Economist Ricardo Arroja has been officially dismissed as president of AICEP, Portugal’s trade and investment agency, after just over a year in office. His replacement is Madalena Oliveira e Silva, marking the first time a woman leads the institution.
According to the Ministry of Economy, Arroja will receive €62,683.92 in compensation, as outlined by the statute governing public managers. The law states that if a manager serves for more than 12 consecutive months, they are entitled to compensation equal to their base salary for the remainder of their term, capped at 12 months. Arroja earned a gross monthly salary of €5,223.66 (excluding representation expenses, which are not counted toward the payout).
Arroja, appointed in June 2024, was removed on June 23, 2025, after serving one year and 19 days. Unlike his predecessor, Filipe Santos Costa, who did not complete a year and therefore received no compensation, Arroja meets the legal threshold.
The Ministry explained the change in leadership as a strategic move: AICEP needs to play a “more active, agile and business-focused” role in boosting exports, with Oliveira e Silva seen as better aligned with this vision. She recently played a key role in negotiating support for Autoeuropa, one of Portugal’s major exporters.
Should Arroja return to a public position within the compensation period, the payout may be reduced or partially returned, per the legal framework.
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