Portugal and the new data economy: an opportunity we can´t waste

Portugal and the new data economy: an opportunity we can't waste
In recent years I have closely followed several structural transformations in the Portuguese economy, but there are times when we clearly feel that something bigger is happening. The approval of the National Plan for Data Centers is one of these moments. Not only because of the size of the investment or the numbers associated with it, but above all because of what it represents for Portugal's positioning in the global context.
As someone who is involved in organizing the panels on real estate, data centers and energy at Atlantic Convergence, which will have its third edition at the end of September in Lisbon, this topic naturally gains even greater relevance. It is not just theory or public policy. It is something that is already mobilizing investors, operators and international decision-makers.
The truth is simple. We are facing a structural change in the world economy. Digitalization is no longer a trend and has become the foundation on which everything is built. Artificial intelligence, data storage, the cloud, digital services, everything depends on very concrete physical infrastructures. And those infrastructures are the data centers.
Portugal appears in this context with characteristics that are not common. Access to renewable energy, which is relatively stable and competitive, is one of the most relevant factors. In a sector where energy consumption is one of the biggest concerns, this advantage is not just technical. It is strategic.
Added to this are international connections through submarine cables, which place the country in a privileged geographical position between Europe, Africa and the Americas. In an increasingly interconnected world, digital proximity has become as important as physical proximity.
But perhaps the most interesting thing is to realize that we are not just talking about potential. There is already a concrete movement. International investors have been looking at Portugal with growing interest, precisely because traditional markets face limitations. Lack of space, energy constraints, complex licensing processes. All this is pushing investment to new geographies.
This is where the National Data Center Plan comes in. More than a set of measures, it is a clear sign of intent. The simplification of licensing, the creation of pre-approved zones and the central role of AICEP as a single point of contact are important steps to reduce uncertainty. And in a capital-intensive sector, predictability is one of the factors most valued by investors.
The numbers presented by the Government are expressive. For each additional gigawatt of installed capacity, there is talk of investments that can reach eight billion euros in five years, with a significant impact on GDP. In addition, the creation of thousands of direct jobs and the positive effect on the trade balance show that we are not facing a niche, but a sector with manufacturing capacity.
However, the most important thing is not only in the numbers. It's in the way we decided to develop this sector. And here, the Government itself leaves a relevant message. Portugal does not want to be just a park of data centers. It wants to link this infrastructure to a higher value-added economy, which includes digital services, innovation and science.
This vision is essential. Data centers, in and of themselves, are a foundation. The true value lies in the ecosystem that is built around it. Technology companies, startups, research centers, universities and qualified talent. It is this combination that can transform Portugal into a true digital hub.
And this is precisely where one of our greatest assets comes in. The talent. Portugal has been training highly qualified professionals in the areas of engineering, technology and data science. At the same time, it has been able to attract international talent, creating an increasingly diverse and competitive environment.
But as with any transformation, there are challenges that cannot be ignored. Energy is undoubtedly one of the most critical. Despite the advantage in renewables, grid capacity, distribution and the balance between industrial consumption and population needs will be central themes.
The same applies to the territory. Where to build? How can we ensure that the development of this infrastructure does not conflict with other land uses? How to integrate these projects into local communities in a positive way?
There is also the issue of water, often associated with the cooling of data centers, and which requires technological solutions and efficient management. And of course, the impact on people's daily lives. From the pressure on the real estate market to the transformation of certain regions.
However, these challenges are not a negative warning sign. They are, in fact, indicators that we are talking about something with real scale and impact. And that is precisely why the approach must be strategic, balanced and well-coordinated.
The plan presented points in this direction, by dividing itself into four fundamental axes. Regulation, energy, positioning and territory. This integrated view is essential to avoid mistakes that other markets have already made.
At the same time, the existence of industry associations, with a growing number of members, shows that there is a clear desire for collaboration between the public and the private. And this collaboration will be decisive in ensuring stability, confidence and sustainable growth.
If we look at the global context, we realize that this is a limited window of opportunity. The demand for data centers is growing at a rapid pace, driven by artificial intelligence and widespread digitization. But capital does not wait. It goes where it finds the best conditions.
Portugal currently has the possibility of positioning itself as a competitive alternative. Not just for the energy or the location, but for the combination of factors it offers. Quality of life, safety, talent and a growing institutional maturity.
Perhaps the most important thing is to understand that this issue is not just technical or economic. It is also strategic for the future of the country. We are talking about digital sovereignty, the ability to attract qualified investment and positioning in an increasingly data-driven global economy.
In writing about this topic, I return to the initial point. The difference between reporting what is happening and sharing how we interpret it. In this case, I see more than one plan. I see a real opportunity for Portugal to make a qualitative leap.
But like all opportunities, it requires vision, execution and balance. It requires ensuring that growth is sustainable, that it benefits the country as a whole, and that it creates long-term value.
If we can do that, we won't just be attracting data centres. We will be building the foundations of a new economy. A more digital, more integrated economy with a greater capacity to compete globally.
And perhaps, in a few years, we will look at this moment as a turning point. Not only for the investment it brought, but for the transformation it helped to accelerate.