Portugal targets tech, renewables and AI to power its next phase of growth

Portugal’s next wave of economic growth could be driven by technology, renewable energy and other high-value industries, according to speakers at the inaugural Portugal Investment Forum.

On the event’s final day, Paul Stannard and Chris Marson of Portugal Pathways argued that the country must use international investment to develop its own businesses and attract the talent needed to compete globally.

Digital infrastructure is one area attracting attention. The speakers highlighted data-centre investment programmes involving major technology companies, including Microsoft and Nvidia, pointing to the potential to attract skilled workers and encourage supporting businesses to establish themselves in Portugal.

But Stannard warned that hosting international companies should not be the end goal.

“Portugal doesn't want to be the landlord to the global companies. It wants to create its own ecosystems and its own startups.”

That means building an environment in which Portuguese startups and innovative businesses can secure capital, recruit talent and scale internationally.

Potential opportunities extend well beyond technology. The forum identified renewable energy, solar and wind power, battery production, artificial intelligence, healthcare, life sciences, aerospace and the blue economy as possible areas for growth.

Tourism remains another major sector, but the emphasis is increasingly on quality and distinctive experiences rather than simply attracting more visitors. Wellness retreats, high-quality hospitality and destinations beyond established hotspots could help spread economic activity across the country.

International events and conferences may also bring new visitors, business connections and investment.

Public funding could help accelerate progress. The presenters pointed to approximately €5 billion in remaining EU Recovery and Resilience Facility funding, with an extension to the end of 2027, arguing that it could help create the conditions for private investment.

However, Portugal will need to reduce unnecessary administrative barriers while maintaining effective regulation and governance.

The central challenge, highlighted in the forum’s closing discussions, is to convert international interest into a lasting domestic advantage: more productive companies, skilled jobs and opportunities for Portuguese entrepreneurs.

As Stannard put it: “Business will go where it’s invited.”

For Portugal, the opportunity is to ensure that the businesses it attracts also help build the businesses of tomorrow.

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About Portugal Pathways

‍‍Portugal Pathways has supported hundreds of Golden Visa residency-by-investment applications and provides expert guidance through its professional supply chain network on estate planning, wealth management, Golden Visa and tax optimisation, including post-NHR / IFICI tax regime planning, as well as private healthcare, money transfers and bespoke relocation and luxury real estate solutions to enhance life and investment in Portugal

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