Portugal’s foreign minister Paulo Rangel believes the defence sector can take advantage of the current geopolitical situation in the Middle East and Ukraine.
Speaking at the Growth Forum in Lisbon last week, the minister admitted that while the current geopolitical situation was very difficult, it could bring opportunities for the development of Portugal’s defence industry.
At the opening of the 5th Growth Forum, an event organised by the Portuguese Chamber of Commerce and Industry (CCIP), the government official highlighted the great opportunities of trade agreements and how they could stimulate geopolitical connections.
“The geopolitical situation is difficult,” began Paulo Rangel, who considered “the cooling of the transatlantic relationship with the US evident”.
“But there are positive effects,” he assured.
The EU, he stated, “will have to show results, in defence also, and we know that this industry is a huge economic opportunity. If we are able to seize these opportunities, it will be extraordinary.”
Regarding the implementation of trade agreements, particularly with Mercosur and India, he recalled what could have been a huge opportunity for Portugal: “We had the possibility of having a common market with the US, and that would have made Portugal a central country in Europe; the Azores would have been ultra-central in that context. The Obama administration started late on that path, and with Trump came protectionism,” he lamented.
Source: Essential Business