Yellow Papers / Portugal: Seven reasons why it's an interesting country

16 Feb

Portugal: Seven reasons why it's an interesting country

The relationship between Spain and Portugal has always been and continues to be very close and close both geographically and economically, with the neighbouring country being Spain's fifth largest trading partner at present, while for Portugal Spain is its main trading partner in terms of both exports and imports.

Reason 1: Increased specialisation of the manufacturing industry

In the last decade, in addition to a greater diversification of services in economic activity, there has also been a very significant change in the specialisation of manufacturing industry in Portugal. Today, there is greater technological incorporation in the automotive, electronic components, energy, pharmaceutical and industries related to new information and communication technologies, which makes the country a market of opportunities.

Reason 2: A bridge between Europe, Africa and America

Portugal is located in a geostrategic position both with Spain and with America and Africa and especially, in terms of international cooperation, with all Portuguese-speaking countries.

Currently, and thanks to Lisbon International Airport, they have the opportunity to fly to more than a hundred international destinations. It also has a technologically advanced telecommunications infrastructure network.

Reason 3: Universal language

Portuguese is currently the fifth most spoken language on the planet and the third most used language with Latin alphabet, with more than 270 million Portuguese speakers worldwide.

For its part, the EF English Proficiency Index states that Portugal is the seventh country with the best level of English.

Reason 4: Receptive to foreign investment

Portugal has become, according to the Organisation for Economic Co-operation and Development, the second most receptive country for foreign investment. The most attractive investment opportunities are in the following sectors: petrochemicals and logistics, environmental technologies, renewable energy and tourism.

Reason 5: An easy country to do business in

Portugal is currently the 39th country out of 190 with the best index of ease of doing business according to the World Bank's Doing Business 2020 Index. We are talking about a country that allows foreigners to start their own business without any restrictions.

Reason 6: A thriving economy

Portugal is currently ranked 30th in the world with an economy that is increasingly digitalised, solid and internationalised. It has an unemployment rate of 6.7% in 2020 and a GDP growth of 2.3% in 2019.

Reason 7: Highly competitive sectors

First of all, the automotive and components industry would be one of the most strategic sectors for Portugal, being one of the exporters of motor vehicles and their components. In addition, there is a group formed by the different sectors of the manufacturing industry, ranging from companies in the metallurgical and moulds sector, through the manufacture of tyres and other rubber and plastic components, to textiles, glass and electronics.

Secondly, we can talk about the aeronautical industry as one of the sectors considered emerging by the Portuguese government in the country, which has more than 80 companies with 87% of its production exported.

Another sector that is experiencing great growth through foreign companies that are betting on Portugal is the services and operations sector. This sector includes cybersecurity, artificial intelligence, robotics, IT development, software engineering and R&D, among others.

The alternative energy sector has a great place in this country as it is one of the members of the European Union with the highest percentage of renewable energy generated according to Eurostat.

As specialists in accompanying Basque companies in international markets, at ieTeam Consultores we firmly believe that Portugal is a market of opportunities, being one of the most receptive European countries for foreign investment.

Taking into account your experience, team, resources or characteristics, our team and the Portugal team led by Jose Costa from Great Team will help you land and achieve all your goals in the destination.

We put at your disposal our entire network of experts to guide you!

Sounds

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