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The relationship between Spain and Portugal has always been and continues to be very close and close both geographically and economically, with the neighboring country currently being Spain's fifth largest trading partner.
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 specialization of the 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.
What is the country's main attraction?
- 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.
- The Portuguese country has a technologically advanced telecommunications infrastructure network. At the end of 2019, the share of fiber optic connections in total broadband was 38.6%, higher than the OECD average of 31.8%. In addition, Portugal ranks 21st out of 141 countries in terms of overall infrastructure quality according to the World Economic Forum (WEF) Global Competitiveness Report 2019.
- It also has the capacity to increase productivity and transport and logistics infrastructures. All this makes the Portuguese the 39th country out of 190 with the best ease of doing business index according to the World Bank's Doing Business 2020 Index.
- Portugal has become, according to the Organization for Economic Cooperation and Development, the second most receptive country for foreign investment.
And what are the country's most 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 molds sector, through the manufacture of tires and other rubber and plastic components, to textiles, glass or 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 betting on Portugal is the services and operations sector. Sector in which we include cybersecurity, artificial intelligence, robotics, IT development, software engineering or R&D among others.
Finally, another sector that increases the country's competitiveness is that of alternative energies, being Portugal the European Union member state with the highest percentage of renewable energy generated according to Eurostat.
As specialists in accompanying Basque companies in international markets, at ieTeam Consulting we firmly believe that Portugal is a market of opportunities, being one of the most receptive European countries to 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 to land and achieve all your goals in the destination.
We put at your disposal our entire network of experts to guide you!
Author: Great Team
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