Pedro Cassiano Santos granted an interview to ECO, in which he analysed the capital market outlook and foreign investment in Portugal.

In the interview, titled ‘The Portuguese capital market remains resilient’, the VdA Head of Practice Partner for the Banking & Finance area describes the national capital market as being of a ‘smaller size and peripheral nature’, but emphasises its 'resilience” and the important role it plays in the Portuguese economy, acting as a vector of the country's economic sovereignty.

Among the topics analysed, the interview addresses the growth of investment and private equity funds, with an emphasis on real estate investment funds (FIIs) and venture capital funds linked to programmes such as the Golden Visa and technological initiatives. Despite the progress made, Pedro Cassiano Santos highlights the challenges faced, such as ideological and regulatory obstacles that make the environment more demanding for Portuguese funds compared to their European counterparts.

Pedro Cassiano Santos explains that "Portuguese funds and other collective investment organisations always face a steeper mountain to climb, not only because they arise from a smaller and more peripheral market, but also because there seems to be a label that imposes greater demands on them, often without much sense or rationality. In this domain as well, resilience will certainly be one of the watchwords."

The interview highlights that, despite challenges like limited liquidity due to the market's smaller size, the Portuguese capital market demonstrates resilience over the decades, even in adverse contexts. This ability to adapt and endure reinforces the importance of this sector as a driver of the national economy and a viable platform for attracting foreign investment.

• This interview is available here.