1. The Portuguese National ICT sector is highly innovative and dynamic, contributing nearly 10% to the country’s GDP, with a total turnover of almost USD 20 billion. It employs over 80,000 highly qualified individuals, and the profile of ICT companies has shifted towards innovative startups with strong support from Portuguese universities.
2. Lisbon’s tech scene is flourishing, becoming one of Europe’s fastest-growing tech ecosystems and often referred to as Europe’s Silicon Valley. The city has a high proportion of STEM graduates and engineering talent, with a strong emphasis on English language proficiency. It attracts digital nomads and remote workers, fostering a collaborative environment in its active coworking scene.
3. It has a higher percentage of ICT specialists and individuals with above-basic digital skills than the EU average but lags in basic digital skills.
4. Portugal is a leader in digital public services and is working on improving digital skills through various initiatives as part of its digital transition plan, focusing on digitization in businesses, public administration, and education.
5. Portugal is considered the 8th most attractive country in Europe for Foreign Direct Investment (FDI), with significant growth in FDI projects in various sectors, including software and I.T. services, transportation manufacturers, and transportation and logistics, with the U.S. being the top investing country.
6. The Portuguese startup ecosystem is still young, but it’s one of the best assets Portugal has, with small-scale but fast-paced and steadily growing companies representing over 1% of the country’s GDP. In 2021, Portugal’s startup ecosystem garnered over $1 billion in funding.
7. Portugal is the 12th Top 100 Emerging Ecosystem according to the Startup Genome Ranking.
The City of Sines will also host the Sines 4.0 project, a 3.5 billion-euro hyper-scale data center developed by Start Campus, funded by a U.S. investment fund and a British company. Powered by 100% green energy will make Sines 4.0 unique. It will be the largest renewable data center campus in Europe, designed to handle the ever-growing demand for streaming services, video conferencing, cloud computing, artificial intelligence, and data storage. Once completed, Portugal will have Europe’s second-largest data processing capacity after Ireland.
The Start Campus project also leverages the strategic geographical importance of Sines and Portugal at the edge of Europe through the new submarine cables now starting to operate, namely EllaLink, Equiano, 2Africa, and Medusa. Portugal will become the significant data hub between Europe, the Americas, Africa, and beyond and act as the gateway for an explosion of transatlantic connectivity. There will be a strong demand for U.S. products and services across all the above segments.