Set 29, 2021

How Portugal´s Economy is attractively unique

Attractively unique  

Attractively unique

Portugal´s economy is unique in the sense that has been living a positive transformation, but there are still some structural challenges that need to be corrected like some aspects of education and training and productivity. Nonetheless, Portugal has been trying to transform the challenges in opportunities, namely through exportation. Portugal’s economy has shown an export trend over the recent years, while the country started a period of growth which remained solid until the pandemic.

But as soon as the effects of the pandemic subside, some gradual normality will return after 2021, and it is expected that in the area of ​​exports there will be growth higher than the values for Europe and the world, confirming the continued competitiveness of Portuguese products and services. The objective is clear and has already been announced: to grow from an export weight of 44% in 2019 to 50% in 2027 and 53% in 2030, increasing the number of exporting companies from 21.500 to 25 thousand at the end of the decade and the average number of foreign markets to which companies export from 4,3 in 2019 to 4,7 in 2030.

There are several strategies that are being put in place to make Portugal attractively unique, namely differentiating Portugal from southern Europe, reinforcing the touristic attraction power or reinforcing the association of the innovation sectors or the development of clusters. This has been attracting foreign investment and high skillful people and also leading to innovation and development of Portuguese companies and workers.

Other aspect that has impact are the values, and identity, that are the countries actives, that are aligned with a clear vison for Portugal has a living lab for sustainability, has a hub for technology and digital innovation and has “small is smart” – focused on added value rather than scale.

Portugal is aiming to be a leading nation in sustainability and its citizens and companies are starting to realize that this a unique opportunity for growth, job creation, innovation and socioeconomic development. There is an ambition to increase our productivity and competitiveness, creating conditions for investment and job creation, allowing for companies to grow from small to medium, from medium to large and from large to global.

These are times of structural changes, with digital and energetic transitions to which the pandemic added new challenges that have highlighted the importance of global and remote collaboration, a new ethic in time and meeting efficiency, faster and more agile digital processes in an environment of constant change that demands alignment, connection and faster decision making need to address the sustainability demands.

Sustainability and ESG – Environmental, Social, Governance – indicators are a growing concern for investors and the world has a whole and Portugal believes in the value of an integrated sustainability strategy with immediate action. A Made and Created in Portugal  with focus, drive, purpose and sustained future investment.