Last Updated on October 9, 2024 by Maryam Siddiqui
Portugal 2030 has been making rounds for being well thought out and a good opportunity for those interested in the sector. But how does it plan on contributing to betterment? It’s a comprehensive initiative that allocates significant resources to promote innovation, foster business competitiveness, and improve infrastructure, particularly in the energy, transport, and health sectors.
The program offers unique opportunities for expats in Portugal to engage with local development and benefit from the country’s forward-thinking initiatives. Whether you’re a business owner, entrepreneur, or simply interested in contributing to local communities, the program provides avenues to tap into funding and projects aligned with sustainable growth.
How does that work? Individuals can make the most of this by staying informed about relevant funding calls, forming partnerships with local businesses, and participating in innovative projects that shape Portugal’s future. Let’s dive into the details!
What Is Portugal 2030?
In simple terms, Portugal 2030 is a strategic program to enhance Portugal’s economic, social, and environmental development through European Union funding. Launched to follow the success of previous EU programs, it aims to tackle key challenges such as economic recovery, green transition, digital transformation, and social inclusion.
This gives businesses, institutions, and local communities a chance to explore funding opportunities, align their goals with the program’s priorities, and actively participate in regional development projects to make the most of it.
By engaging with the program early and understanding its framework, stakeholders can position themselves to benefit from Portugal 2030’s vision of sustainable and inclusive growth.
- Check out one of our top articles: 15 Best Business Ideas To Launch In Portugal!
What Is The Aim For Portugal 2030?
The program aims to drive sustainable economic, social, and environmental development by addressing key challenges such as competitiveness, green energy, digital transformation, and social inclusion.
Portugal 2030 is designed to support innovation, improve infrastructure, and foster regional growth. Its guiding principles focus on strengthening resilience, promoting equality, and boosting digital skills. Additionally, ensuring sustainable growth across sectors like education, health, and the environment, among others. Let’s go over these:
8 Principles
- Concentration: Resources are concentrated on areas of the economy and society with the highest impact, ensuring that funding is allocated efficiently.
- Results Orientation: It focuses on achieving real and visible improvements in key sectors of education, health, and green energy.
- Transparency and Accountability: It ensures clear and open processes and promotes accountability in decision-making and proper fund allocation.
- Segregating Management and Conflict-of-Interest Prevention Functions: To maintain integrity, management functions are separated from those handling conflict-of-interest prevention, ensuring objective decision-making and reducing risks of mismanagement.
- Simplification: Portugal 2030 aims to streamline administrative processes, which will make it easier for stakeholders to apply for and manage funding.
- Openness to Innovation: It encourages creative and technological advancements, driving forward innovative solutions that enhance competitiveness, sustainability, and quality of life.
- Subsidiarity: Decision-making is decentralized, empowering local and regional authorities to manage resources based on their specific needs. This paves the way for tailored and regionally-focused projects.
- Synergies Between National and EU Funding Sources: The program aims to maximize the impact of available resources by aligning national and EU funding. Ensuring complementary actions that achieve broader, more cohesive development goals.
Opportunities and Benefits
So, how can you benefit from this as an expat or current business owner?
The program offers funding for businesses to enhance their competitiveness, especially in green energy and digital transformation. Focusing on regional development aims to support local communities, create new jobs, and improve infrastructure.
Key benefits of the program include access to EU funding for projects that are in line with strategic goals, such as enhancing digital skills, promoting social inclusion, and fostering sustainable economic growth.
Opportunities For Investors
Under Portugal 2030, investors can target the following sectors to contribute to Portugal’s development while reaping substantial economic rewards:
- Renewable Energy: Engage in projects focused on solar, wind, and other renewable energy sources. With a strong commitment to sustainability, the program aims to enhance energy efficiency and reduce carbon emissions.
- Digital Sectors: Investors can capitalize on the growing demand for innovative solutions that improve connectivity, cybersecurity, and digital skills.
- Research and Development (R&D): Support initiatives in various fields, including health, agriculture, and environmental technologies. These align with the country’s commitment to sustainable growth and competitiveness.
Grants and funding for businesses
Are there grants available for Portugal 2030? Yes, there are.
Companies can access EU and national funding programs for specific sectors, including renewable energy, technology, and research and development.
Plus, grants are available for startups and SMEs to facilitate their entry into new markets, improve infrastructure, and invest in employee training. By leveraging these funding opportunities, businesses can significantly reduce financial barriers. And also accelerate their development in alignment with national and EU objectives.
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Benefits For The General Public
When businesses receive funding to expand and innovate, they create new job opportunities, which reduces unemployment and boosts local economies. This directly benefits communities. Investment from funded projects often includes upgrades to public infrastructure. Such as transportation, utilities, and digital connectivity, leading to a more efficient and accessible environment for residents.
Funding directed towards businesses in healthcare, education, and social services enhances the quality and availability of these essential services, promoting overall well-being for the community. Grants focusing on renewable energy and environmentally friendly practices contribute to a healthier living environment. This is done by reducing pollution and promoting sustainability, benefiting public health and safety.
How to Make the Most of Portugal 2030?
If your business operates in these areas of interest, you can tap into funding to enhance innovation. Which will help expand operations and invest in cutting-edge technologies.
Identify the specific funding programs that align with your business goals. Then, prepare a detailed project plan depicting how they support economic growth, sustainability, or social inclusion. You can collaborate with local partners or institutions to strengthen your application.
Institutions involved in education, R&D, and social services can also benefit from grants. These are designed to support innovation, digital skills training, and social projects. These funds can enhance research capacities, develop new programs, and improve public services.
To apply, you’ll have to highlight how your projects contribute to Portugal’s broader goals, like fostering innovation or improving infrastructure. You’ll need to ensure that your proposals include measurable outcomes and sustainability measures.
You must stay informed about individual grants or scholarships supporting digital skills development or entrepreneurial ventures. Try to look into regional programs or educational institutions, such as NOVA University Lisbon, offering training funded by Portugal 2030. You can do so by regularly visiting Portugal 2030’s official website to stay informed about new funding calls and deadlines.
Tip: Seek partnerships with businesses or other institutions to pool resources and expertise.
Do you want to start a company in Portugal?
Lisbon and Porto have been a hub for thriving businesses that want to benefit from the digital infrastructure and geographical location. In 2024, we have proof that businesses have made strides by leveraging Portugal’s skilled workforce, favorable tax incentives, and expanding global connections.
If it interests you to start your company or expand a business you already own but don’t know how, get in touch with our experts! Book a free consultation to start working on your dream project that aligns with Portugal 2030’s goals!
