Portugal seeks more US investment in tech, energy and aerospace

By Sergio Goncalves

LISBON, Nov 10 (Reuters) - Portugal urged US companies on Tuesday to ramp up investment and use it as a production and export hub for Europe, as American investment has more than doubled since 2019, making the United States the country's third-largest foreign investor.

Economy Minister Manuel Castro Almeida told a Portuguese-American business forum that Portugal is "well placed to host new industrial and technological projects."

"We want to see more American companies choosing Portugal as a strong base from which to invest, produce, and export to Europe," he said.

Castro Almeida outlined four strategic areas for deeper cooperation: technology and digital platforms, energy and infrastructure, pharmaceuticals and healthcare, and defence and aerospace.

"The present international environment has reminded us of the importance of security, industrial resilience, and cooperation among allies," he said.

According to the Bank of Portugal, the total value of US investments in Portugal surged from €6.7 billion ($7.5 billion) in early 2019 to €16.8 billion at the end of 2025.

The US is now Portugal's third-largest foreign investor, ahead of Britain and China and behind Spain and France.

US investments include semiconductors, automotive electronics, and energy equipment, and US technology companies such as Microsoft, IBM and Google have an established presence in Portugal.

Recent commitments to data centres and AI infrastructure have boosted the country's appeal, including Microsoft's planned $10 billion investment in AI infrastructure in Sines.

($1 = 0.8908 euros)

(Reporting by Sergio Goncalves; Editing by Alexandra Hudson)