Swedish Companies Drive €4.2B Growth and 18,000 Jobs Across Portugal

Swedish capital is no longer a niche presence in Portugal. From the warehouses of Addressa to the dialysis clinics of Sertã, companies with a blue-and-yellow pedigree are injecting fresh money, new jobs and a dose of Nordic technology into the Portuguese economy—a trend that looks set to accelerate in 2025.

Snapshot

• 260 Swedish-owned companies now operate nationwide

• €4.2 B in value added generated between 2019-2024

• €1.1 B in fresh investment over the same period

• 18,133 workers on Portuguese payrolls in 2024

• 51 % of firms plan to expand local spending in 2025

• Top employers: Securitas, IKEA, IKEA Industry, Diaverum, Boliden Somincor

• Rising focus on innovation, sustainability, defence, digital infrastructure

Swedish Footprint Grows Across Portugal

The most recent survey by the Portuguese-Swedish business network confirms a steady doubling of direct investment, pushing the Swedish FDI stock to roughly €3.1 B by March 2025. That capital is scattered from Lisboa’s tech corridors to Alentejo’s mineral belts, illustrating how Swedish money is diversifying regional economies. In just five years, the cohort’s combined €13.1 B in turnover has inched above the GDP of Madeira, underscoring its national relevance. Executives cite Portugal’s skilled labour, renewable-heavy power grid, and EU membership as core attractions, while policymakers in Lisbon view the Nordic inflow as a hedge against over-reliance on Iberian and French investors.

Where the Jobs Are

Security specialist Securitas tops the employment table with 4,470 staff, followed by the IKEA retail and manufacturing duo at almost 5,000 positions. Healthcare operator Diaverum now runs 28 dialysis centres after picking up Nefropinhal in mid-2025, bringing its headcount to 1,618. Mining newcomer Boliden Somincor, buoyed by the Neves-Corvo acquisition, employs 1,324 workers and is recruiting geologists for an expanded exploration drive. Beyond the headline names, smaller Swedish outfits in fintech, clean-tech, cybersecurity and electric-mobility have multiplied since 2020, often clustering around Porto’s and Lisbon’s startup hubs.

Investment Pipeline for 2025

Corporate surveys show 51 % of Swedish subsidiaries intend to raise their Portuguese budgets next year—up from 41 % two years ago. Among the marquee projects:• IKEA earmarks €60 M to revamp stores into mini-distribution centres, trimming reliance on Spanish warehouses.• Securitas Portugal will channel €3-4 M into AI-enabled surveillance and a redesigned command centre, part of a wider €50 M Ibero-American tech push by the parent group.• Diaverum eyes additional clinics in the interior to align with the national renal-care strategy.• Boliden plans roughly SEK 2 B (≈ €175 M) in capex through 2026 to integrate Somincor and deepen underground exploration.These commitments hint at long-term confidence rather than opportunistic bets, bolstered by Portugal’s drive to streamline licensing for industrial and health-care projects.

Trade Flows: Closing the Gap

While Sweden buys growing volumes of Portuguese textiles, machinery and agri-food, Lisbon still books a modest trade deficit. Exports to Sweden jumped 113 % in five years, totalling about $1.14 B in 2024, nearly mirroring imports at $1.06 B. Including services, the ledger tilts negative by roughly €200 M. Officials at AICEP argue that higher-value goods—think hydrogen components, off-shore wind parts and digital services—could swing the balance. Stockholm’s openness to free trade within the EU remains a political tailwind for Portuguese negotiators pushing wider market access.

Innovation and Sustainability: Shared Priorities

Both governments frame the partnership around green tech and advanced R&D. Sweden reclaimed the EU’s top spot in the 2025 Innovation Scoreboard, while Portugal advanced to the “moderate innovator” tier but still lags in technology adoption. Joint initiatives are emerging in AI-driven maritime surveillance, circular-economy packaging and life-science accelerators. On climate, Swedish firms highlight their 80 % cut in CO₂ emissions since 1990, offering playbooks for Portugal’s Portugal 2030 strategy. Lisbon, for its part, pitches abundant solar resource, deep-water ports and Atlantic data-cable links as assets that can complement Swedish know-how.

What Comes Next

Economists tracking capital flows expect the Swedish stake in Portugal to double again within the decade if current momentum holds. Risks remain—global supply-chain hiccups, energy-price volatility, and talent shortages—but boardrooms in Stockholm appear convinced that Portugal’s mix of EU stability, competitive wages and renewable capacity adds up to a compelling long-play. For Portuguese policymakers, the challenge is to translate incoming krona into deeper regional development and a healthier trade balance—objectives that, at least for now, align neatly with Swedish corporate ambition.