Large companies will account for 80% of this increase
Brazilian investment in Portugal is poised to grow dramatically, with a forecasted 50% increase over the next three years, according to Otacílio Soares, president of the Luso-Brazilian Chamber of Commerce and Industry (CCILB).
The increase is linked to Brazilian companies’ “focus” on expanding to Europe, Otacílio Soares said, adding that this significant growth projection stems from plans by both major corporations and small-to-medium enterprises (SMEs).
“Large companies will account for 80% of this increase, while SMEs will contribute the remaining 20% Brazilian investment in Portugal until 2028,” he told Lusa news agency, adding that Brazilian entrepreneurs are being wooed by the “institutional and personal safety” they find in Portugal.
The chamber of commerce adds that there are between 50,000 and 70,000 entrepreneurs or business leaders among Portugal’s estimated 500,000 Brazilian residents.
This projected increase in investment is expected to help Portugal generate further wealth and employment, the CCILB president says, while Brazilian companies will grow by taking their first step into the European market.
According to Otacílio Soares, dozens of Brazilian companies are planning to invest in Portugal, particularly in the technology, health and urban reconstruction sectors, with a focus on innovation and sustainable technology. Banking and construction are other sectors which are attracting interest, he told Lusa.
Brazilian investment in Portugal has already grown “consistently”, around 12% per year in the last five years, according to data from the Bank of Portugal and Portugal’s Agency for Investment and External Commerce (AICEP).
Soares emphasised that political shifts in Brazil, including President Luiz Lula da Silva’s return to power, have not significantly altered these economic trajectories.
Brazilian entrepreneurs are also thriving in Portugal’s cultural and gastronomic sectors, with hundreds of Brazilian restaurants opening across the country, and in the startup ecosystem, where Brazilian tech firms are increasingly prominent. The tech sector alone has witnessed a 30% rise in Brazilian startups in Portugal over the past five years.
Iconic corporations like Embraer, the aerospace giant, have led the way with investments such as their facilities in Évora, which have generated hundreds of jobs.
Other sectors which are attracting Brazilian investment to Portugal include agribusiness, namely wines, as well as real estate, tourism and renewable energies, with investments totalling more than €300 million.
But what is expected to “significantly transform the economic bilateral landscape” between Portugal and Brazil is the opening of offices by APEX (Promotion Agency for Exports and Investment) and Embratur (Brazilian Tourism Company) in Lisbon, expected to open soon. The Bank of Brazil could also strengthen its presence in Portugal, Otacílio Soares adds.
The construction of Casa Brasil (a property in Lisbon), where these two entities and others will be headquartered, is described as “something exceptional” by the chamber of commerce boss.
“We are very thankful to the Portuguese government for welcoming us,” he adds.
By MICHAEL BRUXO
