EY’s latest study into Portugal’s attractiveness in terms of foreign direct investment (FDI) was presented this week, confirming the country’s upward trajectory, with Porto at the top. The Economics, Employment and Entrepreneurship Advisor was present in the discussion on the question “What can we do to improve the demand for foreign direct investment directed to Portugal?”.
In a conversation with Pedro Cruz, from Nugreen Hydrogen, Cristina Fernandez, from Fresenhos Cabi, and Miguel Frascillo, from United Business and the Portuguese Business Federation’s Investment Attraction Strategic Board, Ricardo Valente recalled how Porto recently gained a ranking Financial Times: European Cities of the FutureThus, its strategy to encourage foreign direct investment was recognized.
Quoting the study, the Economy, Employment and Entrepreneurship Advisor reiterates that “Porto lives with its doors open to the world and its eyes looking to the future, tolerant of change and capable of realizing the ambitions of those who feel inspired to make a decision.” Risks in a multicultural and international environment.”
The city has become “a hub for foreign direct investment in southern Europe, attracting more than €2.7 billion in investment projects and capable of creating 17,400 jobs in the past three years,” the consultancy firm’s study notes.
EY highlights the city’s “upward trajectory”, which is reflected in more than 2,250 foreign companies based in the region, “including technology and IT services hubs from around the world such as Natixis, Euronext, Kantar, TeamViewer, Maersk or… Critical Techworks.
“Porto’s value proposition as a global hub of the future stems from the region’s enormous talent pool, world-class universities, thriving innovation and entrepreneurship environment, ideal location with modern digital infrastructure and fantastic connectivity to EU and global markets, as well as exceptional quality of life and welcoming nature.” “, highlights the advisor.
For EY, “These structural factors, together with the unique combination of cultural heritage and innovation, make Porto an ideal business center for 21st century companies to develop highly innovative projects and quickly adapt to current challenges.”
Remember that according to Porto Economic BulletinFrom 2021 to 2022, the city saw a 67.9% increase in foreign direct investment, representing approximately 600 million euros. Last year, these projects were responsible for creating 2,690 new jobs in the city. The number of companies created also increased by 19.7%.
Overall, the study concluded that Portugal is the sixth major investment destination in Europe, growing by 24% compared to 2021. With 248 projects, the country was the one with the greatest growth among the 10 European countries in the Investment Attraction Summit.
The figures compiled by the consultant, where the cities of Porto and Lisbon show “the potential to create at least 24,574 new job opportunities,” confirm “the country’s attractiveness in the digital economy” and “contribution to a more developed national economy, dependent on advanced services.” “.
Despite the political instability, EY highlights how Portugal has been able to “demonstrate high resilience at both the macroeconomic and fiscal levels”, which has translated into a record number of FDI projects. Germany tops the list of countries that chose Portugal for investment, followed by the United States, France, the United Kingdom, Spain and Switzerland.
