Bicycle manufacturers in Portugal are a prime example of this boom, with more than 60 bicycle manufacturers in the Porto region alone, primarily supplying quality bicycles to Germany and the Netherlands.
The trend is clear, and Portugal is well-positioned because more and more parts are returning to Europe. Bosch, for example, generates 2 billion euros in revenue annually in Portugal, employing 6,000 employees and planning to invest another 200 million euros in the country in the coming years.
The reasons for this are obvious. Due to the coronavirus pandemic, supply chains have broken down, leading to the emergence of a new movement of entrepreneurs called "Nearshoring". With this, an increasing number of companies in Europe have decided to relocate their production to Europe.
Portugal benefits from a young and tech-savvy workforce, and lower labour costs. Additionally, the majority of Portugal's energy supply is based on renewable energy sources. Portugal sources up to 80% of its electricity from renewable sources, making the country attractive due to high energy costs in Germany and other countries more dependent on fossil energy.
In The Portugal News