AmCham Portugal hosted another session devoted to the challenges of competitiveness and attracting international investment, marking the presentation of the 3rd edition of the Barometer of American Companies in Portugal, developed in partnership with PwC Portugal.

In an international context marked by geopolitical fragmentation, accelerating technology and increasingly intense competition for foreign investment, the meeting brought together representatives of the public, business and institutional sectors to reflect on Portugal’s position in the new global economy and on the conditions needed to make it more attractive to international investors, particularly American investors.

The session began with the presentation of the Barometer by José Bizarro Duarte, Partner at PwC Portugal, followed by a panel debate moderated by Susana Claro, Partner at PwC, with Anna Margolis (U.S. Mission Portugal), Armanda Mealha (Microsoft Portugal), Francisco Fezas Vital (Blackstone) and Philomène Dias (AICEP).

The Barometer confirms that the United States is strengthening its position as Portugal’s main non-European strategic partner, maintaining high levels of confidence in the Portuguese economy and its growth prospects.

The data reveal an increasingly consolidated business presence: 841 American companies currently operate in Portugal, accounting for around 5% of national GDP, while their impact on employment, innovation and value creation continues to grow. At the same time, these companies pay, on average, more than twice the pay offered in the domestic market, reflecting their contribution to a more skilled and competitive economy.

As José Bizarro Duarte stressed: “American investment is positive and we must create the conditions for it to accelerate, deepen and have an increasingly significant impact on the Portuguese economy.”

One of the main themes highlighted throughout the morning was the transformation of the international context.

According to José Bizarro Duarte, “the world today faces new global challenges“, marked by geopolitical fragmentation, the growing difficulty of multilateralism in responding to international crises and the accelerating impact of technology and artificial intelligence on the economy.

In this new setting, Portugal continues to offer internationally recognized competitive advantages (skilled talent, political stability, strategic location and quality of life), but the participants argued that these factors are no longer enough. The ability to simplify administrative processes, cut red tape, speed up licensing and ensure greater regulatory predictability will be decisive in competing for the next major investment projects.

As was noted during the panel: “Portugal is one of the most bureaucratic countries” and, therefore, “We need to do more and better.“

Another central theme was the growing role of the digital economy in international competitiveness.

Portugal is today particularly well positioned to benefit from this transformation, thanks to its Atlantic location, growing international connectivity and the development of critical infrastructure such as subsea cables, cloud and data centers.

The Barometer highlights precisely this position, pointing to investments of more than €10 billion in data centers and to a growing economic impact of this infrastructure over the next decade.

As José Bizarro Duarte emphasized: “Today, when we talk about the digital world, geographic position is key to Portugal’s standing in this global world.“

The panel also stressed that Artificial Intelligence is a truly transformative technology, requiring continued investment in infrastructure, talent and the modernization of Public Administration.

Throughout the session there was a clear consensus: Portugal’s greatest competitive asset remains its human capital.

The high qualifications of Portuguese professionals, their ease of integration into international teams, their command of English and their technical skills continue to be decisive factors for multinational companies choosing Portugal.

As was noted during the presentation: “We have skilled talent. What matters is being able to retain it.“

The panel also pointed out that many American companies continue to expand their operations in Portugal precisely because of the quality of the talent available, making it clear that the country’s competitiveness is not based on low costs, but on the added value of its people.

In an increasingly complex international context, the importance of the economic relationship between Portugal and the United States was also reaffirmed.

The participants stressed that this partnership remains robust and growing, both in terms of foreign direct investment and of technological, industrial and scientific cooperation.

As was noted during the debate: “The Portugal-US relationship is robust and continues to grow.“

At the same time, it was argued that Portugal should continue to make its voice heard strongly in the European Union, taking advantage of the current geopolitical context to strengthen its position as an Atlantic platform for investment, innovation and technological development.

The meeting ended with a debate open to the participants, providing an opportunity to explore in more depth topics such as the competitiveness of the Portuguese economy, the future of international investment, the role of Artificial Intelligence and the challenges Portugal faces in continuing to establish itself as one of the most attractive destinations for investment in Europe.

AmCham Portugal thanks PwC Portugal, as Knowledge Partner of the Barometer, all the speakers and the participants for contributing to a particularly relevant discussion on the future of the Portuguese economy, transatlantic relations and the country’s competitiveness.