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| Lisbon
Business Profile |
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Portugal has come a
long way since it was dubbed the ‘Poor Man of Europe’.
With the Impressive infrastructure projects, like the new Vasco
da Gama Bridge and the expanded metro system, these are
vivid demonstrations of the new face of Lisbon. However, during
the last few years, the growth level has slowed along with the rest
of the global economy. Lisbon is still one of the
fastest growing European cities, in economic terms, with a low unemployment
rate of 4 per cent. Portugal has one of the lower unemployment figures
in Europe, standing at 5.1 per cent at the start of 2003.
During 1999, Portugal joined the EMU and tight
fiscal policies ensured the country continued to meet the EMU criteria.
The introduction of the Euro in 2002 sealed Portugal’s
place in the developed Western European economy. Being part of the
EMU has strengthened the country’s trading bonds with the
other European countries and almost half the trade is with it's
neighbour Spain, as well as Germany and France.
Membership of the EU has also brought with it a
massive investment to the infrastructure, which has boosted the
domestic construction industry and made it easier to transport goods
and to generally do business. The successful staging of Expo
98 was a sign that Lisbon is now a progressive European
city and silenced many of the critics who predicted that it would
be a disaster. The European Football Championships held
here in 2004 brought more money into the city’s coffers.
There are some storm clouds on the horizon, however, as Portugal
becomes enmeshed in the global downturn, with rising unemployment
and difficult operating conditions. A number of large-scale infrastructure
improvements have been out on hold by the PSD government of Manuel
Durao Barroso, including plans for a new airport and a
new rail bridge across the Tagus, which would open
up fast connections to the Algarve.
The main industries in Lisbon are tourism, followed
by finance, insurance, consulting and telecommunications.
The Baixa district is the location of many of the
banks and major financial services and many multinationals, including
KPMG, Arthur Anderson and Barclays Bank,
have a presence in the city.
English-language assistance on doing business in Lisbon can be obtained
from:
The Portuguese Investment, Trade and Tourism
Institute,
Avenida 5 de Outubro 101
Telephone number: (21) 793 0103, fax number: (21) 793 5028.
Website: www.portugal.org
Translation services are available from:
The British Council,
Rua Simao Bolivar 259
Telephone number: (21) 321 4500, fax number: (21) 347 6151,
Website: www.britishcouncilpt.org
Business Etiquette
Business is Lisbon is far less bureaucratic than it used to be but
can still require patience, despite the fact that a reasonably good
level of English is spoken in most business circles. Appointments
and meetings might stretch on for longer than anticipated, with
long lunches common. Even the most rudimentary of business transactions
and dealings take longer in Lisbon than in other European capitals.
Shaking hands is customary when meeting and taking leave and business
cards are exchanged. When addressing someone, it is customary to
use their title followed by their full name. Regardless of their
degree, university graduates are usually referred to as ‘Doctor(a)’.
Mr, Ms and Mrs translate to Sr, Sra and D (for ‘Dona’)
and co-workers often refer to each other as ‘colleague’.
Business suits are standard office attire for both men and women
and it is advisable for visitors to enquire whether or not the same
attire should be worn for social functions. To write anything official
in red ink is considered very rude.
Normal business
hours are Monday to Friday 0900-1300 hrs and 1500-1800 hrs.
Business socialising generally focuses on eating and drinking in
restaurants and bars, with this seldom extending to people’s
homes. Alcohol will usually be drunk with meals, although local
business people hardly ever overindulge during the business meetings.
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