Over the past few years, Greater Lisbon has become an attractive destination for multinational companies and professionals in the ICT sector. Some already speak of a new Silicon Valley in the Portuguese capital. In fact, it is still relatively modest in size. However, the ICT ecosystem developing here has recently shown one of the highest growth rates in this sector.
There are several reasons that explain this development, with the most plausible being the favorable business conditions. Lisbon has great qualities for technology companies. First, the overall security of the country ensures the basic condition for the prosperity of any business. In addition, comparatively low commercial costs, tax incentives, as well as the environment of cooperation and knowledge exchange among startups and incubators prove to be beneficial, creating innovation clusters.
But not only that, the good functionality of the infrastructures also contributes to the city’s relevance, for example, the extensive fiber optic network, modern offices, and the international airport. Furthermore, the Universities in the capital have international renown and continuously produce competent engineers, a considerable number compared to the European Union average. Thus, a modern Lisbon emerges, full of talent.
Additionally, the Web Summit, the largest European technology event, has been held in Lisbon since 2016, attracting multinational companies, personalities, investors, and promising talents in the ICT sector annually. In 2022, the event took place at the Altice Arena, with a total of 71,000 visitors. It will take place again in November 2023.
But it’s not just companies that benefit from what the city has to offer. The quality of life that this capital provides to its inhabitants is excellent. Lisbon is considered beautiful, interesting, and accessible, as well as clean and safe, being bathed by the Atlantic and subject to a mild subtropical climate.
Here, the combination of historical and modern architecture provides a unique living environment. The numerous renowned bars and restaurants, museums, stadiums, race tracks, and public beaches, among other places, reflect a vibrant cultural life. Despite the capital being in focus, the cost of living remains relatively affordable. A healthy balance between work and leisure is an achievable goal here.
Thanks to these conditions, it is not surprising, therefore, that there are already several world-class companies with tech hubs in Lisbon. In fact, the city is the focus of major multinational companies that have already inaugurated their technological centers here. These companies employ professionals in software engineering, data analysis and management, product organization, and customer service. These technological centers focus on design, planning, optimization, and implementation of necessary measures to adapt and develop products in a digitized world.
Among the companies represented in Lisbon, German car manufacturers Mercedes-Benz and VW, German engineering companies Siemens and Bosch, US ICT companies Google, Microsoft and Cisco, German clothing retailer Zalando, engineering company Siemens, and more recently, German car parts retailer AUTODOC, which opened a tech hub in Oeiras in the first half of the year, stand out. These companies are just part of the ecosystem that is developing here and is growing, thus contributing to the Portuguese and European economy.
Therefore, this development seems to be just the beginning. The technology sector ecosystem is thriving here and there is a clear investment in this direction. Lisbon is a promising location.
