traditional industries such as clothing, footwear, cork and wood 
products, beverages (wine), porcelain and earthenware, and glass and 
glassware have proven resilient and continue to expand production and 
exports.  The automobile sector entered a new era of expansion with the 
opening of the multi-billion dollar AutoEuropa plant on April 26, 1995.  
AutoEuropa joint-venture partners Ford and VW expect to steadily 
increase production for export to European markets of the Ford "Galaxy" 
and VW "Sharan" mini vans at a state-of-the-art plant in Setubal .  
Activity in the construction sector strengthened during the second half 
of 1994 and early 1995, with sales of cement rising at an 18 percent 
rate by May 1995.  Public works construction showed particularly strong 
growth:  the value of awards increased 20 percent in 1994 and 31 percent 
in the first quarter of 1995.  Construction associated with the building 
of the site of the 1998 Lisbon World Exposition (EXPO '98) on the Tagus 
river intensified in 1995.  The housing sector took off in the latter 
part of 1994 and in 1995 -- long-term credit for home mortgages jumped 
over 30 percent in the 12-month period ending May 1995.  Portugal's 
tourist industry continues to expand: in 1993, 21 million tourists 
visited Portugal from Spain, the United Kingdom, Germany, France, and 
the Netherlands.  Privatization efforts in telecommunications, energy 
(natural gas), paper and pulp, and cement sectors point to additional 
areas of growth in the coming years.

Consumer-Oriented Products:  Portugal is a market with strong underlying 
demand potential for consumer-oriented products (also called high-value 
products).  As per capita income grows and Portuguese consumer 
preferences become more sophisticated, demand for variety and 
convenience in food preparation will take off.  The fact that more women 
are working outside the home has made these types of foods even more 
important in Portuguese daily meal preparation.  Even pet food exports 
are growing tremendously, in line with unprecedented growth in the 
number of pet owners in Portugal and the quality of the pet food that 
they demand.  U.S. exports of consumer-oriented products have risen 
steadily from about USD 3 million in 1989 to a record USD 8.4 million in 
1994.  Record U.S. exports are expected in 1995 for breakfast cereals, 
canned and processed fruit and vegetables, prepared and preserved red 
meats, tree nuts, and pet foods.  Poultry is another product category 
with good market potential here.  U.S. exporters of consumer-oriented 
products will enjoy increasing opportunities in the Portuguese market, 
especially if they are willing and able to respond to requests for 
relatively small orders, often from firms that are new to the import 
business but are willing to fill the growing market demand here for 
unique and high quality food items.

Seafood:  There are high expectations for the seafood import market in 
Portugal, one of the largest per capita seafood consumers in the world.  
All categories of U.S. seafood experienced growth in 1994, combining for 
an overall 22.4 percent increase in total U.S. seafood exports during 
this period to USD 8.1 million.  Portugal is an important potential U.S. 
market for many types of seafood products, including cod, hake, squid, 
shrimp, crawfish and crabs.  In addition, U.S. salmon exports to 
Portugal increased by 13 percent in value during 1994 to USD 282,000.  
USDA is actively involved in promotion of U.S. seafood products, and 
plans are underway to step up its marketing activities over the coming 

Coarse Grains:  Prior to 1991 Portugal was a strong market for U.S. 
coarse grains, particularly corn and sorghum.  However, in that year 
Portugal began to apply the EU's variable import levy system to its 
cereals sector.  As a result, U.S. coarse grain exports dropped from 
over USD 93 million in 1990 to virtually zero over the following three 
years.  Fortunately, with the implementation of a 500,000-ton corn quota 
for Portugal, U.S. coarse grain exports rebounded dramatically in 1994 
to almost USD 50 million.  These additional sales have underpinned the 
total 9.5 percent increase in U.S. agricultural exports to Portugal in 
1994 to USD 227 million.  Unfortunately, the market access provisions of 
the recent Uruguay Round (UR) Agreement will not likely lead to any 
significant expansion in the Portuguese market for feed quality corn.  
On the other hand, the UR may open opportunities for increased sales of 
higher quality corn used for manufacture of starch and high fructose 
corn syrup.  In addition, there are possibilities for negotiating an 
absolute increase in the current Portuguese corn quota, perhaps as 
compensation to the U.S., for trade losses stemming from the accession 
of new members to the EU, or for other trade disputes that may arise in 
the future.

Wheat:  Here again, the application of the EU variable levy system in 
1991 wiped out U.S. sales of high-quality milling wheats to Portugal, a 
market valued at over USD 21 million in 1990.  Nevertheless, U.S. wheat 
exports may face good growth opportunities in Portugal as the UR 
Agreement is implemented.  This agreement should enable U.S. high-
quality milling wheats to compete more readily with the lower quality 
soft wheats that are grown in the EU.  USDA will also help to expand 
this market by sponsoring educational programs in cooperation with the 
U.S. wheat industry to reacquaint Portuguese flour millers with U.S. 
wheat quality, handling, and milling characteristics.  This strategy 
should help the U.S. to recover its former share of this important 
export market.

Other agriculture:  Other U.S. products that have high market potential 
in Portugal are soybeans, cotton, and hides and skins (including 
finished leather).  Soybeans currently comprise the largest single U.S. 
export market in Portugal in value terms, and will remain a strong 
market into the future.  Cotton, hides and skins are Portugal's largest 
agricultural imports, and there is scope for expanding the U.S. share of 
these markets if U.S. exporters can be more aggressive and price 


Since joining the European Community in 1986, the government has pursued 
structural reform to roll back the presence of the state in the economy.  
Full or partial privatization of over 100 companies since 1989 has 
reduced the weight of the state-owned enterprise sector in the economy 
from 20 percent to 10 percent and yielded substantial revenues to the 
government.  The first phase of privatization -- "de-nationalization" of 
the banking and insurance sector -- is virtually complete.  The state 
presence is now concentrated in oil refining, shipbuilding, steel, 
cement, basic chemical products and public utilities such as 
telecommunications and energy.  The biggest privatization to date -- of 
27 percent of Portugal Telecom, the state-owned telephone company -- 
took place in June 1995 and raised almost USD 1 billion.  Other non-
financial privatizations are programmed for the remainder of 1995 and 
1996.  Nevertheless, the state's continued role as both owner/operator 
and regulator of public utilities in particular has resulted in high-
cost and inefficient public services for consumers and businesses.  In 
addition, government bureaucracy remains burdensome and commercial legal 
channels are still very slow.  It can take a few months to complete all 
the steps the government requires to form a company. Two-thirds of all 
civil cases, many of them commercial disputes, take more than two years 
to resolve.  The government maintains a rent control system which allows 
an estimated 80 percent of housing units to be rented at below-market 

The general government deficit is declining, but is still large enough 
at 5 - 6 percent of GDP to raise doubts about the seriousness of the 
government's commitment to sustained fiscal prudence.  The government's 
1995 budget sharply increases investment spending, cuts current 
spending, and broadens the tax base in an effort to reduce the general 
government deficit to below the 5.8 percent of GDP target in 1995.


Portugal traditionally runs a large merchandise trade deficit, which it 
finances through large net receipts from tourism, remittances from 
Portuguese workers abroad, and net transfers from the European Union.  
The trade deficit of about USD 7.5 billion remained stable at about 8.5 
percent of GDP in 1994, but delays in transfers from the European Union, 
plus lower receipts from tourists and emigrants, caused the current 
account to fall into deficit equivalent to 1 - 2 percent of GDP in 1994 
versus a small surplus in 1993.  Merchandise exports (textiles, 
clothing, footwear, electrical machinery, wood and cork, industrial 
chemicals) rose to USD 17.5 billion while imports (vehicles, machinery, 
appliances, chemicals, and food) rose to USD 24.1 billion.  Portugal's 
footwear exports rose to about USD 1.7 billion in 1994 from under USD 
300 million in 1984.  Net tourism income fell to about USD 2 billion and 
workers' remittances to about USD 3 billion in 1994. Portugal's capital 
account also registered substantial net outflows in 1994 as foreign 
investors reduced holdings of domestic securities and foreign borrowing 
dropped sharply.  The Bank of Portugal reduced its foreign exchange 
reserves by USD 1.7 billion during 1994 and they stood at USD 21.3 
billion at the end of December.  Total (public and private sector) 
external debt of USD 17 billion was 85 percent of foreign reserves, and 
public external debt of USD 2.1 billion was 12 percent of foreign 
reserves in May 1995.  Even so, speculation against the Escudo in the 
context of the Mexican crisis and political uncertainty in both Spain 
and Portugal in February and March of 1995 required substantial Bank of 
Portugal intervention and caused a decline in reserves to USD 20.6 
billion by the end of May.


Portugal is rapidly improving its road, energy, and sanitation 
infrastructure with substantial structural funds from the EU.  Between 
1994-1999 Portugal will receive USD 20 billion in structural funds.  
These funds are deployed in virtually every sector of the economy.  A 
large proportion is being applied in highways, ports, subways, and rail 

The ten top infrastructure projects underway with large EU funding 

Under Way:

Expo '98 (USD 1.2 Billion)
New Tagus river bridge (USD 980 million)
Northern rail line modernization (USD 700 million) 
Transgas-natural gas pipeline (USD 1.3 Billion)
Porto subway (USD 500 million)
Lisbon Subway (USD 1.4 Billion)
Low-cost housing (2 billion dollars)
Alqueva dam (380 million dollars)


Lisbon airport (USD 800 million)
Odelouca dam (99 million dollars)

American equipment and services enjoy an excellent reputation and have 
numerous opportunities in the modernization of the Portuguese economy.  
Aggressive marketing of a carefully selected product line is a 



Bilateral relations between the United States and Portugal are 
excellent, characterized by shared democratic values and similar foreign 
policy perspectives.  Ties between the two countries are strengthened by 
the approximately two million Americans who claim Portuguese descent.

Portugal has traditionally been Atlanticist in its orientation.  A 
charter member of NATO, Portugal is a strong proponent of active 
American involvement in European security affairs.  The United States 
has maintained a military presence in the Azores, an autonomous region 
of Portugal, since World War II.


The Parliamentary elections scheduled for October of 1995 and the 
Presidential are scheduled for early 1996 are the major issues affecting 
the business climate. Generally during election periods all business 
tend to slow down and the involvement of the Portuguese government in 
the economy, in spite of the large number of privatizations, exacerbates 
the trend.


Portugal is a stable parliamentary democracy with a directly-elected 
president who wields significant authority, including that of appointing 
the prime minister and the cabinet.  In appointing the government, the 
president must be guided by the results of the legislative assembly 
elections.  The prime minister is responsible for managing Portugal's 
domestic and foreign policy, except in a few issue areas where the 
constitution gives the president direct responsibility.

Currently, the president and the prime minister are of different 
parties.  The president, Mario Soares, formerly led the Socialist Party.  
The prime minister, Anibal Cavaco Silva, leads the Social Democratic 
Party, which enjoys a substantial majority (135 out of 230 seats) in the 
unicameral assembly of the republic.  Parliamentary elections are 
scheduled October 1, 1995.  Under certain circumstances defined by the 
constitution, the president could dissolve the parliament and call early 
elections, but there is little reason to expect him to do so.  
Presidential elections are scheduled for early 1996.

The governing Social Democratic Party (PSD) is a broad coalition 
spanning the center left to the center right.  It has pursued an active 
program of privatization and liberalization of the economy.  The main 
opposition party, the Socialist Party (PS), competes with the social 
democrats for centrist and center-left voters, and has not opposed the 
broad outlines of the privatization program.  On the extreme left, the 
old-line communist party (PCP) regularly polls about 10 percent.  On the 
right, the center democrats (CD) advocate economic liberalism.  Their 
share of the electorate has fluctuated in recent years between 4 and 15 



The Portuguese population is concentrated on the coast. The major 
distribution centers are Lisbon in the South and Oporto in the North 
though the regional centers of Braga ( north of Oporto) and Setubal 
(South of Lisbon) have come much into their own in recent years. The 
Lisbon region accounts for  21% of the Portugal's population with 63% 
employed in services and 33% employed in industry. Major industries as 
well as the head offices of large corporation are located here.  Most 
financial institutions have also chosen Lisbon to locate their 
headquarters.  The Lisbon area has the highest purchasing power in the 
country and suffers like many metropolitan areas from traffic congestion 
and rising costs. Oporto is the most dynamic industrial development area 
in Portugal. It accounts for 16% of the Portuguese population and is 
also an area of high purchasing power. Oporto is now connected to Lisbon 
by a new motorway and a new bridge over the Douro river. The coastal 
region between these two, and extending into Braga and Setubal, is where 
the large majority of Portuguese industries are located.

Portugal is a relatively small country and most sales channels cover the 
entire territory.  Distribution centers tend to be located in Lisbon and 
Oporto. However, many large importers and wholesalers have branch sales 
offices and/or sub-agents or dealers in the principal cities and towns, 
including those of the Portuguese islands of Madeira and the Azores.


American firms interested in selling in Portugal generally start by 
appointing an agent or distributor. This may be followed by the 
establishment of local facilities through wholly owned subsidiaries or 
joint venturing.  Most manufacturers/exporters are commonly represented 
in the market through exclusive importers/ distributors who may appoint 
sub-distributors and dealers.

Generally agent/distributors who operate a sales network that covers the 
entire country expect exclusive representation agreements.  They tend to 
be quite specialized in their respective market segment. It is often the 
case that an American firm offering a wide range of products may require 
representation in the Portuguese market by different local firms 
depending on the particular product.

So far, large retail stores (that for many years were a rarity in 
Portugal) and the few recently opened large department stores are 
growing very quickly. This may be an alternative sales channel for some 
products.  Some of these organizations buy/import directly and generally 
do not raise problems of financial/credit reliability.

Portuguese law distinguishes two types of distribution contracts: agency 
agreements and commercial concession agreements. Generally, 
relationships established between American and Portuguese companies, 
with or without a written agreement, meet the requirements of the 
Portuguese law. However, a good Portuguese agent/distributor respects 
any informal type of commercial agreement made with his suppliers. As a 
EU country Portugal is subject to the EU directive 86/653/CEE which 
protects commercial agents in their relations with the companies for 
which they work.

The Commercial Service-CS at the American Embassy in Lisbon can help 
American  exporters find a partner in Portugal. The services offered in 
Lisbon include all the export assistance core programs of the United 
States Department of Commerce. They are targeted at the development of 
sales leads or finding potential partners and have a low cost.  Services 
specially offered by the CS Lisbon include "Portugal Express", a fast-
track program combining in-depth market reports with videoconferencing 
capabilities that enhances the delivery of information on market 
opportunities, otherwise available through slower and costlier means. 
Another electronic-age service is an on-line database, "FocUS-EUrope", 
with nearly all the information available from the Commercial Services 
office at the Embassy  once only accessible through conventional means -
- phone, fax, correspondence. Of course, personalized consultancy 
tailored to the needs of small and medium sized exporters is also 
available to US companies interested in exploring the growing potential 
of the Portuguese market.


Franchising is a relatively new word in the Portuguese commercial 
vocabulary. It was the last of the retail trade systems but its growth 
has been very rapid since 1989 and brought a new vigor to the retail 
market. The first franchises were non-food stores, especially clothing, 
followed by food stores, and then cosmetics and other businesses which 
now have a presence in the key commercial centers.

Like in many European countries Portugal does not have legislation 
covering franchising. If any of the parties is a foreign resident and 
establishes a local branch or subsidiary, the contracts and agreements 
are treated as a foreign investment and should be submitted to the 
Portuguese Institute of Foreign Trade (ICEP) for approval. Otherwise, 
franchising agreements may be freely established between the parties 
(franchisor and franchisee). 

Because there is no specific regulation, franchising is considered a 
complex juridical relationship ruled by local laws (civil, commercial, 
intellectual and industrial property rights and competition, etc.) and 
European Union Law. Franchising contracts and agreements should also be 
drawn up in accordance with the fact that the Portuguese Association of 
Franchising adopted the Deontology Code of the European Federation of 


Since 1990 mail order and TV-sales have become a distinctly effective 
direct marketing method and have experienced rapid growth. Between 1990 
and 1993 sales growth was estimated at about 12% a year and presently 
there are 43 direct marketing firms in the market. The most popular 
direct marketing sectors are selected wines (27% of sales), books, 
instruction/training and amusement materials (26% of sales) and apparel 
and clothing (23% of sales). Other successful areas are housewares, 
perfumes and cosmetics and art/collection products.

The expansion of this type of marketing has not been greater because 
Portuguese mailing expenses are still too high and because relevant 
regulations and laws have not been adequately imposed and Portuguese 
consumers do not feel adequately protected. The Portuguese 
regulations/laws themselves are considered adequate but inspection and 
controlling authorities have found some difficulties with its 
implementation when there are controversial problems.

Direct marketing is increasing in importance as a sales instrument and 
expands every year to new areas of activity from "on-line" shopping for 
groceries to office supplies and computer accessories.


Joint ventures and licensing are alternative ways to enter the 
Portuguese market. Joint ventures are a form of foreign investment which 
can also be wholly owned.  In most cases, the investor is not required 
to have a Portuguese partner, but it may be desirable.  Investments can 
inject capital into an existing enterprise or create a new one.  
Portuguese law, with certain exceptions, generally places all firms, 
both domestic and foreign owned, on an equal footing with respect to tax 
treatment and incentives. Prospective investors must submit project, 
(including joint venture proposals to the Portuguese Institute for 
Foreign Trade (ICEP).  If ICEP does not respond within 2 months, 
automatic approval is assumed.

Special regulations apply to investment in government-owned or jointly-
owned companies.  State-owned monopolies are being eliminated.  Certain 
sectors will continue to be government-controlled such as mail, water 
distribution, sewage, rail service, airport and port authorities, 
armaments and telecommunications.

Licensing is a contractual arrangement in which the licensor makes 
available or sells its know-how, patents, trademarks or copyrights to a 
licensee for compensation. Franchising is an important form of 
technology licensing and the above discussed conditions and legal 
environment of its use and application in Portugal can be generalized 
for licensing in general.

In closing, regarding licensing factors in Portugal, American firms 
should perhaps be reminded of the obvious: as a fully-integrated member 
of the EU, Portugal abides by the import and investment rules that 
govern the rest of the EU...therefore whatever applies in other EU 
countries applies to Portugal.  If an American firm is mastering the EU 
regulations prior to exporting or investing in the has already 
done its homework for Portugal.  However, enforcement of some 
intellectual property rights laws is still weak.


To establish an office in Portugal, that is, to create a new Portuguese 
company recognized as such under Portuguese law may be a process that 
offers some difficulties to a foreigner however it is not so difficult 
if some simple steps are followed. Any US entity interested in 
establishing a company in Portugal should visit and discuss the project 
with both the CS of the American Embassy in Lisbon and the ICEP-
Portuguese Institute of Foreign Commerce.

Generally the below listed steps required to establish a company in 
Portugal should be taken with the assistance of a documentation agent 
(an individual or company specialized in handling administrative 
procedures to obtain legal documents) or a lawyer. Following are the 
steps necessary to establish a company in Portugal:

- Apply for a name ( which may be the parent company name in the United 
States), a certificate of approval and a provisional I.D. card at the 
RNPC-Registo Nacional de Pessoas Colectivas (National Companies Registry 

- File a declaration of intent to invest foreign capital in Portugal at 
ICEP-Instituto do Comercio Externo de Portugal (Portuguese Institute of 
Foreign Commerce).

- Deposit a copy of the company's contract (memorandum and articles of 
association) at a Notary Public for evaluation.

- Open a bank account in the name of the new company being created and 
deposit its initial capital (registered capital) in one of the branches 
of CGD (Caixa Geral de Depositos).

- Sign the company's contract at a Notary Public.

- Have the company's contract published in the Official Bulletin (Diario 
da Republica) and also in a local newspaper.

- File a declaration of activity commencement at the local revenue 

- Apply to register the company at the RNPC and request a definitive 
I.D. Card. Register the company also at the Commercial Register (CRC-
Conservatoria do Registo Comercial)

- Industrial activities must be licensed by any delegation of the 
Ministry of Industry co-located at one of the five Regional Coordinating 
Committees of the national government. Commercial activities generally 
do not require licensing. For commercial activities related to public 
health or security a license must be issued by the DGC-Direccao Geral do 
Comercio (General Directorate for Commerce).

- Register the company at the local Social Security Regional Center.

- Have the company's work schedule approved at the Ministry of 
Employment and Social Security.

- Register the company's accounts records at the local Revenue Office, 
at the Court and at the Bankruptcy Office.

- Additional requirements may apply:  mandatory insurance, registration 
of employees at Social Security and the registration of any foreign 
workers at the Ministry of employment and Social Security.


Portugal is an old country where modern techniques coexist with 
traditional practices. Modern sales techniques are generally accepted 
and effective but traditional values continue to be respected. Many 
businessmen still consider that a personal contact and a handshake 
stronger than a contract. 

Portuguese consumers have seen their purchasing power increase every 
year and increasingly buy on impulse. Direct sales, large hypermarkets 
and commercial malls are buying habits. For consumer goods the decisive 
selling factors may be price, quality, brand name or the product's 
innovative features. However, the institutional buyer is quality 
conscious and very sensitive to pricing. These characteristics and its 
market size sometimes make Portugal a difficult market for some American 
exporters. However, a good understanding of market channels and the 
requirements for developing markets of opportunity should lead to very 
profitable segments or niches for the American exporter.


Like in all Western countries some of the preferred techniques to reach 
Portuguese buyers effectively are advertising and trade promotions. 
Portugal offers a reasonably priced market in which to advertise. 
Advertising media is the same as in the majority of developed Western 
countries. Newspapers, magazines, TV and more recently advertising in 
automatic bank teller machines are the most popular.

In Portugal there are a number of specialized international trade shows.

Following are some of the major newspapers and business journals:

-  PUBLICO (daily)
  Comunicacao Social, SA
  Direccao Editorial e Administrativa
  R Amilcar Cabral, Lote 1
  1700 Lisbon, Portugal
  Tel: (351-1) 759 95 59
  Fax: (351-1) 758 71 38

  226 Av. da Liberdade
  1200 Lisboa, Portugal
  Tel: (351-1) 355 84 14
  Fax: (351-1) 52 15 07/352 48 95

  R Mouzinho da Silveira, 27
  1200 Lisboa, Portugal
  Tel: (351-1) 52 75 23
  Fax: (351-1) 352 82 56

  R Carmo 101, 2º
  1200 Lisboa, Portugal
  Tel: (351-1) 346 56 15
  Fax: (351-1) 342 35 36

  R Goncalo Cristovao, 195/219
  4000 Porto, Portugal
  Tel: (351-2) 200 94 09
  Fax: (351-2) 202 30 13

  R Duque de Palmela, 37 - 2º
  1200 Lisboa, Portugal
  Tel: (351-1) 352 61 41
  Fax: (351-1) 352 24 10

  Av. Casal Ribeiro, 14 - 3º
  1000 Lisboa, Portugal
  Tel: (351-1) 315 05 23
  Fax: (351-1) 315 43 60

  Av. 24 de Julho, 6
  1200 Lisboa, Portugal
  Tel: (351-1) 60 40 03
  Fax: (351-1) 395 13 75

  Cp. Grande, 50 - 5. Esq.
  1000 Lisboa, Portugal
  Tel: (351-1) 793 77 48
  Fax: (351-1) 793 77 51

  R. St. Marta, 47
  1100 Lisboa, Portugal
  Tel:(351-1) 352 18 73
  Fax:(351-1) 352 53 39

  S.T. & S.F., Sociedade de Publicacoes, Lda
  R. D. Filipa de Vilhena, 4 - 5º esq.
  1000 Lisboa, Portugal
  Tel: (351-1) 315 08 85
  Fax: (351-1) 315 51 87

  Av. Liberdade, 232
  1200 Lisboa, Portugal
  Tel:(351-1) 315 47 44


Pricing a product is very important since it influences the evaluation 
of its attractiveness in this market. Pricing is the most common reason 
why a number of American products offered in Portugal are not 
competitive. Pricing of American products as now practiced tends to 
directly reflect the dealer's price in the United States which often 
includes marketing overhead that : 1) must be recalculated downwards to 
properly account for actual expenses in the Portuguese market; 2) must 
not be a "double-counted" expense-- that is, the adding of Portuguese 
marketing expenses on top of "built-in" American marketing expenses. 

The most appropriate method of pricing a product for the Portuguese  
market is marginal cost pricing. This would be the marginal unit cost of 
production in the United States plus Portuguese market-specific costs 
associated with overseas promotion, labeling and packaging expenses. To 
this would then be added a profit margin which, when added to the other 
pricing components, would still render the product competitive.

Portuguese importers currently accept the more common terms of 
international trade (C.I.F, C.&F., F.A.S., F.O.B. or Ex point of 
origin).  They prefer to receive C.I.F. quotations or at least F.O.B. 
quotations including detailed product descriptions, gross and net 
shipping weight, volume and time of shipment (from where the delivery is 
made) and delivery. Proforma invoices with all the above details are not 
mandatory but are advisable.


In Portugal there are no rules or current practices regarding sales 
service/customer support. It is the special nature of the American 
product or service exported that decides the desirability of this 
support. However, in representation/agency/distributorship agreements, 
sharing promotion expenses and cooperating in marketing strategies or 
technical assistance is most desirable. 


Portugal follows the EU directive to the GATT Procurement Code but has a 
derogation covering utilities such as water, transportation, energy and 
telecommunications. Portugal also ratified the decisions of the Uruguay 
Round, regarding government procurement. The derogation was maintained 
in the text except for telecommunications (where there was no agreement 
between the United States and the EU). The derogation will be maintained 
through January 1, 1998.  

Depending on the amount, government procurement may be made by direct 
consultation, national or international tenders. National and 
international tenders are published in the Portuguese Official Journal 
(Diario da Republica, Series III) and in the two largest daily 
Portuguese newspapers. International tenders are also published in the 
EU Official Journal (Series F).


1. Intellectual Property Rights: Copyright and Trademark Protection

In 1989 Portugal was placed on the "watch list" under the "special 301" 
provision of the 1988 Trade Act for not providing adequate intellectual 
property protection.  Following implementation of a registration and 
stamp system for audio and video tapes, Portugal was removed from the 
"watch list" in 1990.

Software copyright legislation (Law 109/91) was published in the Diario 
de Republica (Official Gazette) on August 17, 1991, and entered into 
force in December 1991.  This legislation provides for various civil and 
criminal sanctions for the unauthorized reproduction of software.  
Sanctions range from fines to up to three years of imprisonment.  The 
Portuguese Association of Software Distributors (ASSOFT) has undertaken 
an active campaign to publicize the new law and is optimistic that sales 
of authorized software will continue to increase significantly. 
Enforcement of anti-piracy law has been weak.

The United States will monitor the enforcement of new and emerging anti-
piracy laws to ensure that copyrights and trademarks are respected.

2.  Patents

Consistent with a commitment made when joining the EU, the Government of 
Portugal published on August 30, 1991 Decree 52/91 which ratified the 
Munich Convention of European patents.  The Government is revising the 
Industrial Code with the stated intention of providing product patent 


Using an attorney is not mandatory to do business in Portugal. Most 
transactions can be accomplished without an attorney including the 
establishment of small non-complex businesses. Attorneys are recommended 
to solve some types of trade disputes and for the establishment of local 
offices as direct investment in joint-venture with local entities or as 
a 100 percent subsidiary. For some complex types of licensing, 
representation/distribution and franchising an attorney is also 
recommended to assure compliance with local law. 


             (US$ million, unless otherwise noted)



Portuguese demand for Computer Software, $181 million in 1994, should 
continue to experience a high growth rate reaching a 40% annual average 
for the next three years.  These optimistic projections reflect a 
progressive decrease of piracy which results from the growing legal 
protection to software copyrights. Sixty-two percent of Portuguese 
demand is met by imports.  U.S. import share was 36% in 1994 but the 
estimated real market share of U.S. trade marks, some of which are 
imported from European subsidiaries, is about 75%.  Three U.S. companies 
are among the 10 largest Computer Software companies in Portugal 
controlling about 40 percent of the total market in 1994.

Most promising subsectors within the sector and corresponding market 
size (1996 estimate) are:
-  Applications for financial institutions,
  especially integrated financial systems:    107
-  Manufacturing applications, especially CAD/CAM
  and production control:          28


                              1994    1995    1996

A)  Total Market Size:         241     301     378
B)  Total Local Production:     73      91     115
C)  Total Exports:              13      16      20
D)  Total Imports:             181     226      28
E)  Imports from the U.S.:      59      74      93

  Exchange rate:        165.9

Import and export statistics for 1994 were provided by ICEP-Instituto do 
Comercio Externo de Portugal (the Portuguese Foreign Commerce 
Institute). All other statistics are unofficial estimates.



The European Union will fund for a period of five years 1994/1999 an 
Energy Program in order to develop alternative sources of energy in 
Portugal.   The funds allocated to this program total about USD 1.2 
billion, composed of approx. USD 429 million from the European Union, 
USD 36 million from the Portuguese Government, USD 419 million from 
public companies and USD 320 million from the private companies. 
The goals of this Energy Program are to ensure that the Portuguese 
energy supply system runs properly and with reasonable prices; reduces 
Portuguese energy imports and increases the use of local renewable and 
new energy sources; reduces the use of oil as an energy source and finds 
new sources of energy including natural gas; encourages, through 
incentives, energy conservation and rationalization in all sectors of 
activity; reduces environmental problems caused by energy production and 
energy consumption and improves efficiency of the Portuguese national 
system by offering products and services.  The Program emphasizes four 
areas: endorsement of existing public natural gas and electricity 
distribution systems, use of new sources of energy, energy saving and 
management and private initiatives.  The Portuguese Energy Department 
encourages the private construction of small hydro electrical generating 
units up to 10 MW located close to industrial areas.  The private owners 
of these mini-hydro units will then be able to sell the produced energy 
to the state-owned electrical company EDP, soon to be privatized, or to 
near-by industrial plants.


                              1994    1995    1996

A)  Total Market Size:          58    69    75
B)  Total Local Production:     11    13    14
C)  Total Exports:               8     9    11
D)  Total Imports:              55    65    72
E)  Imports from the U.S.:       6     8    10
  Exchange rate:        165.9

Import and export statistics for 1994 were provided by ICEP-Instituto do 
Comercio Externo de Portugal (the Portuguese Foreign Commerce 
Institute). All other statistics are unofficial estimates.



Portugal is upgrading and modernizing old hospitals and building new 
ones.  This creates opportunities for exporters of medical equipment.  
The Portuguese government plans to invest about USD$300 million per year 
in new health care infrastructure (hospitals, clinics and health care 
centers) over the next 7 years.  There are private hospital projects 
totalling USD180 million over the next 4 years.  The U.S. share has been 
about 11 percent, with Germany as its principal competitor. However,  
U.S. products enjoy an excellent reputation and imports from U.S. could 
rapidly gain a higher share with more intense marketing.

Most Promising Subsectors within the sector and corresponding market 
size (1996 estimate) are:

-   Patient monitoring systems/apparatus      49
-   Orthopedic apparatus                      29

                             1994    1995    1996

A)  Total Market Size:        159    192    238
B)  Total Local Production:    46     55     66
C)  Total Exports:             70     84     93
D)  Total Imports:            183    221    265
E)  Imports from the U.S.:     23     31     37
  Exchange rate:        165.9

Import and export statistics for 1994 were provided by ICEP-Instituto do 
Comercio Externo de Portugal (the Portuguese Foreign Commerce 
Institute). All other statistics are unofficial estimates.



Since 1993, all new cars purchased in EU are required to have catalytic 
converters.  Environmental prevention and water purification are getting 
more and more attention from Government and private entities.  
Accordingly, best sales prospects for U.S. exporters include filtering 
or purifying machinery and apparatus, sensors and analyzers, recycling 
equipment, and heavy metal collecting equipment.  This market 
opportunity should be considered within a far larger demand for 
environmental technologies and equipment (including engineering 
services) funded by the European Union at about $700 million a year for 
seven years beginning in January 1994.

Most Promising Subsectors within the Sector, along with estimated 1996 
total market size of each subsector (US$ million):

- Filtering and Purifying Machinery and Apparatus       90


                              1994    1995    1996

A)  Total Market Size:        105    120    133
B)  Total Local Production:    16    20    23
C)  Total Exports:        10    14    15
D)  Total Imports:        99    114    125
E)  Imports from the U.S.:      5    6    8
  Exchange rate:        165.9

Import and export statistics for 1994 were provided by ICEP-Instituto do 
Comercio Externo de Portugal (the Portuguese Foreign Commerce 
Institute). All other statistics are unofficial estimates.



Construction activity is accelerating with sales of cement up 6.4 
percent in the second half of 1994 and 15 percent in the first two 
months of 1995.  Public works construction projects show particularly 
strong growth, the value of awards increased 20 percent in the first 
half of 1995 compared to the same period in 1994. Over the past five 
years the construction sector accounted for 6.2 percent of the GDP.  
Companies are confident that they will get a large share of the approved 
USD 19 billion European Union development assistance program covering 
the 1994-1999 period. Several large projects will take place in 1995 and 
in the following years, which are: new highways and road renovation, the 
new Tagus bridge, a second railway deck for the 25 of April bridge, Expo 
'98, Alqueva Dam, the natural gas pipeline, Oporto subway, Lisbon subway 
renovation, and sewage and water treatment plants. Construction of new 
public hospitals and several private clinics are also planned. 
Construction of a new Lisbon airport slated for 2010 is being planned. 
Commercial building and house construction are up, as well.


                              1994    1995    1996

A)  Total Market Size:          94    99    105
B)  Total Local Production:     11    13    16
C)  Total Exports:               5     6     7
D)  Total Imports:              18    92    96
E)  Imports from the U.S.:      11    13    16
  Exchange rate:        165.9

Import and export statistics for 1994 were provided by ICEP-Instituto do 
Comercio Externo de Portugal (the Portuguese Foreign Commerce 
Institute). All other statistics are unofficial estimates.



The Government is deregulating and privatizing the USD2 billion 
telecommunications market.  Modernization is quickly taking place in the 
sector: investments of USD500 million per year started in 1994 and will 
continue at the same pace until 1999. Portugal is expected to reach the 
European Union average level of telephones per capita with 35/45 
telephones per 100 inhabitants by 1995. In 1992, the first two private 
television stations began operations, a U.S.-Portuguese consortium 
launched a pan-European cellular telephone network and several other 
"Value Added Services" such as paging, trunking, data communications and 
audio services were liberalized. Cable TV operations were regulated. 
Some private companies have already obtained licenses and are presently 
starting operations. 

Basic telephone services were just privatized in about 28%. Foreign 
investment is not expected to reach over 25% after the selection of a 
strategic partner (which is not expected to have more than 15%) is made. 
The growth rate in the sector has been about 20 percent annually and 
major opportunities exist for both investment or exportation of 
telephone switching equipment and radio/television broadcasting 
equipment which conform to AWEIGH standards.

Most Promising Subsectors within the sector and corresponding market 
size (1996 estimate) are:

-  Telephone switching systems        181
-  Cellular Telephones                 37


                                 1994    1995    1996

A)  Total Market Size:            481    591    697
B)  Total Local Production:        78    101    119
C)  Total Exports:                 15     22     26
D)  Total Imports:                418    512    604
E)  Imports from the U.S.:         23     27     33
  Exchange rate:        165.9

Import and export statistics for 1994 were provided by ICEP-Instituto do 
Comercio Externo de Portugal (the Portuguese Foreign Commerce 
Institute). All other statistics are unofficial estimates.



Portuguese demand for seafood is growing very quickly along with the 
purchasing power of the population.  Seafood was always an important 
part of the Portuguese diet.  Production (landings) now cover about 23% 
of demand but it is decreasing and most of it is exported. Consumers 
traditionally have preferred fresh fish but are changing their habits.  
They have come to accept more frozen products of species new to them.  
There is greater acceptance of imported seafood of all kinds but the 
most promising sectors are the traditional dry salted cod and the squid.  
International cod fishing restrictions have denied Portuguese high sea 
fishing fleets access to traditional fishing grounds (i.e. the Grand 
Banks of Canada) which makes supply of cod from other sources, such as 
American Pacific cod, a natural substitute for this still very large 
fish- consuming market.

Most Promising Subsectors within the sector and corresponding market 
size (1996 estimate) are:

-   Cod, fresh and dried         462
-   Lobster and crab              26
-   Squid                         17
-   Shellfish                     75


                                    1994    1995    1996

A)  Total Market Size:               716    800    885
B)  Total Local Production:          169    182    201
C)  Total Exports:                   110    118    137
D)  Total Imports:                   657    736    821
E)  Imports from the U.S.:            10     12     13
  Exchange rate:        165.9

Import and export statistics for 1994 were provided by ICEP-Instituto do 
Comercio Externo de Portugal (the Portuguese Foreign Commerce 
Institute). All other statistics are unofficial estimates.



There should be healthy grow in the pharmaceutical, food processing and 
biotechnology industries.  Another very fast growing area will be 
environmental and pollution monitoring and quality control.  New 
materials research, process control, and private testing laboratories 
are a growing market.  Accordingly there will be an increasing market 
for U.S. analytical instruments.

Most Promising Subsectors within the Sector, along with estimated 1996 
total market size of each subsector 
(U.S. $ million):

- Analytical Instruments                    65
- Measuring and Controlling Instruments    198


                              1994    1995    1996

A)  Total Market Size:        335    350    402
B)  Total Local Production:    35     20     27
C)  Total Exports:              5      5      5
D)  Total Imports:            305    335    380
E)  Imports from the U.S.:     47     51     56
    Exchange rate:        165.9

Import and export statistics for 1994 were provided by ICEP-Instituto do 
Comercio Externo de Portugal (the Portuguese Foreign Commerce 
Institute). All other statistics are unofficial estimates.



The United States dominates --- through the sale of American brands --- 
the rapidly growing computer market in Portugal and maintains a share of 
about 70% of total demand.  The 10% share of direct imports from the 
United States reflects a 2% growth and is so small because many U.S. 
trademark products are shipped through Europe and other areas into 
Portugal and are not regarded as direct U.S. imports into the country.  
For several years, the U.S. consistently lost its share of the market 
because of the greater aggressiveness of Far Eastern countries.  
However, this trend has slowed even with the negative impact of the 
dollar exchange rates during 1994.  Portuguese buyers regard U.S. 
equipment favorably.

Most Promising Subsectors within the sector and corresponding market 
size (1996 estimate) are:

- Digital ADP machines with CPU and input/output in the same housing
  (HTS=847120)                                            89
- Digital Processing Units with storage,
  input or output  (HTS=91)                              207
- Card key and magnetic media entry devices and optical
  scanners and inc recognition devices (HTS= 8471929)    107


                                 1994    1995    1996

A)  Total Market Size:            544    549    566
B)  Total Local Production:        56     60     67
C)  Total Exports:                 41     43     45
D)  Total Imports:                529    532    544
E)  Imports from the U.S.:         51     52    54
  Exchange rate:        165.9
Import and export statistics for 1994 were provided by ICEP-Instituto do 
Comercio Externo de Portugal (the Portuguese Foreign Commerce 
Institute). All other statistics are unofficial estimates.

(1,000 Metric Tons)


U.S. corn exports to Portugal have been restricted since 1991 because of 
"Community preferences".  Now, with the re-opening of the Portuguese 
corn market to third countries through the new 500,000 metric tons 
quota, U.S. exports are regaining this market to almost its previous 
historic levels. France is the major U.S. competitor. 

                                  1994    1995    1996

A)  Total Market Size:           1,711    1,616    1,616
B)  Total Local Production:        666      519      539
C)  Total Exports:                   3        3        3
D)  Total Imports:               1,048    1,100    1,080
E)  Imports from the U.S.:         427      430      430
Import and export statistics for 1994 were provided by INE-National 
Statistics Institute. All other statistics are unofficial estimates.


Market opportunities for U.S. exporters remain bright for CGF as this 
commodity is tariff-exempt and is favored by animal feed producers for 
its high protein levels. 

                               1994    1995    1996

A)  Total Market Size:          541    566    594
B)  Total Local Production:       -      -      -
C)  Total Exports:                4      4      6
D)  Total Imports:              545    570    601
E)  Imports from the U.S.:      545    570    601

Import and export statistics for 1994 were provided by INE-National 
Statistics Institute. All other statistics are unofficial estimates.


Prospects for U.S. soybean exports to Portugal remain bright.

                               1994    1995    1996
A)  Total Market Size:          526    774     844
B)  Total Local Production:       -      -       -
C)  Total Exports:                4      6       6
D)  Total Imports:              530    780     850
E)  Imports from the U.S.:      362    600    654

Import and export statistics for 1994 were provided by INE-National 
Statistics Institute. All other statistics are unofficial estimates.


Three of the most promising market segments are:

Telecommunications:  The Government is deregulating and privatizing the 
USD2 billion telecommunications market.  Modernization is quickly taking 
place in the sector: investments of USD500 million per year have been 
made and will continue until 1999 for digitalization, advanced services 
and optical fiber digital highways linking Portugal with the rest of 
Europe. Portugal is expected to reach the European Union average level 
of telephones per capita with 35/45 telephones per 100 inhabitants by 

In "Value Added Services", a U.S.-Portuguese consortium launched, in 
1992, a pan-European cellular telephone network to bring competition to 
land mobile services. Several other services such as paging, trunking, 
data communications and audio services have been opened to the private 
sector, to include foreign participation. Cable TV companies can now 
operate in an environment of knowable (and workable) regulations and 
some private companies have already applied for licenses. Basic 
telephone services were recently privatized allowing about 28% private 
stake. Foreign investment is not expected to reach more than 25% of the 
total capital with holding of up to 15% by the strategic partner. The 
growth rate in the sector has been about 20 percent per year and major 
opportunities exist for both investment and exportation of telephone 
switching equipment.

In a related market, Portugal has recently added two private television 
stations which, with the expansion of cable television, is creating a 
market for radio/television equipment which conform to AWEIGH standards.

Pollution Control Equipment:  Pollution control is a rapidly growing 
USD100 million a year market.  Major polluting industries are cement, 
cork, paper, rubber, tanning, and the ceramic industries.  These 
industries tend to be concentrated in Sines, Lisbon, Oporto, and the 
Barreiro-Seixal areas.  Best prospects in this sector are air pollution 
control equipment and water purifying machinery.

Medical Equipment:  Portugal is upgrading old hospitals and USD500 
million is expected to be spent for new hospitals over the next 5 years.  
U.S. products enjoy an excellent reputation, and the U.S. share of this 
expanding 180 million dollar a year market could increase with more 
aggressive marketing.

The Government of the United States acknowledges the contribution that 
outward foreign investment makes to the U.S. economy.  U.S. foreign 
direct investment is increasingly viewed as a complement or even as a 
necessary component of trade. For example, roughly 60 percent of U.S. 
exports are sold by American firms that have operations abroad. 
Recognizing the benefits that outward investment brings to the U.S. 
economy, the Government of the United States undertakes initiatives, 
such as Overseas Private Investment Corporation (OPIC) programs, 
investment treaties negotiations  and business facilitation programs, 
that support U.S. investors.



The EU Customs Code (Code) was fully adopted in Portugal as of January 
1, 1993. However a derogation of the Code is maintained for tobacco, 
alcoholic beverages and automobile vehicles. The Code adopts the 
directives of the General Agreement on Tariff and Trade (GATT) including 
the amendments which resulted from the Uruguay Round of which Portugal 
is a signatory member.  

Portugal uses the Harmonized Nomenclature and Classification System (HS) 
and applies import duties according to a maximum and minimum rate 
schedule. The minimum tariff schedule is applied to goods originating in 
countries entitled to the benefits of most-favored nation treatment 
(that is, members of the GATT and countries with which the EU has signed 
trade agreements) including the United States and most other countries.
Most import duties are levied on an ad valorem basis. However, specific 
tariffs and compound tariffs (the basis for weight may be gross, legal 
net or actual net weight) are also used for some imports.


The customs value of imported goods is found by a set of six methods. 
The most commonly used customs value is the normal price, that is, the 
sales price in open market conditions when the product is sold to the 
Customs Territory of the EU. If this method cannot be applied the others 
may be successively used, the sixth being a last resort.  The normal 
price is based on the price actually paid by the importer to receive the 
merchandise in EU territory. The invoice price is generally taken as the 
normal price of an import if it is clear that the price reflects market 
conditions and no doubt exists as to the accuracy of the details 
supplied.  The normal value is usually the CIF price including any 
brokerage commissions and packing and excluding any duties payable in 


Because Portugal is a member of the EU, the majority of imported 
products enjoy liberal import procedures.  However, there are certain 
products which require import licenses called import certificates for 
agriculture products and international import certificates for 
strategical/dual use products (products that may be used for both 
military and civilian purposes). For dual use products a certificate of 
delivery may also be required. There are also some licenses required for 
the import of textile products and for some industrial products from 
certain countries although not from the United States.  Applications for 
import licenses should be submitted to the General Directorate of 
External Commerce. Tobacco, alcoholic beverages and automobiles are 
still subject to some import controls, generally resulting from 
bilateral agreements.  Import of these products from the United States 
have been restricted by import barriers including duties.


Since May 1988 Portugal has adopted EU directives regarding exportation. 
Presently, Portuguese exporters need to obtain an export declaration 
before they ship their merchandise. The export declaration is used for 
the Portuguese Customs purposes but one copy should stay together with 
other export documentation.

In principle, the export declaration cannot be obtained without a 
receipt of deposit confirming that the merchandise is physically 
deposited in a customs area or an export warehouse. Export warehouses 
are approved by Customs authorities and generally facilitate the process 
of exporting. They do so by issuing export declarations as soon as the 
exporter informs the Customs authorities that the merchandise is 
available, and by making said merchandise available for Customs 

Portuguese Customs regulation have recently approved the implementation 
of simplified export proceedings. This allows authorized exporters, 
exporters of perishables and express mail operators to export 
merchandise directly from their establishments. They are only required 
to present a commercial invoice to the Customs Authorities. The deposit 
of a guaranty is no longer required for exporters to have access to 
simplified export procedures. 


The following documents are required for ocean or air cargo shipments to 
Portugal: a bill of lading or an air waybill accompanied by commercial 

Certain products require special documents: food products need a 
certificate of health in Portuguese; electric materials need a 
certificate of conformity to EU directives; grapes, alcoholic beverages 
and tobacco need a certificate of authenticity. Certificates of origin  
may also be required if the origin can in any way be attributed to a 
country subject to quantitative or other restrictions.

Bills of Lading and Airway Bills-

Bills of lading and airway bills require no consular legalization. 
However, these documents should, if possible state the origin. "To 
order" bills of lading are acceptable if they bear the shipper's 
endorsement. Two copies of the document used in Portuguese or English 
are required. 

Commercial Invoices -

Portuguese Customs requires two copies of commercial invoices, but at 
least one additional copy should be provided to the importer. Commercial 
invoices should have an accurate and specific description of the goods 
with Free On Board (F.O.B.) value followed by an itemized description of 
expenses or Cost Insurance and Freight (C.I.F.) value. The invoice 
should indicate the country of origin. If the invoices are intended to 
certify the origin of the goods, they must have a certification by a 
chamber of commerce (or by  U.S. Customs or port authorities).

In cases involving commodities  that have undergone industrial 
transformation not representing full process of manufacture in the 
country of origin, or which have passed through free ports or zones, the 
respective commercial invoice shall bear notation issued by the 
Portuguese Consulate having jurisdiction in that area.

Certificate of Origin -

Certificates of origin are not required on direct shipments (ocean, air 
or parcel post) or for goods transshipped via a waybill in which the 
origin is stated. For shipments not covered by a commercial invoice, a 
through bill of lading or air waybill stating the origin must be 
accompanied by a certificate of origin if the origin can be attributed 
to one country being subject to quantitative or any other restrictions.

Certificates of origin forms are obtainable from Portuguese consulates 
or authorized Chambers of Commerce.  Certificates must be certified by 
an authorized Chamber of Commerce or the Portuguese consul, upon 
presentation of satisfactory evidence of origin, either at the port of 
original shipment or the port of transshipment.


Foreign goods may enter Portuguese territory under temporary duty-free 
admission. Temporary entry can be allowed for goods in transit, for 
manufacturing, for temporary storage in bonded warehouses or for 
temporary importation. Generally temporary entry of goods, requires the 
deposit of a guaranty for import duties and VAT. However, in some cases, 
exemptions and partial guaranties can be made. In transit merchandise 
can be entered without guaranty by residents of the EU who make regular 
entries in transit or under carnet TIR, carnet ATA or a NATO 302 form. 
Guaranties are reimbursed when the merchandise leaves the territory of 
the EU.  Professional materials, merchandise to be presented in 
exhibitions, teaching materials, medical/surgical and laboratory 
equipment, and other materials listed in the EU customs code can be 
temporarily imported duty-free under a carnet ATA. Temporary importation 
allows the merchandise to stay in the EU territory as foreign 
merchandise for a period of 24 months.


Imported goods need to be marked with an indication of origin. The 
indication "made in" is no longer accepted in Portugal. All imported 
products sold directly to the public must be marketed with the label 
"Fabricado em" which is the Portuguese translation of "Made in".

False indication of origin is prohibited.

Generally all products directly sold to the public must have their 
labels or markings translated into Portuguese especially the composition 
and usage instructions and should indicate clearly its validity and the 
name and address of the importer.

There may be special requirements for some product such as 
pharmaceuticals, detergents, tobacco, fertilizers, alcoholic beverages 
and foodstuffs containing preservatives and colorings. There are also 
special requirements for the packaging and labeling of dangerous or 
toxic products.

Jewelry and other articles of gold, silver or platinum must be assayed 
and hallmarked in Portugal by the assayer's office in Lisbon or Oporto. 
EU directives for these products have not yet been adopted in Portugal. 
The regulations on the content of such articles are stringent. The 
importation of these articles is limited to those firms or persons 
registered in the assayer's office.

There are no special requirements for marking the outside of cases for 
shipment to Portugal except that weights, when marked, should be in 
kilograms. Dangerous products must be marked according to the 
instructions of the UN.


As an EU country Portugal follows the EU Customs Code and has no 
prohibited imports. However, some products are subject to very strict 
controls such as strategic products, wildlife, hazardous articles, non-
sport firearms and ammunition, etc.


Portugal follows closely the EU directives and as a GATT member adopts 
the European Committee for Standardization (ECS) standards for a number 
of products including low voltage electrical material, boilers, 
telecommunication peripheral equipment. However, these standards are 
only mandatory after publication as a Portuguese law. If American 
exporters wish to be exempted from European security standards they must 
demonstrate through a certifying entity that the products offered meet 
equivalent security standards

Portugal uses NPEN 29000 Standards created to conform with ISO 9000 
standards to which they are equivalent.
Certification of standards is made in Portugal by the IPQ-Instituto 
Portugues da Qualidade (Portuguese Institute for Quality).


Portugal has two free trade and industrial zones in the autonomous 
regions of the islands of Madeira and the Azores. These free trade zones 
were both fully authorized in conformity with EU rules on incentives 
granted to member states.  The authorized activities are: industrial and 
commercial activities, international services activities, trust and 
trust management companies and branches, and  offshore financial 
branches. Madeira created an International Shipping Register to solve 
the international "flagging-out" issue in Portugal. Companies 
established in the Free Trade Zones enjoy several benefits including 
import/export related benefits, financial incentives, tax incentives for 
investors and tax incentives for companies.

The Madeira free trade zone has had some success and is well known. 
However, the free trade zone of the Azores Islands has not achieved the 
same degree of international acceptance as Madeira.

Bonded warehouses: Foreign products may be entered into Portugal and be 
stored in bonded warehouses duty-free for an unlimited period of time.  
There are five types of bonded warehouses depending on its public or 
private nature and whether its management is endorsed by the Customs 
authorities or by private entities (established in the territory of the 
EU). In some bonded warehouses it is possible to do some handling, 
assembling and or manufacturing of the stored goods.


Advanced rulings on classification: Advanced rulings on tariff 
classifications for each type of product may be obtained upon request, 
in writing, to Customs at Oporto or Lisbon. The request should include 
the name and address of the person who wants the ruling plus detailed 
descriptions, composition, applications of the product and as well as 
samples duly packed and labeled or photographs, plans or catalogs. The 
nomenclature on which the classification is desired, the suggested 
classification and other information necessary for an adequate ruling 
may also be supplied. 

An advanced ruling may lose validity if it is no longer compatible with 
new regulations or with new interpretation of the nomenclature used and 
this information is given to the holder of the ruling. There may a 
postponement (of up to six months or the period of validity of any 
import certificate issued) of the loss of validity of an advanced 
rulings --- for duty determination purposes or calculation of quantity 
restrictions --- if import/export contracts have already been made or 
certificates of importation have been issued.

Entry and reexport: Foreign merchandise landed in Portugal must be 
declared for importation or temporary entry into the EU territory within 
a period of 45 days if landed by sea or 20 days if landed  by air or 
from land. After arrival, if the merchandise cannot be immediately 
declared to customs because documentation is missing or because of any 
other reason, it will be stored ex-officio by the port authority in 
temporary storage customs warehouses, the cost of which is variable 
according to the nature of the merchandise. Any merchandise may be 
reshipped out of EU territory either before or after customs clearance. 
Normal reexportation is made when the merchandise was entered under one 
of the temporary entry regimens. Reexportation may be done after 
submission of a special customs declaration.

Samples and advertising materials: As an EU country and member of the 
Convention to Facilitate the Importation of Samples and Advertising 
Matter, Portugal grants duty free entry to giveaway samples properly 
labeled (except Tobacco and Matches), up to a duty value of 175 ECUs and 
up to a VAT value of the same amount.

Samples for which the duty is greater than these amounts may also be 
admitted duty free if they are intended for exhibitions, conventions or 
similar events, or other promotional purposes that justify the quantity 
being imported.  The person making the declaration should provide 
justification for the larger quantity.

Samples are subject to the same documentation requirements that apply to 
ordinary commercial shipments and require a symbolic value for customs 
declaration purposes on the shipping documents or commercial invoices.

Catalogs, price lists, brochures, pamphlets may also be entered duty 
free under the same conditions as the samples, if the name of the 
manufacturer/seller is readily apparent.  

Duty refund: Once goods have been cleared through customs, collected 
duties or excess payments may be refunded if at the moment of payment 
they were not due. Refund for undue and excess payments can be claimed 
within a period of three years. Refund of duties can also be obtained if 
a customs clearance declaration is cancelled after the payment of 
duties. If imported merchandise is defective or does not meet the 
contracted specifications and is refused and reexported by the importer, 
he may request a duty refund within a period of 12 months.

There are other conditions, defined by the EU Committee, under which 
paid import duties may be refunded. All refunds must be requested by the 
interested parties.

Drawback: Importers may take advantage of "drawbacks" for all types of 
merchandise, except those subject to quantity restrictions or any 
agricultural leveling duty or similar imposition when the merchandise 
was cleared.  Drawbacks allow the reimbursement of any duties paid on 
raw materials , parts, or components imported for the manufacture of a 
product in country for later exportation. This will be possible only if 
there are no restrictions to the exportation of the products that 
resulted from the imported merchandise and that the intended exportation 
took place.  


Portugal is a member of the European Union.



The Portuguese government considers foreign investment an essential part 
of its overall strategy to modernize the economy.  As a result, Portugal 
actively seeks foreign investment, and provides subsidies to many 
investments.  ICEP, the foreign investment promotion agency, has 
targeted U.S. investors for particular attention in 1995 in a bid to 
raise the share of U.S. capital as a proportion of foreign direct 
investment in Portugal.  Foreign investment is permitted in all sectors 
open to private investment.  There are limits on foreign investment in 
certain strategic sectors.  Since joining the EU in 1986, Portugal has 
experienced large increases in both direct and portfolio foreign 
investment.  Foreign direct investment inflows increased from USD 166 
million in 1986 to USD 2.5 billion in 1991 (3.2 percent of GDP).  Since 
1991, however, foreign direct investment has slowed to approximately 
half of earlier levels.  In 1994, foreign direct investors -- primarily 
from Germany, Spain, France and Switzerland -- invested USD 1.3 billion 
in Portugal, mainly in the form of equity capital.  The U.S. was the 
sixth largest foreign direct investor in 1994. Foreign portfolio 
investors -- mostly from the U.K., U.S., Japan, and France -- purchased 
some USD 1.7 billion in Portuguese securities, mainly public bonds (75 
percent) and stocks (25 percent).  The government issued some USD 3 
billion in new bonds in external markets in 1994.  

Decree Law No. 197 of December 1986 provides the framework for the 
current investment regime.  Foreign investors must submit a prior 
declaration to ICEP, which has two months after receipt of a properly 
documented project to render a decision.  For investments that require 
foreign exchange movements, ICEP may consult the Bank of Portugal.  If 
ICEP does not reply within the stipulated two-month period, the project 
is automatically approved.  In practice, almost all foreign investment 
proposals are approved within one month.

Foreign investors have access to all incentives and grants available to 
national investors.  The investment incentive program is primarily cash-
based, although tax holidays can be negotiated.  In practice, for large 
investment projects (defined as exceeding 10 billion escudos or 
approximately USD 676 million at mid-1995 exchange rates), incentives 
are negotiated on a case-by-case basis with ICEP, various economic 
ministries, and the Bank of Portugal.  U.S. companies have access to 
these funds and have not reported any discriminatory treatment.

A U.S.-Portugal Double Taxation Treaty is awaiting final approval by the 
U.S. Senate.  Portugal has already ratified and promulgated the tax 
treaty.  Once the U.S. Senate approves, the treaty will enter into force 
following the exchange of instruments of ratification at the beginning 
of the new calendar year following ratification.


The Government does not interfere with the transfer abroad of profits 
and dividends.


There has been little or no experience in Portugal of expropriation of 
foreign assets or companies.  Some former Portuguese owners of companies 
nationalized at the time of the 1974 Revolution consider Government 
attempts to compensate them as inadequate and believe they should have 
preference in the re-privatization of these firms.  
There are no policies of the host government to discriminate against 
U.S. investments, companies or representatives.  


Post is not aware of any major investment disputes involving foreign 
investors.  Portugal is a member of the International Center for the 
Settlement of Investment Disputes.


There have been no recent incidents of politically motivated damage to 
projects or installations.  The political environment is stable and it 
is highly improbable that civil disturbances that would jeopardize the 
political order will occur.  There are no nascent insurrections or 
belligerent neighbors.


Foreign investors seeking standard incentive benefits are guaranteed 
treatment equal to that of Portuguese firms and are not normally subject 
to performance requirements.  Performance and local content requirements 
may arise on an ad hoc basis in the case of negotiated incentives.

The Ministry of Labor must approve the employment of non-EU foreign 
nationals and at least 90 percent of the employees of resident companies 
must be Portuguese.


Foreign investors may invest in all sectors open to private investment.  
Foreign investment is specifically limited in the following "strategic" 
sectors:  mining, maritime transport, air transport, international road 
transport, telecommunications, television, and fishing.

Competitive inequities between private and public entities have been 
reduced in recent years.  In the financial sector, public banks now 
compete on equal footing with private banks.  There still appear to be 
competitive advantages for state entities operating in airline transport 
and telecommunications.  

Portugal is engaged in a wide-ranging privatization program in sectors 
such as banking, insurance, cement, petroleum, transport, steel and 
chemicals.  Foreign participation in the initial sale of these firms is 
sometimes limited.  Once the initial privatization has taken place, 
however, these companies will be publicly traded and available to 
international buyers.


Portugal is a member of the International Union for the Protection of 
Industrial Property (WIPO) and a party to the Madrid Agreement on 
international registration of trademarks and prevention of the use of 
false origins.  The Munich Convention on European Patents went into 
effect on January 1, 1992.  To conform to the trademark and patent 
provisions of the GATT (TRIPS) Portugal has passed a new Code of 
Industrial Property that went into effect on June 1, 1995.  The current 
Portuguese law on copyright protection is also in accordance with TRIPS; 
the Portuguese government is in the process of transposing EU directives 
on Duration, Rental, and Broadcasting into law.   

Informatics legislation entered into force in 1991.  This legislation 
has improved the enforcement of copyright law and has increased the sale 
of computer software.  The Portuguese Association of Software Producers 
(ASSOFT) has conducted an aggressive public awareness campaign which has 
included raids and seizures of illegal software at large companies.  
Significant enforcement problems remain and are exacerbated by lengthy 
delays in concluding court cases.


As Portugal transposes EU single market directives into national law, 
barriers to trade, capital and labor movements are progressively 
diminishing.  A major tax reform in 1989 brought the Portuguese tax 
system closer to those found in other EU countries.  These steps at 
creating a single market have fostered increased competition in 

While bureaucratic procedures for establishing and maintaining a foreign 
investment have improved since the introduction of the 1986 foreign 
investment regime, businessmen still consider red tape excessive.  Some 
businessmen believe entry cost would be reduced with the introduction of 
a one-stop registration entity.


Foreign firms have access to domestic capital markets.  They may also be 
quoted on the Lisbon Stock Exchange if operated as Portuguese firms.  
Futures and options are traded over the counter and a futures and 
options exchange is scheduled to start operations in Porto in late 1995.  

The lifting of all remaining capital controls as of January 1, 1993 
stimulated substantial inflows of portfolio investment into Portugal.  
The stock of investment by foreign banks and investment trusts in 
Portuguese government bonds and stocks was some USD 11.4 billion in 1994 
versus USD 8.5 billion in 1993.  The stock of foreign portfolio 
investment denominated in domestic currency declined by 13%, whereas 
foreign currency denominated portfolio investment jumped 70%.  (Note:  
This trend reflects the re-classification of government external 
obligations from "credits received" to "foreign portfolio investment in 
Portugal" per IMF guidelines as of March 1995.)  The U.K. accounted for 
28 percent of portfolio investment at end-1994; the U.S. and Germany 
were second and third with 13 and 12 percent of the outstanding 
securities, respectively, in 1994.

In the primary bond market, the Portuguese Treasury remained the 
principal player 1994, accounting for almost three-fourths of resident 
issues.  In August, 1994, the bond market was liberalized to permit non-
resident corporate issuers besides supranational and foreign states.  
Nevertheless, the European Investment Bank remained the main issuer of 
Escudo Eurobonds -- Caravelas -- with four issues totalling PTE 60 
billion (USD 360 million at average exchange rates).  The volume of 
corporate bonds declined slightly in 1994 as commercial paper gained as 
an alternate form of financing.  Commercial paper benefitted from 
exemption from the stamp tax on interest (versus loans), favorable 
spreads, and ease of renewal.  The secondary bond market was buffeted by 
the rise in international interest rates in 1994.  Nominal bond yields 
jumped sharply, and despite the prospect of a continued decline in 
Portuguese inflation, 10-year Portuguese bonds were yielding 11.57 
percent at end-1994, versus 7.45 percent for comparable German bonds, 
for a real spread in excess of 200 basis points.

Primary stock issues remained small in 1994 as in 1993 -- about PTE 29 
billion (or USD 175 million at average exchange rates) -- as Portuguese 
firms continued to shy away from the capital markets as a source of 
financing.  Portuguese companies tend to be relatively small, family-
owned, and not used to providing significant disclosure, and therefore 
tend to prefer bank loans over capital markets for financing.  Although 
the banking sector continued to weigh heavily in the capital markets in 
1994, privatization of 20 percent of CIMPOR, the state-owned cement 
company, in July 1994 marked the beginning of a shift toward non-
financial sectors.  Privatization of 27 percent of Portugal Telecom, the 
state-owned telephone company, in June 1995 accentuated this trend.  In 
the secondary market, the Lisbon Stock Exchange index increased by 8.4 
percent in 1994 versus 1993.  Large, blue-chip firms that have 
restructured in recent years performed best.  The Portuguese market 
yield measured in dollars was about 8 percent, versus a -2.4 percent 
average for emerging markets.  A more transparent disclosure and 
regulatory system, further progress on privatization, establishment of 
the futures and options exchange, and differentiation of the market from 
other southern European markets should help strengthen the capital 
markets in coming years.


Portugal is an active participant in efforts to negotiate a Multilateral 
Agreement on Investment (MAI) within the 25-nation OECD framework. 


There are no restrictions on OPIC programs in Portugal.  OPIC actively 
promotes U.S.investment in Portugal.

Portugal is a member of the Multilateral Investment Guarantee Agency 


In recent years labor/management relations in the private sector have 
been generally good.  U.S. companies report high worker productivity.  
Real wages are flexible, but the labor law is quite rigid, making the 
dismissal of workers not covered by limited-term contracts difficult.  
Strikes in the private sector are rare, except in the mining sector.  
Public sector labor disruption is common, especially in the transport 
sector.  Portugal is a member of the International Labor Organization 
(ILO).  The Government generally adheres to the ILO Conventions 
Protecting Labor Rights.  The major shortcoming in this regard are 
violations of minimum age requirements.  Labor factors have not limited 
the choice of technology.


There are no restrictions on capital outflows as of January 1, 1993 and 
Portugal is fully harmonized with EU capital movement policies. 


Inflows of foreign direct investment (FDI) dropped to USD 1.5 billion in 
1994 (1.6 percent of GDP) from USD 2.7 billion in 1991 (3.4 percent of 
GDP).  This drop reflected the recession in 1993 as well as an 
exceptional surge of investment in public infrastructure and private 
plants during 1989 - 1992.  There are no reliable recent estimates of 
the stock of FDI in Portugal.  The major foreign investors in recent 
years have been Spain, Germany, France, Switzerland and the United 
Kingdom.  The United States was Portugal's sixth largest foreign direct 
investor in 1994. 



After Portugal's accession to the EU in 1986, the Portuguese financial 
sector underwent dramatic reforms.  Most of the once-nationalized 
financial system was "de-nationalized" and is now in private hands.  The 
number of banks increased to 44 in 1995 from 16 in 1983.  Foreign 
investment played an important role in this transformation and the 
number of foreign banks increased to 17 in 1995 from 3 in 1984.  Despite 
large-scale privatization, the government still retains a substantial 
presence in the financial sector through its ownership of the Caixa 
Geral de Depositos (CGD) and Banco de Fomento e Exterior (BFE) groups.  
The government has contracted the McKinsey consulting firm to do an 
independent assessment of the role of state-owned banks in the financial 
sector.  It plans to use the McKinsey results in deciding whether to 
proceed with privatization of the remainder of BFE and/or parts of CGD.  
Given the concentration of assets as a result of major mergers and 
acquisitions in recent years, the government seeks to ensure salutary 
competition among the newly consolidated institutions.  In particular, 
the government is concerned that bank lending rates may not reflect 
market conditions.   Whereas corporate loan rates were 15 - 16 percent 
in early 1995, for example, commercial paper rates were only 9 - 10 

In early 1995, the five largest banks had assets of close to USD 135 
billion, accounting for about 85 percent of total banking assets.  The 
state-owned CGD/Banco Nacional Ultramarino (BNU) group had assets of 
over 45 billion, while the merger of Banco Comercial Portugues (BCP) and 
Banco Portugues do Atlantico (BPA) created the second largest banking 
group with assets of about USD 35 billion.  Third was the newly merged 
Banco Pinto e Sotto Maior (BPSM)/Banco Totta e Acores (BTA) group with 
USD 26 billion in assets and fourth and fifth with assets of about USD 
15 billion were BFE/Banco Borges e Irmao (BBI) and Banco Espirito Santo 
(BES).  Capital solvency ratios have increased the soundness of the 
banking system in recent years.  A new minimum reserve requirement 
regime entered into force on November 1, 1994.  The main change was a 
reduction to 2% from 17% of banks' required reserve ratio.

Banks' entry strategies varied from the establishment of branch 
operations to joint ventures.  At present, the two U.S. banks operating 
in Portugal do so as locally-incorporated subsidiaries.

The opening of the financial sector to private investment has led to 
increased competition, specialization, and concentration.  The 
elimination of all barriers to capital movements and the Portuguese 
Escudo's incorporation in the exchange rate mechanism (ERM) of the 
European Monetary System (EMS) in 1992 has stimulated further 
competition.  Still, intermediation margins and fees remain high by EU 


There are none.


Short-term and medium-term financing are readily available.  Overdrafts 
are the most common source of short term finance for corporations.  
Intercompany borrowing is also common.  The issuance of commercial paper 
began in 1993.  The placement of bonds by corporations is extensive and 


Bankers acceptances and supplier credit are commonly used to finance 
international trade.  Most international trade is handled by commercial 
banks.  Both Exim-Bank and OPIC programs are available in Portugal, but 
are little used because commercial credit is widely available and 
political risks are not perceived to be high.  Project financing from 
multilateral institutions such as the World Bank (IBRD) and the European 
Investment Bank (EIB) are available.  Commercial banks also offer 
project financing.


Contractors may be required to bring financing proposals for major 
projects bids on a case-by-case basis although generally the Government 
finances the project.   Project financing is available for a wide 
variety of projects ranging from bridges to gas pipeline construction. 


Banco Comercial Portugues, SA
Rua Augusta 62/74
1100 Lisboa
Tel:  351-1 347 3474
Fax:  351-1 342 1677

Banco Espirito Santo e Comercial de Lisboa
Av. da Liberdade 195
1200 Lisboa
Tel: 351-1 578 805
Fax: 351-1 532 931

Banco Pinto & Sotto Mayor 
Rua do Ouro, 28-3.
1100 Lisboa
Tel:  351-1 347 6261
Fax:  351-1 342 7278

Banco Totta & Acores
Rua do Ouro, 88 -2.
1100 Lisboa
Tel:  351-1 346 9421
Fax:  351-1 346 2386

Banco Comercio e Industria
Rua Andrade Corvo 42
1000 Lisboa 
Tel: 351-1 355 8366
Fax: 351-1 549 453

Caixa Geral de Depositos
Lg. do Calhariz
1100 Lisboa
Tel:  351-1 346 1981
Fax:  351-1 342 1306

Barclays Bank PLC 
Av. da Republica 50- 2.
1000 Lisboa
Tel:  351-1 793 5020
Fax:  351-1 797 9610 


Business Customs

Portugal is a country in transition culturally as well as economically. 
In this transitional environment some of the social graces belonging to 
a more secure, paternal past era linger.  Courtesy, in business and 
other spheres, is simply expected and easily extended.  Legal contracts 
don't have the strength in business associations that personal 
confidence, built over years of experience, offers.  Aggressiveness is 
not yet keen in marketing because it may be interpreted as socially 
offensive.  Pragmatism, of the American variety, is respected but only 
when presented as a possible option to be taken, not as an opportunity 
that must be breathlessly seized.

In terms of everyday business the Portuguese are correct and civil.  
They respect the time of their appointments and expect the same from 
others.  They are thorough to a fault, often pouring over all the 
documents relative to a negotiation, and not too ready "to just hit the 

This is done partly to be careful (conservative)  but also to 
demonstrate their grasp of the matter - - exhibiting pedantic merit 
rather than pragmatic merit.  Many Portuguese speak two, often three 
languages, English being the preferred second language.  Many have 
relatives in the U.S. and have visited North America.

In summary, the Portuguese are a society in transition but with 
sufficient worldly experience to have confidence in dealing with the 
future.  And they view Americans as a friendly counter-balance to the 
friendly (but overwhelmingly so) Europeans.

No visas are required to visit Portugal for stays of 60 days or less.  
There are no travel advisories for Portugal nor have there been for many 

Portugal has direct airline connections from Lisbon with all the major 
centers in the European Union, New York and Boston in the United States,  
a number of Portuguese-speaking countries in Africa, and with the major 
cities in Brazil. Oporto serves fewer cities directly in the European 
Union, none in North America, but does serve the major cities in Brazil.

English is a widely-spoken second language in Portugal and American 
business travelers can expect to conduct their meetings with business 
and government contacts in English much as they would in Holland  (and 
much more than in Spain, Italy, France or Germany).

Portugal is a  fully "wired" country with regard to communications 
making available all the services found anywhere else in Europe: long-
distance calls on Stateside credit cards; cellular telephones with 
"roaming" capabilities; video-conferencing in state-of-the-art 
facilities; Internet services; e-mail,etc.  

Housing in Portugal is at European standards but so are the rents. 
Executive location costs in Portugal are now in the same category as any 
major commercial center in the European Union.

Health care in Portugal is a constitutional right which means that the 
public health facilities are overburdened and therefore not able to 
offer the level of service considered normal in the United States. There 
are a number of private clinics and small private hospitals that are 
adequate for the treatment of most ailments but acute cases would 
require evacuation. 

Food supplies are plentiful though there are seasonal variations in 
prices for perishable items. Supermarkets are as fully stocked and offer 
the same variety as any in the United States although familiar brands to 
Americans would have to be substituted for a European equivalent. Prices 
are very close to those found in the United States and often exceeded 
them for packaged goods.



(All figures USD millions except where noted)

1. Profile

Population:              9.8 million
Population growth rate:  0.0
Religion(s):             Predominantly Roman Catholic
Government system:       Parliamentary Democracy
Language(s):             Portuguese
Work week:               44 hours


                                1994      1995P    1996E
GDP                           87,982    104,600    108,961
GDP growth rate                 -1.0        1.1        3.0
GDP per capita                 8,925     10,612     11,054
Government spending/GDP         48.0       48.6       47.4
Inflation                        5.2        4.5        4.0
Unemployment                     6.8        7.0        6.5
Foreign exchange reserves     21,325     20,500     20,000
Average exchange rate
   per USD 1.00          165.9
Foreign debt                  16,415    17,300      17,000
Debt service ratio              11.6      10.0        10.0
US Econ/Military assistance      n/a       n/a         n/a


                                 1994    1995P    1996E
Total country exports          17,536    19,500    20,500
Total country imports          24,147    26,562    29,218
US exports                      1,054     1,160     1,275
US imports                        898       900       950
US share of host country imports  4.3       4.3       4.4
Imports of manufactured goods  19,300    21,525    23,800
  - From US                       757       800       850
  - US share of manufact. imports 3.9       3.7       3.5
Manufactured goods
 trade balance with US             10       0.0       0.0
Projected annual average
   growth rate from US            7.8       5.7       6.3
Imports of agricultural goods   4,500     4,800     5,000
- From US                         227       264       300
- US share of ag. imports         5.0       5.5       6.0
- Ag goods trade balance with US  200       200       250
Trade balance with
 3 leading partners            -3,945    -3,500    -2,600

Principal US exports:  Animal Feed, Soybeans, Corn Gluten Feed, Coal, 
Equipment (computers, telecommunications, aircraft and associated)
Principal US imports:  Apparel, Textiles, Footwear, Cork, oil (not 


              By Country of Origin
          (Percent of Total Investment)

                       1992    1993    1994

United Kingdom        29.7    18.5    -1.3
Germany                5.5     8.1    26.5
France                17.8    14.3    11.3
Spain                  8.0    28.2    15.2
Other OECD EU         20.0    13.0    12.8
Switzerland            3.1     9.0    12.1
USA                    4.1     2.6     3.4
Japan                  n/a     0.3     1.2
Other OECD non-EU      n/a     0.4     0.3
Rest of World          n/a     5.6    18.5
Source:  Bank of Portugal

                Industry Sector Destination
                              1992    1993    1994
Manufacturing                 18.0    17.8    42.6
Construction & public works    4.3     3.0     1.6
Banks and other financial 
institutions, insurance, real
estate transactions and
services rendered to firms    63.3    56.5    39.1
Wholesale, Retail Trade,
Restaurants, and Hotels        8.0     7.2    11.9
Electricity, Gas               0.0    0.9
Transport/Communications       n/a    1.0      2.0
Other                          n/a    4.5      1.9
Source:  Bank of Portugal

                (millions of dollars)
All sectors            1992    1993    1994
                        696    107    283

Portuguese direct foreign investment abroad is mainly equity capital 
invested in the manufacturing and financial sectors.  Spain accounted 
for 43 percent of Portuguese investment abroad during 1993 - 1994.  
France, the United Kingdom and the United States each has accounted for 
about 10 percent of Portuguese investment abroad over the past two 

Source:  Bank of Portugal


The following table ranks the largest foreign firms among the top one 
hundred firms in Portugal based on turnover.  There are 39 foreign firms 
in the top 100, an increase of 7 from the 1990 survey.

Rank  Company                 Turnover 1992
            (millions dollars)
  4  Renault                       1,120
  6  Shell                           966
  8  Mobil Oil    USA                733
  9  Makro                           729
 10  Supa Supermarkets               722
 11  Renault Gest                    640
 12  Modelo Supermarkets             598
 14  Fiat                            568
 16  General Motors  USA             468
 18   BP                             462
 19  Salvador Caetano(Toyota)        457
 20  Ford       USA                  450
 21  Fiat                            450
 25  Citroen                         347
 35  Nestle                          276
 36  Carrefour                       269
 38  IBM  USA                        254
 39  Siemens                         249
 42  Centralcer                      235
 43  Lever                           231
 44  Auto-Sueco                      229
 50  Philips                         216
 53  Baviera                         211
 57  Modelo Sprmarkets               189
 58  Neste                           188
 60  Cablesa                         182
 61  Mitsubishi                      180
 62  Sony                            177
 63  Rover                           166
 66  Texas Instruments  USA          165
 68  Secil                           163
 76  Mercedes Benz                   151
 80  Bento Pedroso                   144
 82  Cepsa                           141
 84  Hoechst                         139
 90  Esso  USA                       130
 92  Alcatel                         129
 94  Celbi                           127
 98  Maconde                         124

Note:  This data excludes financial institutions.
Source:  "Expresso" annual survey dated Nov. 1993


-  U.S. Embassy Trade Related Contacts

Lisbon - Commercial Service
American Embassy
Av. das Forcas Armadas
Sete Rios
1600 Lisbon
Phone:  (351-1) 726 6600
Telex:  12 528 AMEMB P
Fax:    (351-1) 726 8914


Commercial Section
American Embassy
PSC 83 Box FCS
APO AE 09726

- Daniel Thompson
  Commercial Attache
  Ext. 2526

David Norland
Economic Counselor
Ext. 2242

Frank Lee
Agricultural Counselor
Ext. 2358

Colonel Jesse Perez
Chief, ODC

The CS-Lisbon can be also contacted through FocUS-Europe Database
Access is as follows:

Direct Dial: (351-1) 395 1448
  DB address: C 02021061790
  Username: GUEST
  Password: GUEST

Internet:    Telnet
  Username: GUEST
  Password: GUEST

World Wide Web: 

Oporto - American Business Center - Oporto
Praca Conde de Samodaes, 65
4100 Oporto
Phone:  (351-2) 606 3094 / 5 / 6
Fax:    (351-2) 600 2737

- Adolfo Coutinho
  Commercial Specialist

-  Washington-Based USG Country Contacts

Ms. Ann Corro
14th & Constitution Ave., N.W.
Room 3042
Washington, D.C.20230
Tel: (202) 482 3945
Fax: (202) 482 2867

- Amcham and Bilateral Business Councils

Portugal-U.S. Chamber of Commerce
5 West 45th Street
New York, NY  10036
Tel. (212) 354-4627
Fax: (212) 575-4737

American Chamber of Commerce in Portugal
Rua D. Estefania, 155-5.E
1000 Lisbon, Portugal
Tel: (351-1) 57 2561
Fax: (351-1) 57 2580
Contact: Dr. Brito do Rio, Secretary

- Country Trade or Industry Associations in Key Sectors

Associacao Comercial de Lisboa
(Lisbon Commercial Association)
Rua das Portas de Santo Antonio, 89
1150 Lisboa
Tel:  351-1/346 33 55
Fax:  351-1/342 43 04

Associacao Comercial do Porto
(Oporto Commercial Association)
Palacio da Bolsa
Rua Ferreira Borges
4000 Porto
Tel:  351-2/200 44 97

Associacao Industrial Portuguesa
(Portuguese Industrial Association)
Praca das Industrias, 3200
1304 Lisboa Codex
Tel:  351-1/360 10 00
Fax:  351-1/363 90 47

R. Oliveira Monteiro, 453
4000 Porto
Tel:  351-2/600 64 48

Associacao Industrial Portuense
(Oporto Industrial Association)
Av. da Boavista, 2671
4100 Porto
Tel:  351-2/617 22 57

Confederacao dos Agricultores de Portugal (CAP)
Av. Coleg Militar, Lt. 1786
1500 Lisboa
Tel:  351-1/710 00

Confederacao do Comercio Portugues (CCP)
Rua Correia, 79
1100 Lisboa
Tel:  (351-1)342 20 47/21 60
Fax:  347 86 38

Confederacao da Industria Portuguesa (CIP)
Av. 5 de Outubro, 35 - 1
1050 Lisboa
Tel:  351-1/547 454
Fax:  351-1/545 094

American Chamber of Commerce in Portugal
Rua D. Estefania, 155-5
1000 Lisbon, Portugal
Tel:  351-1/572 561
Fax:  351-1/572 580

-  Portuguese Government Agencies

Ministerio das Financas
(Ministry of Economy and Finance)
Av. Infante D. Henrique, 1
1100 Lisbon
Tel: 351-1/88-4675
Fax: 351-1/886-2360

Ministerio da Industria e Energia
(Ministry of Industry and Energy)
Rua da Horta Seca, 15
1200 Lisbon
Tel: 351-1/52-5419

Ministerio do Emprego e Seguranca Social
(Ministry of Labor)
Praca de Londres, 2-16
1000 Lisbon
Tel: 351-1/847-0010
Fax: 351-1/80-1112

Secretaria de Estado de Agricultura
(Secretary of State for Agriculture)
Praca de Commercio
1100 Lisbon
Tel:  351-1/346 33 66
Fax:  351-1/342 03 71

Secretaria de Estado das Pescas
(Secretary of State for Fishing)
Av. Brasilia, (Alges, Praia)
1400 Lisbon
Tel:  351-1/61 63 61
Fax:  351-1/61 65 16

Direccao de Servicos Regional de Lisboa
Divisao de Combustiveis
(Fuel Division)
Av. Fontes Pereira de Melo, 26 - 2
1000 Lisbon
Tel:  351-1/57 11 20
Fax:  351-1/57 10 80

Direccao Geral das Alfandegas
(Director General of Customs)
Rua da Alfandega
1100 Lisbon
Tel:  351-1/878 785
Fax:  351-1/878 335

Instituto Nacional de Engenharia e
  Tecnologia Industrial
(High-Tech Institute)
Azinhaga dos Lameiros a Estrada do Paco do Lumiar
Lumiar 1600 Lisboa
Tel:  351-1/716 51 41
Fax:  351-1/716 09 01

Direccao Geral das Minas e Servicos Geologicos
(Director of Mines and Geological Services)
Rua Antonio Enes, 7
1000 Lisbon
Tel:  351-1/546 126
Fax:  351-1/525 913

Secretaria do Estado das Obras Publicas
(Secretary for Public Works)
Rua de S. Mamede ao Caldas, 21
1100 Lisbon
Tel:  351-1/886 22 47
Fax:  351-1/886 30 54

Secretaria do Estado da Habitacao
(Secretary for Housing)
Rua de S. Mamede ao Caldas, 21
1100 Lisbon
Tel:  351-1/886 22 47
Fax:  351-1/886 23 00

Direccao Geral de Aviacao Civil
(Director General for Civil Aeronautics)
Av. da Liberdade, 193
1250 Lisbon
Tel:  351-1/573 517
Fax:  351-1/523 214

Instituto National de Estatistica
(National Institute of Statistics)
Av. Antonio Jose de Almeida, Apt. 1239
1007 Lisbon Codex
Tel:  351-1/847 00 50
Fax:  351-1/808 80 93

Secretario do Estado da Industria
(Secretary for Industry)
Rua da Horta Seca, 15
1200 Lisbon
Tel:  351-1/346 30 91
Fax:  351-1/346 92 51

Secretario do Estado da Energia
(Secretary for Energy)
Rua da Horta Seca, 15
1200 Lisboa
Tel:  351-1/346 30 91
Fax:  351-1/347 00 94

Banco de Portugal
Rua do Comercio, 148
1100 Lisboa
Tel:  351-1/346 29 31
Fax:  351-1/346 48 43

Instituto do Comercio Externo de Portugal - ICEP
Av. 5 de Outubro, 101-3 
1000 Lisboa Codex
Tel:  351-1/793 01 03
Fax:  351-1/795 23 29

Direccao-Geral do Comercio 
(Directorate-General of Commerce)
Av. da Republica, 79
1050 Lisboa
Tel:  351-1/793 09 93

IFADAP - Instituto Financeiro de Apoio ao Desenvolvimento
   da Agricultura e Pescas
Rua D. Estefania, 77-7D
1150 Lisboa
Tel:  351-1/57 80 74
Direccao-Geral da Industria
Av. Conselheiro Fernandes Sousa, 11
1070 Lisboa
Tel:  351-1/659 161
Fax:  351-1/659 10 42

Registo Nacional das Pessoas Colectivas
Av. Oscar Monteiro Torres, 39-A
1500 Lisboa
Tel:  351-1/735 034

IAPMEI - Instituto de Apoio as Pequenas e Medias
   Empresas e ao Investimento
(Industrial Small Business Institute)
Rua Rodrigo da Fonseca, 73/73-AQ; (57,2)
1250 Lisboa
Tel:  351-1/386 43 33
Fax:  351-1/386 31 61

Bolsa de Valores de Lisboa
(Lisbon Stock Exchange)
Praca do Comercio
1100 Lisboa
Tel:  351-1/87 37 88

Bolsa de Valores do Porto
(Oporto Stock Exchange)
Palacio da Bolsa
4000 Porto
Tel: 351-2/32 20 84

Instituto das Comunicacoes de Portugal
Av. Jose Malhoa, 12
1070 Lisbon, Portugal
Tel: (351-1) 721 1000
Fax: (351-1) 726 3743

-  Country Market Research Firms

A.C. Nielsen Co.
Rua D. Filipa Vilhena 38-3
1000 Lisboa
Tel:  351-1/796 64 81  
Fax:  351-1/793 72 87

Consulmark - Gabinete Consultor de Marketing Lda.
Rua Pascoal de Melo 67-4 
1000 Lisboa
Tel:  351-1/352 88 84
Fax:  351-1/352 88 83

Ecotel Portugal - Estudos de Mercado SA
Av. Almirante Reis 59-4
1150 Lisboa
Tel:  351-1/352 65 54
Fax:  351-1/352 65 59

ESEO - E M Estudos de Mercado Lda.
Rua Marquês da Fronteira, 76 - 5º
1070 Lisboa
Tel:  351-1/385 85 64
Fax:  351-1/388 16 94

MARKTEST - Marketing, Organizacao e Formacao Lda.
Rua de S. Jose 183-2 
1150 Lisboa
Tel:  351-1/342 08 66
Fax:  351-1/346 08 94

NEDRO-NIELSEN-ESEO - Estudos de Mercado Lda.
Rua D. Filipa Vilhena 38
1000 Lisboa
Tel:  351-1/793 73 42
Fax:  351-1/793 72 87


The following publications are useful sources of economic and commercial 

Area Handbook for Portugal
Superintendent of Documents
U.S. Government Printing Office
Washington, D.C.  20402

TOP Export of Portugal
Jovitur, Lda.
Av. Infante Santo, 23 3  B
1300 Lisboa

Estatisticas Industrias
(Industrial Statistics)
Annuario Estatistico
(Statistical Yearbook)
Estatisticas do Comercio Externo
(Foreign Trade Statistics)

Instituto Nacional de Estatistica
Av. Antonio Jose de Almeida
1000 Lisboa

OECD Economic Surveys--Portugal
OECD Publications Center
1750 Pennsylvania Avenue, N.W.
Washington, D.C.  20006

International Customs Journal--Portugal
International Customs Tariff Bureau
Rue de l'Association, 38
B-1000 Brussels, Belgium

Business Report
Portugal-U.S. Chamber of Commerce
5 West 45th Street
New York, NY  10036


List of Available Industry Subsector Analysis ISAs   

ISA Alarms and Warning Systems
ISA Business And Applications Software
ISA Cellular Telecom Equipment
ISA Crustacean Products
ISA Data Storage Equipment and Media
ISA Earth Moving Machinery
ISA Electrical Generating Equipment
ISA Fiber Optic Cable
ISA Finfish Products
ISA Franchising Automotive Maintenance Repair Services
ISA Franchising Services
ISA Miscellaneous Counting Devices And Numerical Controls
ISA Miscellaneous Farm Machinery and Equipment
ISA Miscellaneous Pre Recorded Videos
ISA Miscellaneous Toys and Games 
ISA Orthopedic Appliances
ISA Point of Sales Equipment
ISA Pre Fabricated Building
ISA Refrigeration Equipment 
ISA Small Domestic Electrical Appliances
ISA Sports Golf Clubs and Balls
ISA Small Recreational Boats
ISA Surgical Appliances and Supplies

List of Upcoming Industry Subsector Analysis (ISAS)

1.  Industry subsector: Medical Equipment
2.  Three letter ITA industry code: MED
3.  Due date: November 1995
4.  Country: Portugal
5.  Researcher: Casimiro de Jesus
6.  Estimate of workdays needed for research: 4 weeks
7.  N/A

1.  Industry subsector: Equipment and Services for Upgrading/
    Refurbishing of Power Generation Facilities
2.  Three letter ITA industry code: EPS
3.  Due date:  December 1995
4.  Country: Portugal
5.  Researcher: Carmen Neves
6.  Estimate of workdays needed for research: 4 weeks
7.  N/A

1.  Industry subsector: Marine Fisheries Products (Seafood)
2.  Three-letter ITA code :MFI
3.  Due date: February 1996
4.  Country: Portugal
5.  Researcher: Celeste Conde
6.  Estimate of workdays needed for research: 4 weeks
7.  N/A

1.  Industry subsector: Heavy Construction Equipment 
2.  Three-letter ITA industry code: CON
3.  Due date: March 1996
4.  Country: Portugal
5.  Researcher: Carmen Neves
6.  Estimate of workdays needed for research: 4 weeks 
7.  N/A

1.  Industry subsector: Telecommunication Services Infrastructure
2.  Three letter ITA industry code: Tel
3.  Due date: March 1996
4.  Country: Portugal
5.  Researcher: Ana Paula Vila
6.  Estimate of workdays needed for research: 4 weeks
7.  N/A

1.  Industry subsector: Water Pollution Controls
2.  Three letter ITA industry code: POL
3.  Due date:    April 1996
4.  Country: Portugal
5.  Researcher: Adolfo Coutinho
6.  Estimate of workdays needed for research: 4 weeks
7.  Previous ISA Title and date: Filtering or Purifying
    Machinery and Apparatus, 
1.  Industry subsector: Cellular Telephony Infrastructure
2.  Three letter ITA industry code: TEL
3.  Due date: April 1996
4.  Country: Portugal
5.  Researcher: Casimiro de Jesus
6.  Estimate of workdays needed for research: 4 weeks
7.  N/A

1.  Industry Sector: Recycling Equipment
2.  Three letter ITA industry code: POL
3.  Due date:  June 1996
4.  Country: Portugal
5.  Researcher: Adolfo Coutinho
6.  Estimate of workdays needed for research: 4 weeks
7.  Previous ISA Title and date: Analytical Instruments,

List of Available IMIS 

MAY BE RETRIEVED FROM THE (National Trade Data Bank or FocUS-Europe 

IMI Alternative Energy Research
IMI Engineering Regulations in Portugal
IMI Environment Agency for Industrial Pollution Reform 
IMI Environment APEA Environmental Engineers Association
IMI Environment AVE River Valley Development
IMI Environment Education Plans in Portugal 
IMI Environment Environmental Market Background  
IMI Environment Policy in Portugal
IMI Environment In Country Environmental Engineers Aveiro  
IMI Environment In Country Environmental Engineers Minho
IMI Environment In Country Environmental Engineers Oporto       
IMI Environment Integrated Pollution Prevention
IMI Environment Lipor Treatment of Solid Wastes in Oporto
IMI Environment Pollution Control at the Municipal Level
IMI Environment Proposal to Remedy the Rio de Aveiro
IMI Environment Recuperating Estarreja industrial Complex
IMI Environment Regional Government Decision Makers
IMI Environment Socio Cultural Aspects
IMI Environment Solid Hazardous Waste Overview
IMI Environment Waste Treatment Projects
IMI Environment Water Supply Projects in Portugal  
IMI Expo 98 A Guide to American Business Opportunities
IMI Major Project Alqueva Dam Complex
IMI Major Project New Lisbon Airport
IMI Miscellaneous Alternative Energy Report 
IMI Miscellaneous Engineering Regulations in Portugal
IMI Miscellaneous Opportunities for American Firms in Portugal
IMI Miscellaneous Portugal's Government Assistance to US Investors
IMI Miscellaneous Portugal's Policy Assisting US Exporters
IMI Opportunities For American Firms in Portugal
IMI PEDIP II Industrial Development Program 2 of 6
IMI PEDIP II Industrial Development Program 4 of 6
IMI PEDIP II Organization of Interest 1 of 6
IMI PEDIP II Organization of Interest 5 of 6
IMI PEDIP II Organization of Interest 6 of 6
IMI Portugal International Telecom Carrier Proposed 
IMI Portugal Telecom Carrier Reorganization 
IMI Portugal Telecommunications Overview 
IMI Retex I Program for the TE Modernization of Textile Regions
IMI Roundup of Major Public Projects in Portugal
IMI Telecommunications Education
IMI Telecommunications Manufacturing
IMI Telecommunications Market Demand Infrastructure 
IMI Telecommunications Market Demand Tourism 
IMI The Portuguese Insurance Market


1.  Event Name:  HIGH TECH USA
2.  Event Location:  Lisbon, Oporto
3.  Industry Theme:  Telecommunication Equip.
4.  Dates of Event:  02/96
5.  Type of Event:  RC
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