What’s going on in the Portuguese economy?
(This blog post does not mention Cristiano Ronaldo, not even once)
If there is anything I absolutely like, it´s connecting people. Today, and for the first time in this blog, I´m opening the door of my country and I am inviting you in to see, hear and feel the enthusiasm about the future we´re experiencing from this side of the “La Raya”. We’ve been bound to Spain for centuries and I know the connection will keep evolving with new actors. Let´s be two of them!
To feed both your rational and emotional side, I´m going to provide you with some “serious” information with figures we all like to read and, in turn, I´m also going to tell you true and inspiring stories. And then I would like you to tell me which ones may have convinced you to invest in Portugal. Are you following me?
If you make a Google query on “invest in Portugal”, immediately you´ll see the AICEP Portugal Global – the official web page of the Trade and Investment Agency with lots of reasons why it is worth considering investing in my country: financial incentives, international agreements, geographic and linguistic closeness, quality of life, security, among many others.
The recent national news is also very encouraging: as Canela announced in this week´s press release, according to the Banco de Portugal, the indicators of the economic activities and private consumption in Portugal are growing, and, since the summer of 2010, the greatest growth rate has been with an expected increase of the this year´s GDP by 1,2%. We also have some good news from Paris where the OECD expects the economy to grown for 1,6% in 2015 and 1,8% in 2016 (interestingly, the organization itself commented that these projections depend on the evolution in Spain, Portugal’s main commercial partner).
And if you like Lisbon, in particular, then this piece of news is for you: the Portugal City Brand Ranking reported in February that Lisbon was the winner in three categories at the national level – tourism, business and talent. Lisbon is officially the best Portuguese city to live, to visit and to invest! The second edition of the ranking analyzed 308 cities in terms of its economic development, online, digital demand and brand strategy and management.
What is the Spanish press saying about us?
Portugal, apart from the business opportunities offered by its internal market, is an excellent base from where to approach third countries, some of them of great interest for the Basque industry, such as Brazil, Angola and Mozambique with great potential for business although complex to approach. Portugal has a broad acquaintance and presence in its three former colonies, regions characterized for having complex judicial systems and where the Portuguese companies pave the way. […]Published in Empresa XXI, February 15th, 2015
“In the first half of the year, Spanish exports to the neighboring country have increased by 8.6% reaching 8,700 million euros. And it offers great business opportunities, especially for the companies of the automotive, aeronautics, biotechnology, metallurgy, paper or ICT sector. ” Published in elEconomista.es, October, 1st, 2014
So who is investing in Portugal?
The presence of the Spanish companies in Portugal is marked by sectors such as oil (Repsol and Cepsa), trade and distribution (Día Supermarkets and El Corte Inglés), banking (Santander, Totta, Banco Popular and BBVA) and construction (Somague). Of all the investment Portugal has, Spain is the winner.
Among many other examples, here are two that have a lot to do with entrepreneurship:
- The Spanish real estate Merlin Properties has invested for the first time in Portugal; we´re talking about 18 million euros invested in a building in one of the Lisbon´s main business centers, Parque das Nações. With this landscape who wouldn´t want to invest here?
- In 2014, Tech Tour Iberia drew Spanish investors and Seedcamp´s representatives to Portugal to analyze 13 start-ups with a total potential investment of 40 billion euros.
- The Spanish start-up that will make Portugal fly: It is called Waynabox and it´s the Spanish start-up that won a TAP Creative Launch award, business ideas competition created by TAP and Startup Lisbon. More information on this link.
- “Not everything is fiesta in Spain, nor fado in Portugal”: Spanish daily newspaper ABC published a great article on differencies and similarities among these two neighbouring countries. Interesting conclusion.
- Other parts of the world: A Bulgarian, a French and an Australian left their countries to launch start-ups in Lisbon. They gave in to our infrastructures to host their business such as Beta-I – Associação para a Promoção da Inovação e do Empreendedorismo. Published in O Observador.
So did I convince you that Portugal’s a great place to live, to work and to invest in? I hope so. We may be a small country but we’re perfectly formed and our economy back on the right path towards growth, so come and participate in the excitement we are experiencing.