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Central Portugal is nestled among green valleys sprinkled with traditional villages and mountain ranges where the secrets of the Dão wine region are yet to be discovered. The Dão is one of Portugal's oldest wine regions where the granite mountains and the temperate climate produce its traditional wine and inspire Central Portugal’s Michelin green star cuisine at Mesa de Lemos restaurant. The Central region is Portugal’s Green Heart where the Mondego and Dão rivers flow and the region gives its wine’s Designation of Origin (DOC). Dão wine is produced in a region that is sheltered by mountain ranges, where vineyards and pine forests surround the district of Viseu where Michelin’s Green Star is to be found. A Green Star is awarded when the culinary experience is matched by sustainable traditions, where the environment and local produce are equally important. Portugal is yet to be discovered for its eco-tourism and rustic interior. Portugal now has three Michelin Green Stars, that comprise Mesa de Lemos in Central Portugal that is close to Porto, Esporão in Évora that is south of Lisbon and il Gallo d’Oro on Madeira Island. Central Portugal is a region where historical villages are nestled and its main city Coimbra was once the political centre of the Kingdom of Portugal with its royal palace that is now a university. The Serra da Estrela mountain range is a Protected Designation of Origin for its cheese made from sheep’s milk. It is a region where a genuine and welcoming people and a glass of red wine matured in Portuguese oak contribute to the charms of a tranquil lifestyle. The Dão wine region is also where the Sogrape wine producer is innovating with modern flavours to produce the Offley Clink Portonic, a canned tonic port wine that just won the Innovation of the Year award. The Dão region is one of the top-performing wine regions of Portugal as wine exports registered a 22.5% growth compared to the previous year, to reach a total amount of EUR 16.1 million. Central Portugal, where traditions meet innovation, where gastronomy meets nature, is a region where Portugal’s Green Heart meets sustainability for future generations. Source: https://www.portugalbusinessesnews.com/post/central-portugal-heart #CentralPortugal #Dãowineregion #MesadeLemosrestaurant #Michelingreenstar #Sogrape #OffleyClinkPortonic #portugaltourism #portugalecotourism #portugalnews #portugalbusinessnews

A Portuguese study just published by IDC Portugal on the Future of Innovation in the IT Services sector describes the main trends and the Future Vision of Portugal in 2024. The IT sector contributes to Portugal’s economic growth and accounts for 0.8% of GDP, with revenue growth of 10%. The number of companies operating in the sector grew by 6% since the IT sector in Portugal has a solid ecosystem for startups as well as 6 global unicorns that have a total value of over EUR 33.9 billion. The number of unicorns per capita in Portugal is already higher than the global average. The six Portuguese unicorns in the IT sector are Farfetch, Talkdesk, Outsystems, Feedzai, Remote and Sword Health. SWORD Health is the new Portuguese unicorn and is valued at USD 2 billion. The company develops treatments for musculoskeletal disorders. FARFETCH is valued at EUR 12.770 M, Outsystems at EUR 8.370 M and Talkdesk at EUR 8.810 M. The Portuguese IT sector is mature, dynamic and resilient. It registered growth in all market segments and it is to be noted that there is an accelerated growth in the number of software companies. Portugal’s competitive advantage is the availability of local talent, while goods and services are produced at competitive prices. A number of multinational companies have selected Portugal as their IT hub due to the availability of a pool of qualified individuals. The dynamism of the Portuguese IT ecosystem is driven by the development of a number of innovative solutions for the global market. Portugal is ranked 7th out of 112 countries in the English Proficiency Index, 28th out of 134 countries in the Global Talent Competitiveness Index and 31st out of 132 countries in the Global Innovation Index. The software and services segment registered an average growth of around 15% while exports from this segment registered an average growth of 21% over the last five years. The main opportunities that are identified in the Portuguese IT sector are software applications, platforms, analytics, AI as well as cloud Infrastructure as a Service (IaaS). Mature export markets include Western Europe and the US in the software segment. This segment is expected to register a higher growth for all regions compared to other IT segments. Concerning less mature export markets such as China and Latin America, it is expected that there will be a higher growth rate. For these markets, there are opportunities for innovative technologies. In 2023, half of organizations will generate over 40% of income from digital goods and services. This is due to the fact that the pandemic has accelerated Portugal’s digital transformation. It is to be noted that decarbonization initiatives are part of the country’s digital transformation and that 90% of organizations intend to reduce carbon emissions by the end of 2023. Portugal’s ICT sector is comprised of 24,000 companies that employ over 147,000 people, thus accounting for 3.6% of jobs. It has registered revenues of over EUR 21.101 million, accounting for 5.4% of the total turnover of Portuguese companies. The main share comes from the IT services segment that includes software and telecommunications. Revenues from the services sector amount to EUR 13.396 M, out of which EUR 6.134 come from the telecommunications segment. In 2020, exports from the ICT sector were around 24% of total revenues, with the main services exported being the consulting and computer programming segments, while data processing services are also in demand. Exports of software and IT services register an average annual growth of 21%. The consulting and computer programming sector includes a number of innovative software companies and accounts for 30% of the total turnover. This segment registered an average annual growth of 12.3% during the period 2015-2020. Due to the pandemic, Portugal registered a decrease of 10% in revenues in 2020 compared to the previous year. However, revenues from the ICT sector grew by 4.6% during the same period. The forecasts for the Portuguese IT sector include accelerated investments in the field of digital transformation by 2025, with over 55% of total investments expected to be in the Information and Communication Technology sector. These figures show the resilience and dynamism of Portugal’s IT services sector, while the future vision shows its high growth potential by 2024. Source: https://www.portugalbusinessesnews.com/post/digital-portugal-outlook-2024 #IDCPortugal #PortugalITsector #digitalportugal #ITPortugaloutlook #Portugalunicorns #Farfetch #Talkdesk #Outsystems #Feedzai #Remote #SwordHealth #digitalnewsportugal #newsportugal #businessnewsportugal

Dark Sky Alqueva in Portugal just won the World’s Responsible Tourism Award 2022 at the World Travel Awards. Alqueva, in Portugal, was the first site in the world to be certified by the Starlight Foundation as a “Starlight Tourism Destination.” This new certification, awarded by the Starlight foundation is supported by UNESCO and by the UNWTO. Starlight Tourism Destinations are places which have very low light pollution where visitors can enjoy unique and unparalleled opportunities to view the night sky. In most of Europe fewer people are able to view the galaxy clearly because of increasing light pollution, however Alqueva in Portugal has excellent atmospheric conditions that make it possible for visitors to enjoy stargazing for most of the year. Alqueva is also a unique region that has a rich cultural and natural heritage, with its megalithic remains that provide a link with past civilizations who observed and reacted to celestial movements. It is in this region that a small, picturesque village hosts the Alqueva Dark Sky Route initiative, where tourists may enjoy activities such as bird watching, hiking, horse riding, canoeing, lake-side dining, and, especially, stargazing. The “Starlight Tourism Destination” certification covers the municipalities of Alandroal, Reguengos, Monsaraz, Mourão, Barrancos, Portel and Moura, along 3.000 km2 surrounding the Great Lake Alqueva, the biggest artificial lake in Europe. It is a memorable place where stargazers may enjoy magical moments while the Dark Sky Route welcomes Astro-tourists for overnight stays. The Alqueva Dark Sky Reserve is managed by the Genuineland-Alentejo Network of Villages Tourism. The global “Starlight Tourism Destination” award obtained by Dark Sky Alqueva recognizes excellence in the field of Astro-tourism. In addition to the World Travel Award that is an industry hallmark, the prestigious World’s Responsible Tourism Award 2022 recognizes the innovative character of this Astro-tourism destination. Protecting the night sky is their mission and it comes with decreasing to almost zero the levels of light pollution. The International Starlight Conference of April 2007, promoted by the Instituto de Astrofísica de Canarias, establishes the principles contained in the "Declaration in Defense of the Night Sky and the Right to Starlight" and led to the creation of the Starlight Foundation that focuses on the protection of the night sky and Astro-tourism. To further this goal, the international Starlight Certification system was launched to protect the sky as a necessary resource for life and as an intangible heritage of humanity, guaranteeing the ability to enjoy star-gazing. Portugal’s “Starlight Tourism Destination” certification merges science and tourism for the enjoyment of future generations as well as all tourists who enjoy stargazing. The twinkling stars of the Alentejo region whisper in the night, drawing travelers to the secrets of its night sky and to the wonders of its constellations and planets. Source: https://www.portugalbusinessesnews.com/post/dark-sky-portugal #DarkSkyAlqueva #astrotourismportugal #StarlightTourismDestination #alquevaportugal #portugalnews #portugaltourismnews #portugalbusinessnews

A study by Focus Economics describing the Commodities 2023 Outlook forecasts that commodity prices, which reached record highs in 2022, will fall slightly in 2023 in line with global demand. However, tight supply is expected to keep prices high compared to historical data. Energy prices, that peaked with the onset of war in Ukraine due to disrupted energy supplies from Russia, are expected to fall slightly going into 2023. Even though limited supply will keep prices relatively high, the prices of gasoline are following a downward trend. Oil prices are set to fall slightly in 2023 in line with lower demand. In 2022, even though higher energy costs are forcing central banks to take measures to control inflation, high oil prices can be offset with the transition towards Green Energy. World economic growth is expected to slowdown in 2023 and base metal prices have slumped by over 25%, as Russian metal supply has not been affected by sanctions. Metal prices are expected to keep falling going into 2023 in line with the slowdown in the U.S. and Europe. Precious metal prices are expected to increase slightly in 2023, especially for platinum and palladium that are used in catalytic converters for motor vehicles. Since gold is used as a hedge against inflation, there is also rising demand. Agricultural prices, that reached record highs in 2022 in the aftermath of the war in Ukraine, have fallen sharply with Ukrainian agricultural exports resuming. Agricultural prices are expected to fall slightly but will remain historically high with wheat prices that are expected to remain at around USD 800 cents per bushel. However, this will be mitigated by the increase in wheat supply from Canada. The outlook for 2023 is expected to be slightly better than in 2022 and the transition towards Green Energy should contribute towards brighter prospects. Source: https://www.portugalbusinessesnews.com/post/commodities-2023-outlook #FocusEconomics #Commodities2023Outlook #portugalnews #portugalbusinessnews

Bio-Hub Portugal, the national platform for development research on innovative biopharmaceuticals, is investing EUR 19.2 million for a programme that is funded by the Recovery and Resilience Plan (RRP). Bio-Hub, that deals with the development and marketing of biological medicinal products, has already received a down-payment of EUR 2 501 289, that is 13% of the total amount. The programme, that is starting on January 1st 2023, is developed in order to create an international hub in the field of Health Sciences. The hub will support the production of innovative biological medicines, that are medicines whose active substance is made by a living organism. This will increase the supply of innovative biological products and support exports, as the initiative will add value to exports from the biopharmaceutical sector. This new programme, that is under the Recovery and Resilience Plan (RRP), will provide synergies between academia and the business sector. The Bio-Hub consortium is comprised of 4 promoters and involves the creation of a production unit that will provide support for the development of biopharmaceuticals as well as product marketing. Investments in the sector will reach EUR 46 467 798 as the consortium intends to position Portugal to spearhead the development of new biological therapies for various pathologies. The programme’s first beneficiaries include the Faculty of Pharmacy of the University of Lisbon, that received EUR 1 million and the Agency for Competitiveness and Innovation IAPMEI, that received a total funding of EUR 19.2 million. The RRP provides investments to be implemented by 2026 for a sustainable and inclusive recovery. It comprises of 6 pillars for the 2030 EU strategy, that are the transition to a Green economy, digital transformation, smart growth that includes SMEs, social and territorial cohesion, health and economic resilience as well as well as policies for future generations. There is an ongoing Call for Proposals for the selection of projects and beneficiaries of the RRP fund that will support the development of a Portugal Biopharmaceutical Hub. Source: https://www.portugalbusinessesnews.com/post/bio-hub-portugal #biohubportugal #recoveryandresilienceplan #universityoflisbon #IAPMEI #biopharmaceuticalsportugal #portugalnews #portugalbusinessnews

Portugal’s FinTech ecosystem attracted over €1 billion in total funding and is attracting major international players. Global FinTech Reltio, that has a total funding of $ 237 M according to Crunchbase, has just announced that Lisbon is to be their Tech Hub in Europe. Global FinTech Reltio, that has a valuation of around EUR 1.7 billion, has crossed the $ 100 million mark in Annual Recurring Revenue (ARR). Reltio just announced that they have selected Portugal as their Tech Hub for the adoption of cloud Master Data Management (MDM) solutions as part of their digital transformation strategies. Reltio Portugal will serve as an EU hub for developing innovation with cloud, big data, and machine learning technology. According to the Portugal FinTech Report 2022, the total funding from the Portugal FinTech ecosystem, excluding international FinTech companies operating in Portugal, totals € 1,079,745,694. The top Portugal FinTech companies have raised an aggregate of over € 1 billion euros, this figure excluding global FinTech companies operating in Portugal. Funding for blockchain and crypto accounts for a share of 76%, while the lending and credit segment accounts for 12% and the RegTech and cybersecurity segments obtained 6% of funding. On average 48% of companies obtain funding from international investors. Lisbon and Porto are the main FinTech hubs. According to the Portugal FinTech Report 2022, Portugal is now at a mature stage of the FinTech ecosystem. This is because Portugal is a world class hub for FinTech companies, with the presence of several unicorns. Portugal created a fast-track to attract FinTech companies to Portugal. The start-up Visa is a program for start-ups as well as companies in a more mature stage. Within a short period of time, seven unicorns emerged in Portugal, attracting the attention of international funds and investors. Fintech House created an ecosystem where companies from the FinTech, RegTech, InsureTech and Cybersecurity segments in Portugal can easily interact with regulators, banks, investors and other relevant entities. Its new facilities house 80 FinTechs. Fintech House is a FinTech incubator that collaborates with BPI, Fidelidade Seguros, INCM, Morais Leitão, Visa and KPMG in order to provide support to start-ups by connecting them to banks and by fostering growth for globalization. Thus, collaboration between FinTech segments is now streamlined in Portugal, with mature players creating an ecosystem. It is an environment where start-ups collaborate with larger companies and banks. In April 2021, Banco de Portugal (BdP) adopted a regulation for companies that provide virtual assets. In Portugal, Bison Bank is the first bank that was authorized to provide virtual assets’ custody through the Bison Digital Assets. The company acts as a bridge between the Traditional Financial segment (TradFi) and the Cryptocurrencies or digital assets segment. FinTech companies provide a new disruptive technology to enhance traditional financial activities. Visa, being in a privileged position at the core of the payments system, bridges the gap between traditional systems and emerging technologies developed by FinTech companies. The total value of the entire crypto market is around $1 trillion. Centralized crypto exchanges and established blockchains are not vulnerable to hackers due to enhanced cybersecurity measures. While Decentralized Finance (DeFi) protocols have multiple layers of security, they are lucrative targets for hackers as the market segment has the largest growth in terms of the processed transaction value. Therefore, securing blockchain protocols is the next step of the Web3 process. The Global Cybersecurity Index 2020 report measures the commitment of 193 countries towards cybersecurity issues. In this report, Portugal ranks 14th for the Global Index and 8th for the European index. This is attracting major players in the field of cybersecurity and digital sovereignty, such as UBCOM that just opened an office in Portugal. UBCOM is planning rapid growth in 2023 as they expect to reach a turnover of EUR 1 M and to recruit seven engineers on-site. With the Market in Crypto Assets Regulation (MiCA) coming into force, there are now benchmarks for crypto assets in the EU. Another evolution includes the Central Bank Digital Currency (CBDC). CBDCs will transform the banking system which currently uses the Swift system. CBDCs will provide digital validation for information that pass-through the banking system and this will lower transaction costs. China has already started testing CBDCs in a number of cities including Shenzhen, Chengdu and Suzhou. In France, the central bank is working with IBM to use blockchain technology. Banks are now transforming into Tech companies. In the EMEA region, some banks have well-developed Anti-Money Laundering (AML) and AI systems. Belgian bank KBC now has a subsidiary focused on AI applications that target the prevention of financial crime. With the MiCA regulation of crypto assets and the move towards Central Bank Digital Currencies, the digital Euro may become a reality by 2026. Despite falling Tech stocks and concerns about an economic downturn, global FinTech Venture Capital (VC) is seemingly not affected. Companies like Uphold have managed to raise Euros 30.6 M capital with investment from Hard Yaka. Private capital from investment funds have reached an all-time high of $3.6 trillion. Public companies are looking into Mergers and Acquisitions in the FinTech sector that is not showing any sign of a slow-down. Start-up Pleo raised $200 million in December and chose Portugal for their FinTech hub in Europe. Lisbon is renowned as a hub for FinTech innovation. The Web Summit, that started in Dublin, was held in Portugal since current Portugal Prime Minister convinced the organizers to move. The move attracted innovative FinTech companies and contributed to the dynamic Tech environment. Anchorage Digital, Portugal’s first crypto unicorn, raised $350,000,000 last year, and this provided them with a buffer that could sustain many years of downturn. There is a number of international FinTechs operating in Portugal, such as Arcopay, Sfera, Weavr, Unify Giving, Yapily and many others. Moreover, there are more than 10 unicorns coming out of Portugal, and the trend is continuing with emerging blockchain companies such as Anchorage, Wallet Connect, Utrust and Consensys Diligence, to name a few. Global player Reltio, that has a presence in 140 countries, has just announced that they have selected Lisbon for their EU hub. Reltio collaborates with 14 of the Fortune 100 companies and with global companies that include Pfizer, L'Oréal and AstraZeneca, which all rely on the Reltio platform. Reltio and Google Cloud are expanding their partnership to unleash the impact of analytics and data science. Portugal’s FinTech success story is yet to lead to more major developments in the financial sector with more and more start-ups and global companies joining the dynamic Tech scene. Fitch Ratings have just announced that they have upgraded Portugal’s long-term foreign currency Issuer Default Rating (IDR) to BBB+ and has stated that the outlook is stable. It is a sign of the market confidence and will further strengthen the Portugal FinTech sector as a mature segment with a high-growth potential. Source: https://www.portugalbusinessesnews.com/post/portugal-fintech #PortugalFinTech #Reltio #FintechHouse #PortugalTechHub #BisonBank #Visa #UBCOM #Uphold #Pleo #AnchorageDigital #Arcopay #Sfera #Weavr #UnifyGiving #Yapily #Anchorage #Wallet #Connect #Utrust #ConsensysDiligence #portugalnews #portugalbusinessnews #fintechportugal

The Rise of Digital Humans may be silent, but in five years they will represent such a large population that they will have hundreds of millions of conversations daily. And it is not just about the metaverse, as the presence of digital humans will be woven into the very fabric of society. We live in a digital age where flying cars have obtained the certification of airworthiness and air-taxi services with digital tracking will be available as soon as 2030. Digital humans are being cloned after existing employees. Not only will your colleagues soon be digital, but they will know better than you how to achieve the best results. The digital humans’ industry is now in its incubation period with the use of Web3, the metaverse and AI. This will lead to the rise of digital clones representing a market of USD 527.58 billion in 2030 according to a study by Emergen Research. Digital humans with an AI brain will assist humans in their daily lives. They work 24/7, they never complain, they never go on strike, nor do they take a coffee-break. What was deemed to be futuristic is not anymore and investors are targeting the digital sector. China plans to regulate Digital Humans as the government has projected that, by 2025, the market will hit $ 7.3 billion in Beijing alone. Digital humans will soon work in online banking, in PR, in sales and in tourism. Tech giant Alibaba created a digital influencer for the 2022 Olympic Games and the outspoken young woman was passionate about sports and had her own fans. To bring Dong Dong to life, Alibaba built a special cloud-based AI model that uses Text-to-Speech technology and leveraged 3D-driven innovations to create her realistic facial expressions and natural body movements. Digital tech companies are creating digital humans and the rise of digital humans is being led by Portuguese company Didimo. According to Crunchbase, Didimo is the world’s leading platform for digital humans. The company has received a total funding of $ 15.9 M and has just raised $ 7.3 million funding mostly from Armilar Venture Partners, but also from Bright Pixel Capital, Portugal Ventures and Techstars. Founder Veronica Costa Orvalho has stated that a new world of digital humans is dawning. Didimo has developed a method for realistic 3D face reconstruction using a Convolutional Neural Network (CNN) that directly estimates the shape coefficients of a custom 3D Morphable Model (3DMM) from a single picture. An enhanced 3DMM will cover facial expressions to harness the power of effective digital human twins. From the Greek word Didimo, that means twin, the company’s pioneer technology led them to work on projects with Amazon and Sony. Other companies operating in the field include Microsoft Corporation, UneeQ, Wolf3D, HOUR ONE AI and many others. The digital sphere will become more human and the lines will become blurred, as companies will capture the faces of their employees and turn them into 3D digital human twins. By 2027, investments in metaverse technologies developing fully virtual workspaces will grow by 30%. Virtual spaces are the future of luxury retail as digital marketing will evolve to include metaverse marketing. The future of luxury branding will include trend mapping methods in order to market trusted brands to new generations. The world’s largest diamond producer, the De Beers Group, just launched their 2022 Diamond Insight Report, titled ‘A new diamond world: bringing trusted brands to new generations in a digital age’. The report talks about a new breed of humans produced by the fusion of physical and digital that is described as being “phygital”. This new breed of phygital beings is now being incorporated into retail strategies, branded offerings and Web3 experiences, as these are the key trends shaping how consumers, in particular Gen Z, perceive and engage with suppliers. These trends are converging and accelerating, spurred by global events and by the power of digital technology for a new generation of consumers. According to De Beers, around half of all diamond jewelry purchases in the US are now researched online, highlighting the importance of digital humans. Web3 and the metaverse are potential game-changers in the field of marketing. These nascent technologies aim to merge the physical and digital worlds and a number of high-profile luxury brands are already investing heavily in this space. Portuguese company Exclusible is creating a NFT marketplace for luxury brands. The company just obtained a Euros 5M funding. The Portuguese start-up in the field of Web3 and the Metaverse aims at creating a new web generation. The company just bought architectural firm Polycount that produces digital projects on the platform Spatial.io. This allowed Exclusible to penetrate the US market as the first photorealistic metaverse builder and to build a portfolio of prestigious partners. A fleet of virtual workers with infinite scalability is now emerging. Didimo founder Veronica Costa Orvalho envisions a world where technology not only retains our humanity but enhances it. The rise of digital humans is not to be confused with the “didymo” species, an invasive algae that is to be prevented from spreading in our rivers. If you ever see a “didymo”, you are invited to contact the Ministry of Environment as soon as possible. With the rise of the Alibaba breed of digital humans in China, the Chinese government has stated that digital humans need to be registered with their real-life human twin for identification. This will be a deterrent against scams and misinformation and means that data collected on platforms needs to be tied to users’ human identity. Digital human twins do not die, even if their human counterpart dies. A recent podcast amazed listeners when they heard a live interview of Steve Jobs, even though he is dead. The Apple founder, who died in 2011, was recently interviewed in a podcast by the company Play.ht. The podcast used an AI model to resurrect Apple's co-founder. Listeners heard a resurrected Steve Jobs talk about his life before his death. Ethical questions arise and include how humans will react to digital humans and whether they will trust in their opinions. Digital humans are created to mimic humans in a way that is indistinguishable from a real person, and it is difficult to imagine the conversations that may arise between the two species and the type of information that will be stored, as digital humans are not only listening, but they are able to collect and use the information obtained in unexpected ways. The Rise of Digital Humans is emerging, and the future is now. Source: https://www.portugalbusinessesnews.com/post/digital-humans #Didimo #Exclusible #ArmilarVenturePartners #BrightPixelCapital #PortugalVentures #Techstars #Alibaba #DeBeersGroup #Emergen #digitalhumans #Web3news #metaversenews #metaversemarketing #NFTmarketplace #AInews #Portugalmetaverse #portugalnews #portugalbusinessnews #digitalnewsportugal

AI company Unbabel will invest EUR 78 million to translate Portugal into the Future. The Portuguese AI translation platform intends to position Portugal to spearhead AI developments. The economic spillover is expected to reach EUR 250 million in total exports by 2030 with the development of 21 new AI products. A report from Verified Market Research shows a 2.8 percent growth in the translation industry by 2028, representing a total value of $46.22 billion. Unbabel, that raised a total Series C funding of $ 100 M, was elected among the top Portuguese scale-ups and is among the major global companies in the field. Founder Vasco Pedro stated that the US market accounts for 70% of revenues, but that Europe and Asia are part of their growth strategy as they intend to corner the market in the field of multilingual customer service. With headquarters in San Francisco, Unbabel works with leading brands such as Booking.com, Nestle, Panasonic, Patagonia and UPS. By removing language barriers and blending AI, Portuguese Unbabel is discovering new frontiers. New frontiers in the field include the Fintech sector that is disrupting User Experience in Banking. Fintech disruption is to be reflected in a global market growth that is expected to triple by 2028 to reach $ 332.5 billion. Fintech companies can scale-up by providing their products across multiple languages without hiring translators or using generic machine translation for marketing and customer support, including chatbots. Google translates more than 300 trillion words on a yearly basis, while the professional translation industry produces around 200 billion words yearly. With major players in this field, such as Microsoft Bing Translator, Yandex MT, Alibaba, Tencent, Amazon and Apple, Machine Translation is more productive overall. Research by Gartner forecasts that 75% of translations will be done through AI, while human input will be used for editing purposes. According to Forbes, the market for online education services will reach $ 325 billion by 2025, and this is yet an untapped market. More brands are reaching a multilingual audience globally through Transcreation, which is a term coined from Translation and Creation. Multilingual SEO strategies allow users to optimize content for different markets for e-Commerce or even for video content. The Recovery and Resilience Plan (RRP) is central to innovative projects. The RRP will implement investments that will help translate Portugal into the future, through economic growth. It is part of the EU strategy for 2030 that includes smart growth and innovation. Translating Portugal into the future and discovering new frontiers, the Unbabel consortium, that comprises 11 start-ups and 2 unicorns, is pushing ahead of the game. Source: https://www.portugalbusinessesnews.com/post/translating-portugal #Unbabel #RecoveryandResiliencePlan #portugalfintech #PortugalAI #digitalportugal #portugalnews #digitalportugalnews #portugalbusinessnews

NeoGreen Portugal invests EUR 1 billion for a Green Hydrogen production plant in the Sines Hydrogen Valley. This investment that is formalized on the 14th of November is one of a pipeline of investment projects that total EUR 20 billion by 2030. These projects include EUR 2.500 in land and sea logistics, EUR 12.500 in industrial circular projects for decarbonization and EUR 5.000 M in telecommunications, submarine cable stations and data centers. According to Crunchbase, NeoGreen Hydrogen has obtained seed funding amounting to $ 232.1K on the 4th of October 2021 and according to PitchBook, the latest deal amounts to $ 1.2 M. The company, based in Canada, is a Green Hydrogen developer focusing on emerging markets, with the goal of generating electricity from Green Hydrogen and Green Ammonia to store and distribute it. NeoGreen Portugal is a joint venture between NeoGreen Hydrogen Corp and Frequent Summer S.A. (Portugal), that develops photovoltaic parks. The investment contract is to reserve the rights to an area of 10.5 hectares in the Sines Logistics Industrial Zone (ZILS) to invest over EUR 1 billion in a Green Hydrogen production plant. The Green Hydrogen plant will consist of an electrolyzer with a capacity of 500MW that will produce Green Hydrogen as well as fuel by-products. This project is in line with Portugal’s strategy for the Sines Hydrogen Valley towards the energy and digital transition. Sines is consolidating is position and attracting major investments in the fields of Logistics, Industry, Energy and Telecommunications from a number of countries including Spain, France, Italy, Germany, Switzerland, Netherlands, Denmark, UK, China, Australia, Brazil, the US and Canada. Sines in Portugal is strategically positioned within the EU to become one of the top Green Hydrogen Valleys (H2Vs) globally. The Sines Hydrogen Valley is Portugal’s largest development area, with 2.375 hectares dedicated to different sectors including energy. Energia Sul brings together energy industries, refineries, petrochemicals and chemicals but with the focus on renewable energy. Portugal is concerned about climate change and focuses on energy transition in line with the EUs ban on the sale of new petrol and diesel cars and vans by 2035. This is enabled by the EU’s Recovery and Resilience Facility (RRF) that provides grants and loans to support reforms and investments in the EU Member States at a total value of €723.8 billion. Under this Facility, Horizon Europe is the EU’s key funding programme for research and innovation with a budget of €95.5 billion, that allows countries to tackle climate change for sustainable development. The transition towards climate neutrality by 2050 gives energy a central role, as energy is today responsible for more than 75% of the EU’s greenhouse gas emissions. REPowerEU will speed up this transition and move towards renewable energy sources and Green Hydrogen. This will make Europe more resilient and independent while providing sustainable and affordable energy. The emphasis is on innovation for finding novel and disruptive renewable energy technologies and energy storage solutions. As Green Hydrogen will play a key role for long-term energy storage and for reducing greenhouse gas emissions, REPowerEU provides for the implementation of a Hydrogen Accelerator for renewable hydrogen. The EU is funding a total of EUR 5.2 billion for hydrogen projects including infrastructure in Portugal and in 12 other EU countries. This is part of the EU rules on state aid for projects of common interest within the EU such as the construction of infrastructure in the hydrogen value chain. The IPCEI Hy2Use project involves Portugal, Austria, Belgium, Denmark, Slovakia, Spain, Finland, France, Greece, Italy, Netherlands, Poland and Sweden. Portugal’s involvement includes the construction of infrastructure for hydrogen, which will be the responsibility of the Portuguese group in the chemical industry sector Bondalti, according to the European Commission. Portugal is expected to achieve carbon neutrality by 2045 through investments in public transport and hydrogen. The government is enacting a new Climate Act and has also managed to close down its coal-fired power stations. The Portuguese government has also defined its national strategy for hydrogen for industrial use, as the country is currently dependent on natural gas. Moreover, the government is planning to export Green Energy and this is in line with the recent agreement with Spain and France for the creation of a “green corridor” that will enable exports to the EU. Counting only the Iberian market, this represents 60 million people. In addition, Portugal plans to reduce its dependency on the volatility of global markets in relation to gas. Prime Minister António Costa has stated that the reason for the current low electricity prices in Portugal is because 60% of the energy currently consumed comes from renewables. He also added that Portugal’s goal is to have 80% of the energy consumed being based on renewables by 2026. The Iberian solution, which avoids excessive contamination of the price of electricity by the price of gas, works well since a high percentage of the energy produced comes from renewable sources. According to Statista, the primary source of renewable energy to produce green hydrogen is solar photovoltaic. Portugal has 28 green hydrogen production facilities and ranks number 8 globally. In 2020, the levelized cost of hydrogen from utility-scale solar PV in Europe was the lowest on the Iberian Peninsula. The lowest levelized costs for producing green hydrogen are possible due to the abundance of solar and wind resources. Sunny Portugal has a bright future for its Green Hydrogen Valley. Source: https://www.portugalbusinessesnews.com/post/neogreen-portugal #NeoGreenPortugal #GreenHydrogen #SinesHydrogenValley #SinesLogisticsIndustrialZone #NeoGreenHydrogenCorp #FrequentSummerSA #HorizonEurope #REPowerEU #portugalnews #portugalbusinessnews

Portugal wine exports reach EUR 677.3 million, representing a 3.5% growth in relation to the corresponding period if the Porto wine is excluded. Wine exports are reaching record highs in 2022 and grew by 3.7% in September to reach EUR 92.2 million. The success in Portuguese wine exports in 2022 is driven by non-Porto wines as the export data for this segment shows a growth of 3.5% to reach EUR 460.6 million. However, even though there is a slowdown in exports for Porto wine, this segment still accounts for nearly a third of total wine exports. In addition to the high growth in export volume, the average price is also reaching new highs with a 1.6% increase to reach EUR 2.80. Without taking into account Porto wines, this price increase represents a growth of 2.4%. The main export market for Portuguese wine is the US at the top of the chart, that also performs with a higher average price to reach EUR 4.24. Excluding Porto wine, the average price growth reaches 16.14%. The top five export markets include Canada with a growth of 7.58% and Angola with a growth of 86.7% to reach EUR 30.5 million. The other countries in this ranking include France, UK and Brazil but these countries have registered a slowdown in wine exports. Forecasts for total wine exports for 2022 show a 1 to 1.5% growth, due to the best performing export markets that include the US, Canada and Angola. The best performing wine regions include the Dão that is located in Beira Alta, in a mountainous enclave towards the north of Central Portugal. This regional wine registered the highest growth figures compared to the corresponding period with a 22.5% growth reaching a total amount of EUR 16.1 million. The Vinho Verde wine exports grew by 3.8% to reach EUR 65.6 million and the Alentejo wine exports exceed EUR 57.2 million, that represents a 13.3% growth. Wine exports from the Lisbon region grew by 4.4%, while the Madeira muscatel exports grew by 9% and the Bairrada wine exports grew by 12.8%. The Bairrada sparkling wine Nossa Solera Desde 2001 Extra Bruto obtained the ‘Wine of the Year’ award of the Revista de Vinhos magazine. Moreover, the Offley Clink Portonic canned tonic port wine from Sogrape won the Innovation of the Year award. It is to be noted that the Alentejo winery that belongs to the Esporão Group and is managed by João Roquette is one of the world’s largest producers of certified organic wines. It includes the 2019 Herdade do Esporão Reserva wine from the Alentejo region. The family’s other properties include Quinta dos Murças in the Douro region that is also 100% certified organic. The family has initiatives for water use, energy use, packaging and local labour. As a result, it received Michelin’s Eco Distinction award in the fall of 2022. It is also interesting to note the value of cork stoppers exported from Portugal from 2015 to 2020, by the type of cork exported. In 2020, EUR 416 million worth of natural cork stoppers were exported from Portugal, with Champagne stoppers totalling EUR 130.7 million. According to ViniPortugal, the Portugal Wine Association, the export figures for Portuguese wine show a positive outlook for 2022. The international trade data from INE shows that exports of all Portuguese goods including wine register a 28% increase for the quarter ended September 2022 compared to the corresponding period. Exports of all types of Portuguese goods have increased in all major economic categories compared to the corresponding period for the month of September, especially for exports of industrial supplies that grew by 24.3%, with Spain being the main export market. Portugal is expected to register a year with a positive overall performance and growth in exports for all goods in 2022. Since Portugal only has Porto wine as a benchmark region for the export market, the rapid growth in exports from other regions is extremely promising. So, Wine not Portugal? Source: https://www.portugalbusinessesnews.com/post/wine-portugal #Portugalwineexports2022 #Dãowineregion #Bairradawine #OffleyClinkPortonic #EsporãoGroup #ViniPortugal #Sogrape #portugalnews #portugalbusinessnews

Portugal Exports reach EUR 100 billion in 2022 according to the Portuguese Agency for Investment and Foreign Trade. Portuguese exports will reach this figure for the first time in its history, despite the external environment and rising prices of energy and raw materials. During the first half of 2022, Portuguese exports grew by 49% of GDP, of which 20% accounts for the Tourism sector. With such successful figures, Portugal can become more ambitious for the industry and business sectors. It is to be noted that, despite a number of external shocks, Portuguese businesses are more competitive. The Portuguese Industrial Association (AIP) has an open Call for Proposals for 11 Digital Trade Accelerators to cover continental Portugal, the Azores and Madeira. There will be four consortiums that will be supporting the growth of businesses in the goods and services sectors via the digital transformation of processes and business models. The consortiums will also provide capacity building and support targeting direct investments and the globalization of SMEs. Another approach targeting SMEs for promoting exports includes an MOU with the Portugal Business Roundtable. The association, that comprises 42 of the largest corporate groups in Portugal, has as main goal to accelerate the country’s economic and social growth. This new partnership will contribute to driving the growth of Portuguese Small and Medium Enterprises (SMEs). SMEs are major drivers of growth, since they not only contribute to employment, but they are also innovative. With the number of support measures to be provided to SMEs increasing, it is expected that this will have a major economic impact and will drive the upward trend in 2023. Source: https://www.portugalbusinessesnews.com/post/portugal-exports-100-billion #PortugalExports2022 #PortugalEconomy2022 #AssociaçãoIndustrialPortuguesa #PortugalSMEs #AssociaçãoBusinessRoundtablePortugal #portugalnews #portugalbusinessnews

A Spain-Portugal Fund of EUR 484 M, of which EUR 365 M will be financed by the European Regional Development Fund (ERDF), has just been announced under the Inter-regional Spain-Portugal European Development Fund (POCTEP). It is the largest Program of the kind in the European Union. The POCTEP Program will provide support for the implementation of the Europe 2020 strategy in the Spanish – Portuguese border region. The Program integrates borders of 1,234 km divided into six regions: Galicia-Northern Portugal, Northern Portugal-Castile and Leon, Castile and Leon-Central Portugal, Alentejo-Central Estremadura, Alentejo-Algarve-Andalucía and the multi-regional area. According to the Secretary of State for Regional Development, Isabel Ferreira, at the seminar to publicly present the POCTEP, “this is the largest EC-funded cross-border Program that will leverage development and competitiveness in the low-density regions." The Program will promote sustainable jobs, labor-mobility and corporate networks in order to boost research and knowledge transfer and to promote energy efficiency projects. In the field of Smart Growth, the Program will provide capacity-building for cross-border innovation as well as support to SMEs, especially in the field of R&D. Other areas of intervention include Sustainable Growth to adapt to Climate Change and Territorial Cohesion for cross-border public services. The Spain-Portugal Fund will Promote research, technological development and innovation for commercial use. This will include technological transfer, university-business cooperation and support to SMEs with a network of mentors as well as business incubation for globalization. Fund beneficiaries will include Universities, Technology Centers as well as Business Associations. Under this Program, Spain and Portugal will carry out joint initiatives and the first bids will be launched in December 2022. Source: https://www.portugalbusinessesnews.com/post/spain-portugal-fund #SpainPortugalFund #EuropeanRegionalDevelopmentFund #interregEurope #SmartGrowthPortugal #InterregionalSpainPortugalEuropeanDevelopmentFund #POCTEP #portugalnews #portugalbusinessnews