The Minister of Economy, António Costa Silva, said this Monday, December 5, that Portugal must diversify exports and areas of intervention, specifically in the tourism sector, to “minimize” the impact of a possible economic recession in Europe.

“We can be under no illusions: if there is a recession in Germany, the impact will be significant across Europe,” he declared, underlining that the focus on the tourism sector, for example, at the national level is crucial.

António Costa Silva was speaking in Funchal, within the framework of the inauguration ceremony of the Madeira delegation of SEDES — Association for Economic and Social Development, in which he was one of the speakers, on the central theme “The role of Madeira in the economy”.

“Tourism is a great example that diversification can eventually fill the gaps that may exist from Germany or the UK,” he said, noting the 30% growth recorded this year in the number of tourists from the United States.

“We are a country that, through its own history, is connected to all the continents of the world. If we work all these markets consistently, it is possible to overcome, or at least minimize, some of that impact, ”she reinforced.

Ministry of Economy “should not get in the way”, but must be “linked to all sectors”

The socialist ruler declared, on the other hand, that the Ministry of Economy “should not disturb” the business fabric, but that it must be “linked to all sectors” to identify problems and develop a set of policies that “make money arrive sooner”. as possible.” companies as quickly as possible.

In his speech, António Costa Silva stressed the importance of island autonomous regions —Madeira and the Azores— on Portugal’s position in the world, noting that “the concept of an archipelagic country changes the entire strategic perspective.”

The minister considered that the economy of the sea will “reform” the future of societies in the face of the climate crisis and said that it was essential that the country “look at the infrastructure that was built in Madeira.”

“We have to value this maritime dimension”, he reinforced.

The President of the Government of Madeira, Miguel Albuquerque, showed all the availability of the regional executive (PSD/CDS-PP) to collaborate with the Ministry of Economy in several projects, in particular those related to the digital transition, which he considers essential for the economy of the region, as well as a “historic opportunity” to create wealth.

Albuquerque, on the other hand, expressed his solidarity with António Costa Silva on the general reduction of IRC.

“I’m with you,” he said, and then added: “You can even use our example [da Madeira] of the decrease from 30% of the IRC to 14.8%, because it effectively prolonged the collection of the tax”.

On September 18, António Costa Silva stated that a reduction in corporate tax for all companies would be “an extremely important signal for the entire industry” and “extremely beneficial” in the face of the current crisis.

“Today, given the crisis we are facing, I think it would be extremely beneficial to have this transversal reduction and, from there, see what impact it can have in the future,” the official said in remarks to reporters on the sidelines. from a visit to companies Portuguese women participating in the MICAM shoe fair, in Milan, Italy.