Portugal has officially sworn in Pedro Reis as the new Minister of the Economy and Joaquim Miranda Sarmento as the new Minister of Finances. Both appointments are expected to bring significant changes to the country’s economic policies and growth strategies.
Pedro Reis: Minister of the Economy
Pedro Reis, who previously led Portugal’s overseas investment bureau AICEP Portugal Global, has been appointed as the new Minister of the Economy. Reis is known for his strong support of small and medium-sized enterprises (SMEs) and economic diplomacy. He believes that Portugal can achieve a growth rate of 3.5% by focusing on the following strategies:
- Recovering economic diplomacy
- Slashing taxes
- Cutting red tape
- Reducing bureaucratic costs
Reis is also the President of the Advisory Council of the International Club of Portugal (ICPT), where he has been a vocal advocate for economic reforms.
Joaquim Miranda Sarmento: Minister of Finances
Joaquim Miranda Sarmento, a close ally of Prime Minister Luís Montenegro, has been sworn in as the new Minister of Finances. Sarmento has a long history with the center-right PSD party and has served in various key roles, including as the PSD chief whip in the Portuguese parliament. His main objectives include:
- Raising Portugal’s growth by 2.5% by 2025
- Achieving a growth rate of 3.4% by 2028
Sarmento has also worked for 10 years at the Portuguese Ministry of Finance and was the president of the National Strategic Council for the PSD under Rui Rio. One of his recent engagements was explaining the outcome of the Portuguese elections to an American audience at a debate organized by the American Club of Lisbon.
Future Economic Policies
Both ministers have outlined ambitious plans to boost Portugal’s economy. Their combined efforts are expected to focus on:
- Economic Diplomacy: Reviving Portugal’s international economic relations.
- Tax Reforms: Implementing tax cuts to stimulate business growth.
- Bureaucratic Efficiency: Reducing red tape and bureaucratic costs to make it easier for businesses to operate.
These strategies aim to create a more favorable business environment and drive economic growth in the coming years.
