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Portugal's impressive tenfold increase in foreign investment in 2024

In 2024, Portugal experienced a remarkable surge in foreign investment, particularly in export-oriented sectors, with figures soaring from €41 million in 2023 to an impressive €420 million.
This tenfold increase underscores the nation's growing appeal to international businesses seeking expansion opportunities.

The influx of foreign capital has been notably diverse, spanning various industries:

  • Technology and Semiconductors: Amkor Technology, a U.S.-based semiconductor packaging firm, expanded its operations in Portugal, enhancing the country's technological capabilities.

  • Engineering and Automotive: German engineering giant Bosch reinforced its presence, contributing significantly to Portugal's automotive and engineering sectors.

  • Automotive Manufacturing: Horse, a joint venture between Renault and Geely, invested in powertrain production, bolstering Portugal's role in the automotive supply chain.

  • Pharmaceuticals and Information Technology: Investments in these sectors further diversified the economic landscape, highlighting Portugal's multifaceted appeal.


Many Asian investments in various fields
Many Asian investments in various fields

A tangible example of this investment boom is the partnership between Portuguese oil company Galp and Swedish battery maker Northvolt.

Their joint venture aims to establish one of Europe's largest battery-grade lithium refineries in Portugal.

While the project promises to position Portugal at the forefront of the green energy sector, it faces challenges such as project complexity and uncertainties regarding grant funding, leading to potential delays.


The ripple effects of this investment surge are evident across multiple sectors:

  • Employment: The establishment of new facilities and expansion of existing ones are expected to create numerous job opportunities, reducing unemployment rates and fostering skill development.

  • Infrastructure: Increased industrial activities necessitate the development of supporting infrastructure, leading to advancements in transportation, logistics, and utilities.

  • Research and Development: Collaborations with international firms are likely to boost R&D activities, promoting innovation and technological advancements within the country.


However, it's crucial to address potential challenges, such as ensuring sustainable development and managing the socio-economic impacts of rapid industrialization.

Proactive measures in policy-making and infrastructure development will be key to maintaining this positive trajectory.


Our Recommendations for Expat Business Professionals considering opportunities in Portugal:

  1. Stay Informed: Keep abreast of industry trends and government policies to identify emerging opportunities and navigate potential challenges effectively.

  2. Network Actively: Engage with local business communities and industry groups to build relationships and gain insights into the Portuguese market dynamics.

  3. Assess Opportunities: Evaluate how your expertise aligns with the growing sectors in Portugal, such as technology, automotive, and renewable energy, to identify where you can add value.


To support your business endeavors in Portugal, consider leveraging the services offered by our trusted partners:


By staying informed and utilizing available resources, expatriate professionals can successfully navigate and capitalize on Portugal's dynamic business landscape.

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