We were in Europe; we had access to the Atlantic, relatively low costs, stability and proximity to major European markets. This combination helped to attract industry, tourism, services and foreign investment. It is still important, but it is starting to be insufficient to explain some of the investments that are coming to the country.

When we find projects in Portugal related to cloud, data centres, space technology, aeronautical components, artificial intelligence, engineering, renewable energies or advanced industry, we are no longer just facing companies that have chosen a convenient location. We are facing activities that need engineers, programmers, researchers, specialised technicians, universities and companies capable of integrating increasingly complex international value chains.

It is an important change in the way we should look at Portuguese competitiveness. A country can offer land, incentives and good infrastructure, but it can hardly build a high value-added economy if it does not have knowledge. In the emerging economy, a quality university can be as important for an investment decision as a highway, and the availability of engineers can weigh as much as the price of industrial land.

Portugal is beginning to have some of the necessary elements to compete in this way. We have recognised universities and research centres, engineers and technological professionals integrated in international projects and Portuguese companies that already export software, industrial technology, engineering and knowledge. We also have a generation of entrepreneurs who look at the global market from day one. The challenge is to transform these cases into a structural feature of the economy, instead of continuing to be presented as exceptions.

This implies bringing universities and companies closer together, transforming research into marketable products, facilitating the growth of technology companies and creating conditions for talent to find in Portugal projects that are interesting and well-paid enough to build their career here. It also means understanding that attracting a multinational is just the beginning. The real benefit comes when that company buys from Portuguese suppliers, works with national universities, trains professionals, develops research and helps create new companies around it.

For a long time we asked how we could make Portugal cheaper or more attractive for those looking for a location. Perhaps the question is changing. In a world where technology, energy, security and talent increasingly weigh on investment decisions, Portugal has the possibility to compete for something much more valuable.

We do not need to stop taking advantage of our location. We need to add knowledge to it.

Because location can bring an investment to Portugal. Knowledge is what can make that investment transform Portugal.