Government launches financial package for exporting and labor-intensive companies

The Minister of State and Economy revealed at the major meeting of the textile sector that Banco de Fomento Português will launch a support line in which companies can transform 20% of credit into a non-repayable subsidy.

Harry Murphy / Web Summit

The Government is preparing a new financial package to support companies that add to the export 'vein' the circumstance of being labor-intensive industries. The Minister of State and Economy, Pedro Siza Vieira, said that “Banco de Português de Fomento will launch a new credit line for exporting companies specially designed for the labor-intensive industries, allowing credit to be granted depending on the number of posts companies and with the possibility of converting 20% ​​of the credit value into a non-repayable subsidy at the end of 2021 ”.

Siza Vieira, who spoke at the Textile Symposium that the Portuguese Textile and Clothing Association (ATP) organized this afternoon, did not specify the amount of the new credit line, but said that the Government is in continuous dialogue with the associations to find other solutions to support companies, having highlighted that part of them will go to the professional training segment.

The Minister of Economy also pointed out that the State Budget foresees that the measures to support the maintenance of employment will be extended at least until the end of the third quarter of next year, which, in his view, will contribute to produce another auxiliary to companies - who complain that they were overlooked in the OE proposal that the Government managed with great effort to spend this afternoon in Parliament.

The textile forum, which was held for the 25th time, brought together, via Zoom, the textile entrepreneurs, with the president of ATP, Mário Jorge Machado, talking about the 'state of the art' of the sector in this pandemic phase and of the necessary support to companies to overcome the tremendous absence of business they have been struggling with for nine months.

Mário Jorge Machado listed the seven priorities he considers to be essential for solving the sector's particular problems. Reindustrialization, investment support and effective use of the Recovery and Resilience Program are three of the assumptions that the textile sector considers essential for recovery.

“The country's commitment to the reindustrialization of its economic activity, giving priority to the industries that transform tradable goods”, the creation of “a context of strong attractiveness of foreign direct investment in industries of tradable goods” - which “presupposes improving the competitive environment country ”, are equally essential, he said.

On this particular issue, the so-called context costs, Mário Jorge Machado listed “the relaxation of labor law (and not the other way around), the reduction of costs with energy and money, and an effective reduction of procedures” as essential to convey effectiveness to recovery.

For the president of ATP, it is also essential to “redirect the funds of the PRR - Recovery and Resilience Program to support productive activities, in partnership with companies, in order to make investment more efficient and reproductive, including in the areas of transition digital and energy diversification, as well as ensuring that public investment in infrastructure remains in Portugal, starting with the companies that will execute them ”.

Two other vectors also deserved your attention: “create a true development bank that effectively helps companies to reinforce equity and diversify sources of financing” and finally the resumption of the 'Capitalizar Program', updated and improved, since in it we find many positive measures, which, if applied, neutral from politics and ideology, would provide a more competitive, more balanced and more sustainable country ”.

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