Luís Mira Amaral - «Even today, if a Porsche drives by, I always look.»
At 80 years of age, Luís Mira Amaral continues to think about the country with the same incisiveness that once helped him shape its destiny. An engineer and economist, former Minister of Industry and Energy, and a leading manager at EDP and Caixa Geral de Depósitos, he combines remarkable experience with a mature and candid sense of humour. Intellectually inquisitive, he speaks of power, ambition, disappointments and luxury with the elegance of someone who prefers substance over ostentation – and has never stopped thinking for himself.
You have a background in engineering and economics; you have been a manager, professor, minister... Of all your professional experiences, which made the biggest impression on you?
I started working as an engineer, but I had always wanted to study economics. My first job was at the Directorate-General for Civil Aviation, where we worked on projects for electrical stations at Portuguese airports. That, as my first job, was a very meaningful experience [...]. But the experience that most marked my life was my time as Minister of Industry and Energy, a position I held for eight years. I had experience in the field of industry and energy, I had technical and economic training in these areas, and I had been an engineer at EDP. At Banco do Fomento Nacional, I became familiar with the entire Portuguese industry and also taught Industrial Economics at the Faculty of Economics at Nova. [...] As a result, during my time in government, I had the opportunity to apply not only theoretical and academic concepts but also my professional experience in both areas. It was a fascinating experience.
«[Having been] Minister of Industry and Energy […] was a fascinating experience.»
Looking back, what decisions do you think have had a significant impact on your working and personal life?
When I was at the Instituto Superior Técnico, there were two teachers who arrived in Mercedes cars with chauffeurs, and as a young student, I would look at them and think, ‘This is the model I want to be in the future, to be the Chairman of a Board of Directors and have a Mercedes with a chauffeur.’ As a young middle-class boy from Praça de Londres, these professors had a positive influence on me, not so much for their technical competence but for their social dimension. In terms of negative impact, the Colonial War, which marked my generation. […] I got out of the army at 29, so I lost six years of my working life… It affected me deeply to see those unfortunate people returning from the war, arriving at the Military Hospital all mangled or already dead, to see their bones in a plastic bag. That marks a generation.
What did you gain from success in different professional areas that you didn’t expect, and what did you sacrifice?
I have no reason to complain, I have always had a problem-free life. My professional ambition was not only to achieve success in my career but also to have a good life. During my student days, I never joined any student associations because they were all left-wing and I didn’t identify with the Portuguese student left, but neither did I identify with the old regime, which reeked of mothballs to me. When the Expresso newspaper appeared with Francisco Sá Carneiro, when the Liberal wing also appeared with Balsemão and Pinto de Leite, I realised that those were my people. Those were also important milestones in my early life. I really enjoyed what I was doing as an engineer, I loved my experience with the Portuguese economy and industry at Banco do Fomento, and I really enjoyed being Minister of Industry and Energy. People still recognise me as a minister and many tell me that I was the best Minister of Economy and Industry in Portuguese democracy. I find that very gratifying. But it was only when I left the government that I started to really make money. I returned to banking, I was a director at BPI, CGD, and CEO of Banco BIC Português. Before that, I had a good working life, but I was a technician. I’m not rich, but I live comfortably and happily.
The country has changed a lot since you were at the centre of political decision-making. What gives you cause for optimism in Portugal today, and what gives you cause for serious concern?
What gives me cause for optimism is the whole new generation of extremely well-educated people that Portuguese economics, engineering and management faculties are producing. We have some of the best colleges in these fields in the world, which are preparing young Portuguese people for the world and which are the best of the best. What disappoints me is that we have a country that is stagnating due to the political system’s inability to bring about economic and social development. I am deeply shocked that after more than 30 years of European integration with substantial EU funds, the country is still stuck in the same rut. It saddens me to realise that these extremely well-educated young people see no prospects in the country and are leaving. We export the best and import indiscriminate, low-skilled labour. The impasse the country has reached deeply upsets me.
You recently acknowledged that you suffered from depression when you left Caixa Geral de Depósitos, where you were Chairman of the Executive Committee. What do you learn about life and mental health when you go through something like that?
I didn’t suffer from depression because of my work at Caixa Geral de Depósitos, but because I was deceived and humiliated by the PSD government. They asked me to go to Caixa Geral de Depósitos to help them, [...] they promised to give me the chairmanship of Caixa Geral de Depósitos, but they lied to me, deceived me and then insulted and humiliated me in public. That is something I cannot forgive them for and will never forget. It was that which caused me to become depressed, it was the way I was deceived and humiliated in public by the PSD government. From that day on, I lost all commitment to the party and they never counted on me to help the PSD again. But in today’s world, modern business life is so intense and difficult that it is normal for people to go through rough patches. But there are psychologists and psychiatrists to help. People can have moments of weakness and, of course, need that help.
«I am deeply shocked that after more than 30 years of European integration with substantial EU funds, the country is still stuck in the same rut.»
These days, luxury is much more than just material things. What is truly a non-negotiable luxury in your life?
Excessive luxury is a form of ostentation that I don’t subscribe to. I like nice things, but for their quality, not their label. It’s an economic area where the French still excel, and I appreciate French luxury. I loathe the ostentatiousness of the nouveau riche, who use mobile phones and watches studded with diamonds and the like. But I appreciate a man who has a good eye for taste and quality in the suit he wears or the shoes he dons. If you’re talking about luxury cars, such as a Bentley or a Rolls Royce, I appreciate those too. They are the epitome of outstanding quality.
You like cars, restaurants and travel... Is there anything in material terms that really makes you lose your head? Do you have any favourite brands?
I wouldn’t say I lose my head. But even today, if a Porsche drives by, I always look. If a Bentley, a Rolls Royce or an Aston Martin drives by, I don’t lose my head, but I am captivated. Nowadays, there are several showrooms for these brands in Cascais Marina, and whenever I go there, I stop to look at the cars. It’s a fondness of mine. But I also enjoy seeing well-dressed people, both men and women. Dressing well isn’t about wearing expensive clothes, it’s about savoir faire.
«I didn’t suffer from depression because of my work at Caixa Geral de Depósitos, but because I was deceived and humiliated by the PSD government.»
What are your go-to pastimes or activities when you need to switch off and unwind?
I should mention that I don’t take extended breaks. In that regard, it’s enough for me to take a nap on Saturday and Sunday afternoons, switch off my mobile phone, and avoid watching television. A day without opening my computer is enough to switch off. Besides that, I go to the gym twice a week, use the equipment and swim, and walk along the Cascais seafront. When the weather is good, driving my convertible MGB in Cascais and Guincho, with a good jacket and a good hat, is extremely pleasant. I take advantage of the weekend to read a lot. I like to read about economics, finance, management, energy. I haven’t lost my curiosity and I read at the same speed as I always have. The only difference is that after dinner I don’t do anything else because I’m worn out. When I was in government, I would have dinner and then go back to work.
How would you define where you are in your life right now?
I’m what you might call, in a fancy way, an advancing senior. Let’s face it, I’m 80. My idea of retirement was to step down from executive roles and take on non-executive ones. I didn’t want to do what some people mistakenly do, which is go home and do nothing. That’s a disaster. I now work as a consultant and teach postgraduate courses in economics and management, which gives me enormous pleasure. I keep myself intellectually active. I write for newspapers and comment on television about things I have professional expertise in. That is what truly demonstrates my quality of life.
«Dressing well isn’t about wearing expensive clothes, it’s about savoir faire.»
Text: Carla Martins
Photos: Ana Nogueira