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Portugal 2018

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Portugal 2018 Portugal 2018 Table of Contents Doing Business in Portugal _____________________________________________ 6 Market Overview ______________________________________________________________ 6 Market Challenges ____________________________________________________________ 6 Market Opportunities ___________________________________________________________ 7 Market Entry Strategy __________________________________________________________ 7 Political Environment __________________________________________________ 8 Political Environment __________________________________________________________ 8 Selling US Products & Services __________________________________________ 9 Using an Agent to Sell US Products and Services ____________________________________ 9 Establishing an Office _________________________________________________________ 10 Franchising _________________________________________________________________ 11 Direct Marketing _____________________________________________________________ 11 Joint Ventures/Licensing _______________________________________________________ 13 Selling to the Government _____________________________________________________ 13 Distribution & Sales Channels __________________________________________________ 14 Express Delivery _____________________________________________________________ 15 Selling Factors & Techniques ___________________________________________________ 15 eCommerce ________________________________________________________________ 15 Trade Promotion & Advertising __________________________________________________ 17 Pricing _____________________________________________________________________ 19 Sales Service/Customer Support ________________________________________________ 20 Protecting Intellectual Property __________________________________________________ 21 Due Diligence _______________________________________________________________ 23 Local Professional Services ____________________________________________________ 23 Principle Business Associations _________________________________________________ 23 Limitations on Selling US Products and Services ____________________________________ 24 Web Resources _____________________________________________________________ 24 Leading Sectors for US Exports & Investments ____________________________ 26 Agricultural Sector____________________________________________________________ 26 Education & Training __________________________________________________________ 31 Design and Construction _______________________________________________________ 33 Information and Communications Technology ______________________________________ 34 Energy _____________________________________________________________________ 35 Aerospace, Defense and Security _________________________________________________ 36 Travel and Tourism Industry ____________________________________________________ 37 Customs, Regulations & Standards ______________________________________ 39 Trade Barriers _______________________________________________________________ 39 Import Tariff ________________________________________________________________ 39 Import Requirements & Documentation ___________________________________________ 40 Import Documentation _________________________________________________________ 40 Labeling/Marking Requirements _________________________________________________ 44 U.S. Export Controls __________________________________________________________ 57 Temporary Entry _____________________________________________________________ 58 Prohibited & Restricted Imports _________________________________________________ 58 Customs Regulations _________________________________________________________ 59 Standards for Trade __________________________________________________________ 59 Contact Information ___________________________________________________________ 63 Trade Agreements ___________________________________________________________ 64 Licensing Requirements for Professional Services ___________________________________ 64 Web Resources _____________________________________________________________ 65 Investment Climate Statement __________________________________________ 67 Executive Summary __________________________________________________________ 67 Openness to and Restrictions upon Foreign Investment ______________________________ 68 Bilateral Investment Agreements and Taxation Treaties ______________________________ 71 Legal Regime _______________________________________________________________ 71 Industrial Policies ____________________________________________________________ 77 Protection of Property Rights ___________________________________________________ 79 Financial Sector _____________________________________________________________ 80 State-Owned Enterprises ______________________________________________________ 82 Responsible Business Conduct _________________________________________________ 83 Corruption __________________________________________________________________ 84 Political and Security Environment _______________________________________________ 86 Labor Policies and Practices ____________________________________________________ 86 OPIC and Other Investment Insurance Programs ___________________________________ 87 Foreign Direct Investment and Foreign Portfolio Investment Statistics ____________________ 87 Contact for More Information on the Investment Climate Statement _____________________ 89 Trade & Project Financing _____________________________________________ 91 Methods of Payment __________________________________________________________ 91 Banking Systems ____________________________________________________________ 92 Foreign Exchange Controls ____________________________________________________ 92 US Banks & Local Correspondent Banks __________________________________________ 93 Project Financing ____________________________________________________________ 94 Multilateral Development Banks _________________________________________________ 96 Financing Web Resources _____________________________________________________ 97 Business Travel ______________________________________________________ 97 Business Customs ___________________________________________________________ 97 Travel Advisory ______________________________________________________________ 98 Visa Requirements ___________________________________________________________ 98 Currency ___________________________________________________________________ 98 Telecommunications/Electronics ________________________________________________ 98 Transportation _______________________________________________________________ 98 Language __________________________________________________________________ 99 Health _____________________________________________________________________ 99 Local Time, Business Hours and Holidays _________________________________________ 99 Temporary Entry of Materials or Personal Belongings ________________________________ 99 Travel Related Web Resources _________________________________________________ 99 INTERNATIONAL COPYRIGHT, U.S. & FOREIGN COMMERCIAL SERVICE AND U.S. DEPARTMENT OF STATE, 2018. ALL RIGHTS RESERVED OUTSIDE OF THE UNITED STATES. Doing Business in Portugal Market Overview Mainland Portugal, along with the autonomous island regions of the Azores and Madeira, offers American exporters a market of approximately 10.3 million people in a country roughly the size of the State of Indiana. As a member of the European Union (EU) and the euro zone, it is fully integrated with the EU, uses the euro currency, and follows directives from the European Commission in Brussels. As with all EU countries, Portugal’s borders and ports are completely open to the free flow of trade with other EU member countries. Portugal has a politically stable environment with a democratically elected parliamentary government and is welcoming of foreign business and investment. Portugal emerged from an extended economic crisis and successfully completed its European Union-IMF bailout program in 2014. It continued an upward trajectory in 2017, registering a record 2.7% growth and witnessing important declines in unemployment which fell to 8%. The structural reforms implemented since 2011 have created an economic and regulatory climate that is favorable to foreign investment which remains a priority for the Government with a focus on tourism, renewable energy, high quality industrial components, technology services, and value-added agricultural products. U.S. Census data indicates that Portuguese consumers bought approximately $1.19 billion dollars’ worth of U.S. goods and services in 2017, a slight increase compared with 2016. During that same period, U.S. imports of Portuguese goods and services were $3.5 billion. The top U.S. states exporting to Portugal were Louisiana, New York, Texas, Indiana, New Jersey, and Kansas. Top U.S. exports included transportation equipment, oil and gas products, agricultural products and machinery parts. The United States is Portugal’s largest trading partner outside the European Union. The total amount of U.S. goods sold into Portugal is likely higher than the statistics reflect, as census data does not account for U.S. products imported into other EU countries and subsequently transported into Portugal for sale. It is common throughout the European Union for goods to be shipped to one EU location – often to take advantage of lower value added tax rates – and then to be distributed by ground transport to neighboring member state markets.
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