While the overall Portuguese economy contracted in 2020 (like most others), growth did resume in 2021. Economic freedoms – monetary and trade – have steadily shown increase over the past few years with strong government support. As a key strategic area, the metallurgical metalworking and related industry is a versatile growth sector showcasing high quality and diverse goods (industrial and FMCG) manufacture. These industries are pivotal to the creation of jobs, investment generation and fundamental contributors to the Portuguese export market which in 2019 represented one third of exports from the country.
The last decade has seen significant change in the manufacturing industry in Portugal, including greater technological incorporation, gained weight and growth dynamics, and an increasingly expert automotive and components sector.
The convenient geographical location of Portugal and its longstanding experience of working with the UK make it an attractive location for UK companies to source tier 1 and 2 products from for their own OEM’s or supply chains. Lower labour costs and increased mechanical expertise impact directly on the quality and landed cost of items needed for the manufacturing industry in the UK.
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