Portugal’s overseas promotion and investment agency AICEP admits change of tack in US

The trade war between the European Union and the United States could lead to Portugal’s overseas investment and promotion agency AICEP changing its overseas promotion plan.

The agency says it is carefully following the situation and adds that its plan is a “dynamic instrument”.

According to AICEP’s promotions plan this year, most of its marketing campaigns are concentrated in the United States with 15 campaigns planned.

In second place comes France with 12 campaigns organised, followed by 10 in France, and six in China.

However, with the growing intensity of the trade war with the United States and continued strong instability, AICEP has admitted to making adjustments.

“AICEP’s Overseas Promotion Plan is a dynamic instrument that is adjusted according to changes in the international situation”, an official source told the online business daily ECO.

“Given the current geopolitical situation, AICEP is closely following the situation along with the Minister of the Economy,” said the institution led by Ricardo Arroja.

AICEP’s plan has 15 roadshows, six business missions, and seven promotional campaigns including at trade fairs, forums and events lined up for this year.

Much of its efforts were to be concentrated in the United States given that total exports from Portugal reached €8.8Bn in 2023.

This year’s missions will focus on sectors such as Health, Life Sciences, Automotive, Engineering and Construction, IT and Agrofoods.

Pharmaceutical products are the main category of goods exported to the US (24.5%) followed by energy products (18%) and machinery and devices. (10%)