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Should We Maintain Investments Despite COVID-19?

This is a question that has recently been asked frequently in Portugal.

After 500 years of the Discoveries, the situation was reversed and it was Portugal that was discovered. In recent years, multiple international tourism awards have established Portugal as one of the best tourist destinations in the world.

This resulted, especially in Lisbon and Porto, in an invasion of tourists from all over the world. The investment started to be mainly for tourism.

Requalification of cities, improvement of monuments, hotels and new restaurants to be opened daily, and all kinds of services related to tourism to be developed.

40 years after the beginning of the discussion, a doubt returned to the Portuguese State more strongly. Is it worth it or not to move forward with a new airport in Lisbon, in addition to the small and outdated airport in the Portuguese capital?

For the first time, the voices in favor of the construction of the new airport became the majority and, 40 years after beginning to consider this investment, the Portuguese State finally decided to officially proceed with the construction of the new Lisbon airport starting in the coming months.

But the pandemic took everyone by surprise and tourism in Portugal, as in the rest of the world, disappeared, leading hotels, restaurants, and other services to bankruptcy.

At the same time, the old question of the airport has reappeared. Now that tourism has disappeared, and it will take a long time to return to what it was, and that the economy is weaker than ever, is it worth it to proceed with the construction of a new airport?

The opinions split again. Is it worth keeping an investment in something that has disappeared, even if provisionally? The same is questioned in other areas and sectors. Companies, offices, factories, stores, which had growth plans, is it worth keeping these plans?

It should certainly be analyzed on a case-by-case basis, but believing that all of this is provisional, and that we will return to what it was, the Portuguese State has given a clear public signal of confidence and optimism, maintaining the construction plans for the new airport.

In this way, the Portuguese State demonstrates to others that this should be the way. To believe that everything will improve and that we must continue to improve our business and projects, with a view to a better Portugal.

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Filipe Consciência's picture

Born in Lisbon, Portugal, in 1984, Filipe Consciência did his entire education in Lisbon, entering with 17 years at the Law Faculty of Lisbon University.

After graduating, and before entering the legal labor market, Filipe Consciência accepted the position of employee of a car stand, having in just a few months become department manager and later responsible for two car stands.

In September 2008, Filipe Consciência started working in the office of Pragma founder, Cecília Caria Mendes, beginning  to work with Pragma right away.

Over the years Filipe Consciência has specialized in consumer, labour and commercial law, and also in real estate.

After actively participating with Cecília Caria Mendes in the discussion and drafting of the law that allows the attribution of Portuguese nationality to descendants of Portuguese Sephardic Jews, since 2015 that Filipe Consciência has been responsible for the office's nationality department, having already delivered several thousand requests for attribution of Portuguese nationality, with great success.
In 2017, Filipe Consciência was invited to become Associate of Caria Mendes Advogados.