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Indian real-estate investments in Portugal have reached new highs with India now ranked in the Top 4 nations to obtain a Golden Visa in 2022, after the US, China and Brazil. Indian real-estate investments through the Golden Visa program rose from the 5th place in 2021 to the 4th place in 2022. Since the program started in 2012, more than 130 golden visas have been issued to Indian nationals according to The Times of India. Data from LCR Capital Partners shows that the number of wealthy Indians who invested through this program jumped to 56 in 2022. According to The Times of India, the golden residence permit program is in high demand due to a number of factors; including tax reliefs, residency without having to move to Portugal while providing access to any Schengen country as well as quality of life. #IndianrealestateinvestmentsPortugal #Portugalgoldenvisaranking #goldenvisaportugal #realestateinvestmentsportugal #TheTimesofIndia #LCRCapitalPartners #portugalnews #portugalbusinessnews

EDP Renewables, a leading renewable energy company based in Madrid, just signed a 78 MW wind Power Purchase Agreement (PPA) with Greek MYTILINEOS. MYTILINEOS is a conglomerate that operates 4 business units, namely Power & Gas, Metallurgy, Renewables & Storage Development, and Sustainable Engineering Solutions. MYTILINEOS is committed to enrich its portfolio with renewable energy at competitive prices. The long-term PPA is based on the green energy produced from a 78 MW wind portfolio. This is EDPR’s first PPA in Greece and a first for MYTILINEOS, concerning energy generated from a wind portfolio. The wind portfolio consists of 3 wind projects developed in Greece by EDPR, namely 23 MW located in Voiotia, 21 MW located in Achaia and 35 MW located in Voiotia. All wind farms are expected to be operational by 2025 and the portfolio is expected to produce more than 232 GWh annually, that is the equivalent of the consumption of 60,000 households in Greece, while displacing around 100,000 tons of CO2 emissions annually. With this new portfolio, EDPR has now 11.2 GW out of the 20 GW that are to be added globally in line with the 2021-25 Business Plan. For the European region, this transaction enables EDPR to achieve more than 3.6 GW of the 6.7 GW target for renewable capacity additions for 2021-25. #EDPRenewableswindenergy #EDPMYTILINEOS #EDPRenewablesGreece #EDPRwindenergy #Portugalinvesmentnews #renewableenergyportugal #portugalnews #portugalbusinessnews #EDPR #MYTILINEOS

Portuguese IPN Incubator ranks in the Top 10 University Business Incubators 2022 according to the UBI Global ranking. IPN - Instituto Pedro Nunes is based in Coimbra and the Business Incubator is a private, non-profit institution created on the initiative of IPN and the University of Coimbra. The UBI World Benchmark Study 2021-2022 selected 109 out of 1,895 incubation programs in 56 countries, and shows the trends in the tech sector as well as the impact on the startups ecosystem and the economy. This ranking establishes Coimbra as a university city of excellence on a global level and the university’s business incubator is setting the standard globally. The IPN business incubator supported a number of successful tech companies including FEEDZAI, Critical Software, WIT Software, Crioestaminal, Active Space Technologies and Take the Wind. The incubator’s success has attracted major European players such as the European Space Agency (ESA) for developing their business incubator program in the field of space technology. #IPNIncubator #Top10UniversityBusinessIncubators2022 #universitybusinessincubatorportugal #UBIranking #IPN #UniversityofCoimbra #techincubatorportugal #FEEDZAI #CriticalSoftware #WITSoftware #Crioestaminal #ActiveSpaceTechnologies #TaketheWind #ESA #portugalnews #portugalbusinessnews

Galp posted profits of EUR 881 million in 2022, that is nearly double the amount of EUR 457 million for 2021, according to the Portuguese Securities Market Commission (CMVM). Galp posted earnings before interest, taxes, depreciation and amortization (EBITDA) amounting to EUR 3,849 for 2022, that is an increase of 66% compared to the previous year. Galp’s capital expenditure reached EUR 1,266 million for projects in Brazil and for the extension of the portfolio of renewable energy, namely the acquisition of Titan Solar. The company’s Operating Cash Flow was EUR 2,788 in 2022, that is 50% more than in 2021. In the renewable energy sector, Galp posted an adjusted EBITDA of EUR 17 million, due to the capacity reaching 1.4 GW. It is to be noted that Galp has a provision for windfall taxes of EUR 53 million. #Galpprofits2022 #CMVM #Galprenewableenergy #portugalnews #portugalinvestmentnews #portugalbusinessnews #Galp

Portuguese energy company Galp has signed an agreement to sell assets in Angola for U$ 830 million to Somoil - Sociedade Petrolífera Angolana S.A. The agreement is for U$ 613 million until completion by the end of 2023 and an additional U$ 175 million for contingent payments in 2024 and 2025, according to the price of Brent. Galp is selling its mature assets and is strengthening the high rating of its upstream portfolio as well as its decarbonization strategy. Galp was advised by Bank of America Securities for this transaction. #GalpsellsassetsAngolatoSomoil #Galpsellingmatureassets #Galpdecarbonization #portugalnews #portugalbusinessnews #Galp #Somoil

Microsoft announced a partnership with CTT, Portugal’s national postal service on February 13th, that aims at innovating in the logistics sector. This new partnership will contribute towards accelerating the digital transformation and growth of Portugal’s logistics sector. The agreement between Microsoft and Portugal’s postal service has four main pillars, namely Technological Modernization for Business Transformation, Co-creation and Shared Innovation, Training and Capacity-Building for collaborators, as well as Sustainability and Social Impact. According to Andres Ortolá, Diretor Geral of Microsoft Portugal: “This strategic agreement is another step towards the urgent digital transformation of the Portuguese business sector. The partnership with CTT will address the challenges that are faced by the logistics sector.” The partnership will be based on the technology developed by Microsoft and will accelerate the leadership and innovation of CTT via physical as well as digital channels, while strengthening the social and environmental accountability. #MicrosoftpartnershipCTTPortugal #logisticssectorportugal #digitaltransformationportugal #digitalnewsportugal #potugalnews #portugalbusinessnews #MicrosoftPortugal #CTT

Governments from European countries are trying to mitigate inflation to help hard-hit consumers and companies. A Reuters report that analyses the situation provides an overview for Europe where rising energy prices have led to an EU gas price cap starting February 15, 2023. According to the Reuters report, Portugal will limit the rise in the regulated price of electricity next year to 3.3% for around 1 million households and small businesses. Other countries that have a price cap on electricity are Germany, the Czech Republic, Slovakia, the UK, France, Poland and Croatia. Other measures taken by other European countries include a 16% minimum wage increase for next year in Hungary, a 12.5% hike in state pensions from January for Romania, mortgage relief for more than 1 million vulnerable households for Spain, a total of EUR 21 billion next year on energy costs relief for Italy and banning consumer price rises from October 6 for Belarus. #HowEuropemitigatesinflation #inflationmeasureseurope #Reuters #inflationmeasuresportugal #portugalnews #portugalbusinessnews

Portugal is launching an interoperable Single Transport Card called “1Bilhete.pt”. The card, that will allow passengers to use all types of public transport throughout Portugal, will be operational in Coimbra for a trial period. The 1Bilhete.pt Single Transport Card will be linked to a national intermodal ticketing platform that will require an investment of EUR 2.7 million since each region has its own rates and a different system. Currently, people use a system that is not interoperable, whether they use a card or an app. The new platform that will be developed will integrate products and rates, with interoperability between the ticketing systems of Porto and Lisbon. This will require investment in technology, namely for selling and loading cards from different regions, as well as developing a new smartphone app. A smartphone will be used to load physical transport cards from different transport networks and it is expected that this new function will be operational in 2024. With reference to ticketing linked to debit and credit cards, a reference architecture will be designed and certified in 2024 for public procurement for each region. #1Bilhetept #interoperablesingletransportcard #singletransportcardportugal #intermodalticketingplatform #ticketingbankcard #transportportugal #portugalnews #portugalbusinessnews

Portugal has received the first of the 18 subway trains bought for nearly EUR 50 million from Chinese company CRRC Tangshan for the Porto metro. According to Railly News, this is the first time that a Chinese company is exporting an urban rail system vehicle to a European Union country. Zhao Bentang, the Chinese Ambassador to Lisbon, noted that the new type of subway train provided by CRRC Tangshang to the city of Porto sets an example that bilateral cooperation will further advance in the future, as a result of the concrete cooperation between China and Portugal. The Chinese subway train will be included in the network in May, following a period of stringent tests. Four other subway trains are expected to arrive in March, followed by 5 in July and 8 in September. The additional 18 subway trains have a maximum operating speed of 80 km/h and a seat capacity of 244 passengers, of which 64 can be seated. The Minister of the Environment and Climate Action, Duarte Cordeiro, who tried the train conductor’s seat, stated that the Government invested nearly EUR 950 million in the Porto Metro in the last few years. #CRRCTangshan #Portometro #subwaytrainsportugal #RaillyNews #urbanrailsystem #ChinaPortugaltrade #portugalnews #portugalbusinessnews

Portugal’s Metal Sector represents 30% of Exports and is one of the most dynamic sectors of the Portuguese economy. In 2022, exports from this sector reached a historical high with EUR 23,080 million, representing a 16.1% increase compared to 2021. Exports from the Metal Portugal brand increased by 10% in December 2022 compared to the same period in 2021 to reach EUR 1,706 million. Portugal’s Secretary of State for the Economy, Pedro Cilínio, met the leaders of the association for the metallurgical and metal-working industry, AIMMAP, on February 10th and visited the main companies in the sector, namely Adira Metal Forming Solutions and António Meireles, that have strengthened their position in the fields of innovation, sustainability and quality. The main growth markets for the Metal Portugal brand are Germany, Spain, France, the US, Angola, Ireland an Italy. #Portugalmetalsector #MetalPortugal #AIMMAP #AdiraMetalFormingSolutions #AntónioMeireles #madeinportugal #portugalnews #portugalbusinessnews

Portugal’s exports of goods grow by 23% in 2022 to reach EUR 78,325 million. Compared to figures for 2020, Portugal’s export of goods grew by 45.7%. The main export market is Spain, namely in the machines and apparatus sector, accounting for 26.1% of exported goods. The growth rate for exported goods to Spain is 19.9%. The other main export markets for the goods sector are France with 12.4% of exports that represents a growth rate of 16.4% and Germany with 10.9% of exports that represents a growth rate of 21.7%. Portuguese non-EU exports increased by 27.7% compared to 2021 and represents 29.5% of exports. The main non-EU export markets are the US with 6.5% of exports that represents a growth rate of 43.1% and the UK with 4.9% of exports. The main export sectors are mineral fuels with exports increasing by 79.9%, machines and apparatus that increased by 19.9%, vehicles and other transport equipment that increased by 15.4% as well as chemical products that increased by 32.6%. #Portugalexportsgoods #mineralfuelsportugal #machinesandapparatusportugal #vehiclesandtransportequipmentportugal #exportsportugal2022 #portugalnews #portugalbusinessnews

Portuguese footwear exports reach a record EUR 2,347 million with 76 million pairs exported in 2022. This represents an increase of 22.2% compared to 2021 according to APICCAPS. Growth figures per export market show an increase of 11.7% for Germany,15% for France and 25% for the Netherlands. Outside the EU, exports grew by 20% reaching EUR 392 million, with exports to the US growing by 52% in 2022. #Portuguesefootwear #Portuguesefootwearexports #APICCAPS #madeinportugal #portugalnews #portugalbusinessnews