While Portugal remains an attractive proposition for the German giant, there are concerns about allegations of corruption and its potential impact on future investments in Portuguese lands. Despite this, Siemens has made noteworthy progress in Portugal, especially in the field of electric mobility, which stands out as a major contributor to the company's exports in the country.

As such, Siemens' electric mobility ecosystem in Corroios has seen remarkable export growth, thanks to its comprehensive approach that encompasses research and development, sales, engineering, production, and service provision for fast-charging infrastructure. This integrated approach has driven year-on-year growth, with other sectors such as technology, especially software, artificial intelligence, and cybersecurity.

The electric mobility sector is poised for significant expansion, with Siemens anticipating a growth rate of 70 to 80 percent for 2024 alone. This increase in demand is a direct result of European sustainability and decarbonization policies, which have driven the adoption of electric vehicles.

For this reason, and in addition to electric mobility, Siemens created a digital hub last year to serve the Nordic, British and Polish markets from Portugal. Hence and for many other reasons such as access to talent, Siemens is exploring the possibility of establishing two more new hubs in Portugal, one of which will focus on energy storage and microgrids, taking advantage of existing expertise in the field. The other hub, while still in the preliminary stages of development, is expected to focus on sustainability and digitalization for a specific sector, potentially enhancing Portugal's position as a global technology hub.

Siemens' investment decisions are influenced by a number of factors, including historical performance, competence, and ability to meet commitments. However, crucial considerations also include tax policies and ethical standards, with transparency and integrity playing a key role. The German company attaches significant importance to maintaining a clean and transparent business environment, as suspicions of corruption due to the actions of politicians and officials can indeed impact future investment decisions, as it is not compatible with the ethical business policy of the German giant and its history.

We conclude that as Siemens continues to explore new opportunities in Portugal, the country's reputation for innovation and business integrity remains crucial. While challenges, such as allegations of corruption, may cast a shadow over future investments, Portugal's advances in fiscal responsibility and governance reforms have received international recognition. Siemens' ongoing commitment to the country highlights its confidence in Portugal's potential as a strategic investment destination, signalling a promising trajectory for sustainable growth and collaboration in the coming years.

Author

Paulo Lopes is a multi-talent Portuguese citizen who made his Master of Economics in Switzerland and studied law at Lusófona in Lisbon - CEO of Casaiberia in Lisbon and Algarve.

Paulo Lopes