Portugal has emerged as a tech hotspot since late 2018 and it has only grown more following the demand for the IT sector. With major tech giants establishing their offices in Portugal it is the most exciting place to be present at the moment.
The Portugal Tech program, launched in December 2018 by the Development Finance Institution (IFD), in partnership with the European Investment Fund (FEI) is where it all started for Portugal’s rise in the tech world. As the United States and China’s trade war has been dragged over a year the tech giants that used China’s cheap manufacturing policies have been searching for alternatives to China which is where Portugal and Taiwan have emerged as the best of them. This has led to a rapid colonization of the industries in these regions. And Portugal’s favourable conditions for good trade and cheaper taxes have made it tech sectors’ favourite spot. With all these factors favouring Portugal, there’s no stopping to its rise now. According to the Deputy Minister of the Economy, Pedro Siza Vieira, sustainable economic growth requires mobilization of financing, and the Portugal Tech Programme is an essential contribution to the positive evolution of the national economy, the Programme strengthens the Government’s commitment to support innovation, entrepreneurship and qualified employment.
Portugal has also seen a rise in start-ups and many start-ups have opted to make Portugal their home due to the leverage of taxes in the region and better standards of lifestyle. Portugal has absolutely marketed its worth at the right time towards the right market and is expected to boost its economic growth in the following years substantially.