To achieve this goal, identified in a study by consulting firm McKinsey, there is a need to address certain barriers to capital attraction that have persisted in the Portuguese economy for years.
These barriers include “less bureaucracy,” more “flexibility” in the labor market, and a “more favorable fiscal environment” for investment.
The CEO of CGD discussed the outlook for the Portuguese economy during the second edition of Portugal Capital Markets Day 2025, currently taking place in Lisbon and organized by Euronext Lisbon and AEM – Associação de Empresas Emitentes de Valores Cotados em Mercado.
Paulo Macedo highlighted investment opportunities opening up for the startup ecosystem and new technology sectors like battery manufacturing, electric vehicles, and investment in cloud systems, cybersecurity, and software.
“We can transform Portugal into a global talent hub by promoting and scaling the startup ecosystem and attracting international capital to key sectors,” he stated.
The manager also advocated for developing the capital market as a condition for attracting capital and establishing it as an alternative to bank financing, which remains the primary instrument for capitalizing Portuguese companies.
“We have the opportunity, we have the moment, we have the will to attract capital,” he said.
Facing an audience of international investors, Filipe Santos, director of the Católica Lisbon School of Business & Economics, presented the report “Innovation and Infrastructures: Connecting Portugal with the Future,” which highlighted Portugal’s comparative advantages over competing destinations in attracting capital.
The innovation ecosystem and Portugal’s infrastructure in transport networks, energy costs, and telecommunications networks are critical factors for attracting investment, but the report indicates that the potential for national economic growth primarily rests on human capital and attracting talent.
These comparative advantages were also emphasized by officials from CTT, REN, and EDP, three companies listed on Euronext Lisbon.
In a panel discussion about the dual mandate of the supervisor to develop the market and protect investors, the president of CMVM, Luís Laginha de Sousa, stated that CMVM’s long-term strategy is based on the view that the capital market “is crucial for the sustained growth of the economy.”
In a country like Portugal, where there is a shortage of capital and where companies are financed primarily by banks, CMVM’s head believes “it is possible to make better use of the capital market.”
He noted that in other countries, pension funds are significant investors in the capital market, unlike in Portugal. “But it’s important to put that money to work, to make the economy grow and generate returns on capital. I’d like to see that realized,” he acknowledged.
Laginha de Sousa also argued that “good financial supervision provides a solid foundation for market development and ensures investor protection. Without it, attracting investors is more challenging.”
In closing, the president of AEM, Miguel Athayde Marques, highlighted Portugal’s ability, with its startup ecosystem, unicorn companies, and multinational competence centers, to attract and retain qualified foreign students and workers.
