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| City Guide - Lisbon - Business | ||
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Business Business Profile: Portugal in the twenty-first century is emerging from the doldrums, with Lisbon at its heart, as the economy utilises EU aid and the government pushes modernisation and infrastructure improvements. The economy has been buoyant since Portugal's stock market was added to the Morgan Stanley 'Developed Market' indexes in December 1997, despite the volatile nature of the euro, which Portugal adopted at the start of 1999. The main industries in Lisbon are tourism, followed by finance, insurance, consulting and telecommunications. The Baixa district is the location of the banks and financial services. Many multinationals including KPMG, Arthur Anderson and Manpower have a presence in Lisbon and usually their base of operations for the entire country is located here. Portugal has one of the lowest unemployment figures in Europe, averaging 5.0% in 1998 (less than the EU average). It also has one of the fastest-growing economies in Europe, with an annual growth rate of over 3% during the past few years. This rapid transition can be seen in the proliferation of mobile phones and one of the most advanced ATM networks in the world. However, alongside this prosperity are areas of poverty and Portugal still remains one of the EU's poorest members, although it is closing the gap. Being part of the EMU has strengthened Portugal's trading bonds with the other European countries - almost half the country's trade is with Spain, Germany and France. The successful staging of Expo 98 was a sign that Lisbon is now a progressive European city and silenced many critics who had predicted that it would be a disaster. The city has its own convention centre - The Lisbon Convention Centre (tel: (21) 361 0350, fax (21) 361 0359). The Portuguese Investment, Trade and Tourism Institute is located at Avenida 5 de Outubro 101 (tel: (21) 790 9500), and offers English language assistance on doing business in Lisbon. Business Etiquette: Doing business is Lisbon is far less bureaucratic than it used to be, but can still require a lot of patience, even though a reasonably good level of English is spoken in business circles. Appointments may stretch on for longer than anticipated with long lunches common. Shaking hands is customary when meeting and taking leave; business cards are exchanged after introduction. When addressing someone, it is customary to use their title, especially if they have a profession (eg Engenheiro) or university degree, followed by their full name. Regardless of their degree, university graduates are usually referred to as Doctor(a). Mr, Ms and Mrs translate as Sr, Sra and D (for 'Dona'). Co-workers often refer to each other as 'colleague'. Business suits are standard office attire for both men and women. It is advisable to enquire whether the same attire should be worn for social functions. It is considered very rude to write anything official in red ink. Normal business hours are Monday to Friday 0900-1300 and 1500-1800. |
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