Portugal investment news – Portugal registered record-high business investment in 2023. What are the reasons for Portugal’s economic success?
Investment in businesses in Portugal reached a historical high in 2023. While 2022 was a record year for business investment in Portugal, investment in Portuguese businesses was even higher in 2023, according to Portugal’s Prime Minister António Costa.
Portugal increased the stock of foreign direct investment by 40% between 2015 and 2023. Portugal also registered a historical-high figure for exports since exports represented more than 50% of GDP in 2023.
What are the reasons for Portugal’s economic success?
According to Portugal’s Prime Minister António Costa, Portugal registered historical-high figures for investment in Portuguese businesses, as well as in the stock of FDI, and also registered record-high export figures in 2023, and these are the reasons for Portugal’s economic success:
Portugal not only successfully managed to find new export markets, but also managed to reach higher added value in the manufacturing sector. Portugal’s Prime Minister gave as an example the Toyota Caetano factory in the district of Aveiro, that is producing a new electric vehicle that is designed specifically for the Paris 2024 Olympic and Paralympic Games. The production of EVs in Portugal is an example of Portuguese manufacturing plants that are now producing sophisticated goods. Portugal’s Prime Minster highlighted that 38% of Portuguese exports are already high and medium-high technology goods.
It is to be noted that the Toyota EV produced in Portugal for the 2024 Paris Olympic and Paralympic Games is an Accessible People Mover (APM), that is intended to transport people with reduced mobility. The Toyota plant in Portugal will produce 250 Accessible People Mover EVs under the Recovery and Resilience Program (PRR), that represents an investment of 10 million euros.
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