This logic is changing: the World Investment Report 2026, published by UNCTAD, shows that international investment has entered a new phase, marked by geopolitical tensions, more active industrial policies and growing technological competition.

In this new context, companies no longer choose locations based on cost alone. They are looking for environments capable of guaranteeing stability, energy, talent, infrastructure and innovation capacity. This change represents an opportunity for Portugal, even if the country can hardly compete with the financial support programs launched by economies such as the United States, China or Germany.

Portugal does not need to win this race for incentives. It needs to compete for what truly makes a difference today: the quality of its ecosystem. When a company evaluates where to install a data centre, a research laboratory or a unit linked to artificial intelligence, it no longer asks only how much it costs to produce. It asks if there is available energy, qualified talent, partner universities, robust digital infrastructure, regulatory predictability and administrative capacity to make the investment quickly.

It is precisely here that Portugal brings together relevant assets. The high production of renewable energy, integration into the European market, the Atlantic location, international connections by submarine cables, the development of the technological ecosystem and institutional stability are advantages that are becoming increasingly important. The real challenge is to make these assets work in an integrated way.

Sines illustrates this transformation well. It is no longer just a port: it is a platform where logistics, energy, digital connectivity and industry can mutually reinforce each other, creating conditions to attract high-value-added investment. This logic also applies to sectors such as health, biotechnology, the maritime economy or the aerospace industry, where success will depend less on isolated projects and more on the ability to create environments in which companies, universities, research centres and infrastructure work together.

The UNCTAD report suggests precisely that the most relevant investments of the next decade will be those that are part of complete technological and industrial ecosystems, capable of responding to the new demands of the global economy. Portugal can no longer think only about attracting investment; it has to build the conditions that make this investment sustainable.

Because the new international competition is no longer decided only by price. It is decided by the ability of a country to offer talent, energy, innovation, stability and speed of execution. In short, for the quality of the ecosystem it manages to build.