Sines investment boost reflects economic strength

Portugal’s economy has demonstrated remarkable resilience in the years following the Covid-19 pandemic, with strong growth, rising wages and continued success in attracting major international investment, according to Finance Minister Joaquim Miranda Sarmento.

Speaking at the launch ceremony for the new Sines Customs Office (Alfândega de Sines), held at the auditorium of the Administration of the Ports of Sines and the Algarve (APS), the minister highlighted what he described as the country’s robust economic performance despite global challenges, including inflation and economic uncertainty.

“The Portuguese economy, particularly in the post-pandemic period, has shown enormous resilience,” Miranda Sarmento said. “It has demonstrated a strong capacity for growth, investment attraction, job creation and wage increases.”

The minister pointed to a forthcoming study by the Bank of Portugal, due to be presented next week, as evidence of the country’s positive economic trajectory. According to the findings cited by the minister, real wages have been rising by more than 3% following the inflationary period of 2022 and 2023.

“After inflation, wages are increasing significantly in a way we unfortunately had not seen in our country for a long time,” he said.

Miranda Sarmento linked much of this success to the country’s ability to attract large-scale investment projects, with Sines emerging as one of the clearest examples of that momentum.

Over recent years, the coastal city has become one of Portugal’s most important industrial and logistics hubs, attracting major investments from companies including CALB, Galp and Repsol, as well as large-scale data centre developments and the planned artificial intelligence gigafactory.

“The economy has been able to create wealth, attract investment and expand exports,” the minister said. “Today’s export figures also demonstrate that dynamism, and Sines is the best example of it.”

The concentration of strategic projects in Sines is expected to “generate thousands of jobs, strengthen industrial production and reinforce Portugal’s position as a competitive destination for international investors”. It also supports the government’s ambition to accelerate the “transition towards a more technology-driven and export-oriented economy”.

Central to that strategy is the Port of Sines, which Miranda Sarmento described as “absolutely vital” to the national economy. As Portugal’s largest deep-water port, Sines plays a crucial role in both industrial exports and the import of components, raw materials and other goods essential to domestic production.

The government believes continued investment in infrastructure will further enhance the port’s strategic importance. One such project is the new Sines Customs Office, which will begin operating from facilities within the Port of Sines Logistics Activities Zone on January 1, 2027.

Currently functioning as a customs delegation of Setúbal, the new facility is expected to streamline customs procedures, improve operational efficiency and support growing trade volumes passing through the port.

For the government, the development represents another step in strengthening Portugal’s economic competitiveness, reinforcing the country’s reputation as an attractive location for investment, innovation and international trade.

Source: Lusa