Swedish companies are planning to invest in Portugal this year, and most anticipate that their business activity will grow significantly in 2025, according to a survey conducted by Business Sweden, the Swedish Embassy, and the Swedish-Portuguese Chamber of Commerce.
The survey also shows that Swedish companies are more optimistic about the business climate compared to 2023.
According to the Business Climate Survey, conducted in February and March this year, Swedish companies are optimistic about Portugal’s current economic development, which is reflected in a greater willingness to invest in the Portuguese market. More than half of the Swedish companies (51%) plan to increase their investment in Portugal in 2025 — up from 41% in the 2023 survey.
This number is particularly high among companies that entered the Portuguese market more recently, especially since 2020: of those, 68% (or two out of three) expect to increase their investment in Portugal this year. According to data from the Bank of Portugal, Swedish corporate investment in Portugal has grown significantly since 2019.
At the end of the first quarter of this year, the stock of Swedish Foreign Direct Investment stood at around €3.1 billion, with over €1.3 billion invested in Portugal over the past six years.
This means the Swedish presence in Portugal has nearly doubled in that period. At the same time, Swedish companies are also much more optimistic about their own business performance in Portugal: 73% expect an increase in activity — up from just 57% in 2023. Additionally, 76% of the companies surveyed were profitable in 2024, a stronger result than two years earlier.
Most of the Swedish companies that participated in the survey entered the Portuguese market after 2019 and operate in a wide range of sectors such as pharmaceutical, health, automotive, energy/electricity, business services, fintech, digitalization, gaming, security, and consumer goods sectors. In recent years, Swedish companies have made significant investments in sectors that are relevant to the Portuguese economy.
Corpower has installed off the coast of Viana do Castelo the first device that converts wave energy into electricity, and Boliden recently completed the purchase of the Neves-Corvo mine in Castro Verde. Stegra is also putting forward an investment of up to 2.7 billion euros in Sines to produce green steel and hydrogen, with a forecasted start of production in 2030.
In the Defence sector — especially given recent calls for increased investment within NATO countries, particularly in European-made equipment — Saab could play a relevant role in several modernization processes that are underway in the Portuguese Armed Forces, including the major project within the Portuguese Air Force modernization. Saab has actually attended the AED Days event, an international aviation event that took place in Oeiras this week, presenting Gripen E as the most modern fighter on the market today, which could be the enabler of a strong partnership for national security and growth.
Among the most important Swedish companies in Portugal, and also the ones with most notoriety, we have Securitas, IKEA, Diaverum, Essity, Ericsson or Volvo Car Portugal. Sweden’s Ambassador to Portugal, Elizabeth Eklund, emphasizes that “these results show that Swedish investment in Portugal has not only been a reality but is set to continue. Swedish companies are optimistic about the performance of the Portuguese economy and will continue to invest and create jobs.”
“The Sweden brand is one that the Portuguese trust and value, and that’s also why Swedish companies have been accelerating their investments in Portugal in recent years. We hope this trajectory continues and expands cooperation to more areas, continuing to generate quality employment and contribute to wealth creation in Portugal,” the ambassador adds. “Portugal offers an attractive landscape for Swedish investment, featuring clean energy, strong infrastructure, global connectivity highly skilled labour force.”
Samira Grylin-Allalou, Market Area Director South Europe, Business Sweden, states that, when it comes to Swedish investment, “Portugal stands out in the European landscape due to several factors: it has highly qualified professionals with excellent English skills, a very dynamic start-up ecosystem, with numerous incubators and accelerators throughout the country, as well as several public incentives targeting key sectors.” Sweden is celebrating its National Day this week, on June 6th, and has organized a series of activities that will culminate today in a celebration at the Embassy, marking Midsummer, a traditional Swedish festivit.
The survey also shows that Swedish companies are more optimistic about the business climate compared to 2023.
According to the Business Climate Survey, conducted in February and March this year, Swedish companies are optimistic about Portugal’s current economic development, which is reflected in a greater willingness to invest in the Portuguese market. More than half of the Swedish companies (51%) plan to increase their investment in Portugal in 2025 — up from 41% in the 2023 survey.
This number is particularly high among companies that entered the Portuguese market more recently, especially since 2020: of those, 68% (or two out of three) expect to increase their investment in Portugal this year. According to data from the Bank of Portugal, Swedish corporate investment in Portugal has grown significantly since 2019.
At the end of the first quarter of this year, the stock of Swedish Foreign Direct Investment stood at around €3.1 billion, with over €1.3 billion invested in Portugal over the past six years.
This means the Swedish presence in Portugal has nearly doubled in that period. At the same time, Swedish companies are also much more optimistic about their own business performance in Portugal: 73% expect an increase in activity — up from just 57% in 2023. Additionally, 76% of the companies surveyed were profitable in 2024, a stronger result than two years earlier.
Most of the Swedish companies that participated in the survey entered the Portuguese market after 2019 and operate in a wide range of sectors such as pharmaceutical, health, automotive, energy/electricity, business services, fintech, digitalization, gaming, security, and consumer goods sectors. In recent years, Swedish companies have made significant investments in sectors that are relevant to the Portuguese economy.
Corpower has installed off the coast of Viana do Castelo the first device that converts wave energy into electricity, and Boliden recently completed the purchase of the Neves-Corvo mine in Castro Verde. Stegra is also putting forward an investment of up to 2.7 billion euros in Sines to produce green steel and hydrogen, with a forecasted start of production in 2030.
In the Defence sector — especially given recent calls for increased investment within NATO countries, particularly in European-made equipment — Saab could play a relevant role in several modernization processes that are underway in the Portuguese Armed Forces, including the major project within the Portuguese Air Force modernization. Saab has actually attended the AED Days event, an international aviation event that took place in Oeiras this week, presenting Gripen E as the most modern fighter on the market today, which could be the enabler of a strong partnership for national security and growth.
Among the most important Swedish companies in Portugal, and also the ones with most notoriety, we have Securitas, IKEA, Diaverum, Essity, Ericsson or Volvo Car Portugal. Sweden’s Ambassador to Portugal, Elizabeth Eklund, emphasizes that “these results show that Swedish investment in Portugal has not only been a reality but is set to continue. Swedish companies are optimistic about the performance of the Portuguese economy and will continue to invest and create jobs.”
“The Sweden brand is one that the Portuguese trust and value, and that’s also why Swedish companies have been accelerating their investments in Portugal in recent years. We hope this trajectory continues and expands cooperation to more areas, continuing to generate quality employment and contribute to wealth creation in Portugal,” the ambassador adds. “Portugal offers an attractive landscape for Swedish investment, featuring clean energy, strong infrastructure, global connectivity highly skilled labour force.”
Samira Grylin-Allalou, Market Area Director South Europe, Business Sweden, states that, when it comes to Swedish investment, “Portugal stands out in the European landscape due to several factors: it has highly qualified professionals with excellent English skills, a very dynamic start-up ecosystem, with numerous incubators and accelerators throughout the country, as well as several public incentives targeting key sectors.” Sweden is celebrating its National Day this week, on June 6th, and has organized a series of activities that will culminate today in a celebration at the Embassy, marking Midsummer, a traditional Swedish festivit.
