Portugal beats €1Bn contract investment record
For the second year running Portugal has beaten the record for attracting Direct Foreign Investment (DFI )with €1Bn of contracted investment.
Last year Portugal succeeded in signing contracts for 80 new investment projects from 15 different countries.
Around 75% of the €1Bn contracted in 2019 was from overseas. The information was released by the Secretary of State for Internationalisation Eurico Brilhante Dias.
The lion’s share of the investment came from German, French and Spanish investors.
“AICEP signed contracts worth over €1Bn in foreign and Portuguese investment. This is investment from 15 different sources and 15 sectors,” the minister said ahead of a review into the balance that the Government will publish today on the signing of various tax investment contracts.
Brilhante Dias added that the diversity of sectors and investors “enabled a portfolio of business in which Portugal has competitive advantages.”
“This is not one advantage from one product,” said Brilhante Dias revealing that the sectors which provided the greatest amount of investment included the “automotive and car component sector with over €200 million contracted from 15 new projects,” but also the “agribusiness and tourism sectors which last year surpassed €425 million contracted.”
The secretary of state also highlighted the importance of the chemicals and metalworking industries.
In terms of nationalities, the Germans most invested in Portugal with a total of €150 million contracted with AICEP last year. In second place was Spain and France both with around €100 million.
“Three quarters of the €1Bn came from overseas investors” and also highlighted around €50 million that come from US investors.