This accomplishment highlights the country’s growing reputation as an attractive destination for global businesses looking to expand their operations and tap into new markets. The Portuguese Economy Ministry reported that the national investment promotion agency, AICEP, secured agreements totaling €420 million in 2024, a significant leap from the €41 million garnered in 2023. This surge in foreign investment underscores the resilience and appeal of Portugal's economic environment, even in the face of global challenges.

The increase in investments has spanned diverse industries, reflecting Portugal's ability to cater to a variety of sectors. Among the most notable projects were those from Amkor Technology, a U.S.-based semiconductor packaging firm, which expanded its operations in Portugal and bolstered the country’s tech capabilities. Bosch, the German engineering leader, further strengthened its presence in Portugal, contributing to its thriving automotive and engineering sectors. Additionally, Horse, a joint venture between Renault and Geely, invested in powertrain production, reinforcing Portugal’s growing role in the automotive supply chain. Investments in pharmaceuticals and information technologies further highlight the diverse opportunities available in the country, ensuring a well-rounded economic portfolio.

This influx of capital is expected to generate significant benefits for Portugal’s job market, with over 1,000 high-skilled positions projected to be created directly by these investments. These roles, primarily concentrated in strategic sectors, represent a boost not only to local employment but also to the broader economic landscape. The Portuguese government has expressed satisfaction with these developments, emphasizing the confidence international investors have in the country’s potential for innovation and sustainable growth.

AICEP has played a crucial role in this success, acting as the gateway for foreign businesses seeking opportunities in Portugal. The agency’s comprehensive approach, which includes providing tailored support, offering tax incentives, and facilitating access to European Union funding, has been instrumental in attracting high-value projects. By guiding investors through all stages of their initiatives and connecting them to global markets, AICEP ensures a seamless investment experience and strengthens Portugal’s position as a competitive and open economy.

Portugal’s remarkable success in 2024 positions the country for sustained growth in the years ahead. While challenges such as global economic uncertainties remain, the combination of strategic investments, a skilled workforce, and a focus on innovation will continue to drive its appeal as a prime destination for foreign investment. This momentum not only cements Portugal’s status as a key player in the global economy but also sets the stage for a future of sustained prosperity and opportunity.

Author

Paulo Lopes is a multi-talent Portuguese citizen who made his Master of Economics in Switzerland and studied law at Lusófona in Lisbon - CEO of Casaiberia in Lisbon and Algarve.

Paulo Lopes