Portugal draws 10 times more export-oriented foreign investment in 2024
06/01/2025 15:05
By Sergio Goncalves
LISBON, Jan 6 (Reuters) - The Portuguese state body that
promotes investments for export-focused projects garnered deals
last year worth 10 times more than in 2023, showing the country
remains attractive for foreign companies, the Economy Ministry
said on Monday.
The ministry's AICEP division, which offers tax breaks and
other incentives for exports and investment, drew 420 million
euros ($437.22 million) of such investments in 2024, compared to
just 41 million euros in 2023, the ministry said in a statement.
"This important set of contracted investments, in strategic
sectors with strong creation of qualified jobs, is proof of
investors’ confidence in Portugal," Economy Minister Pedro Reis
said.
New projects in 2024 included investments across U.S.
semiconductor packaging company Amkor Technology AMKR.O ,
German engineering giant Bosch and powertrain producer Horse, a
joint venture between Renault RENA.PA and Geely that in
Portugal produces gearboxes and mechanical components for cars.
Other relevant projects were in the pharmaceutical industry
and information technologies.
The new projects are expected to directly create more than a
thousand jobs, the ministry said.
It said that the "very significant increase in investment
contracts will allow the Portuguese economy to start 2025 with
good prospects, in a challenging external environment".
An export push and a tourism boom have contributed heavily
to Portugal's recovery from its 2011-14 debt crisis and bailout.
Despite slowing economic activity across the 20-nation euro
zone, and political instability in Germany and France,
Portugal's economy is expected to grow 2.1% this year after 1.8%
in 2024, the government says, with accelerating investment
backed by European Union funding, and a rise in exports as well.
AICEP provides incentives, tax breaks and loans from EU
cohesion funds to companies only in export-oriented businesses.
($1 = 0.9606 euros)
(Reporting by Sergio Goncalves; editing by Mark Heinrich)
((sergio.goncalves@thomsonreuters.com; +351213509204; Reuters
Messaging: sergio.goncalves.reuters.com@reuters.net))