They show confidence. They reveal stability. They reveal that Portugal is consistently consolidating its position as a relevant destination for international capital.

The country received 4,800 million euros of foreign direct investment in this period. It is a figure slightly below that recorded in the previous year, but still expressive and, more importantly, balanced in its composition. Of these 4,800 million, about 3,400 million were direct investment in the capital of Portuguese companies. And here we highlight a fact that deserves special attention. One billion corresponded to real estate investment, which shows that Portugal continues to be seen as a safe, stable, and strategic destination for those looking for long-term returns.

The origin of this investment also says a lot about the country's positioning. Spain was, once again, the largest investor, with 1,400 million. Luxembourg, France, and the United Kingdom followed. All countries with mature financial systems and high risk analysis capacity. When these markets decide to invest in Portugal, they do not do so by chance. They do so because they recognize value, opportunities and an institutional framework that inspires confidence.

Of course, Portugal also invests abroad. In the same period, Portuguese companies invested 2,100 million euros in foreign markets, mainly in the Netherlands and Spain. This movement is also relevant because it shows that Portugal is not only a recipient of investment but also an issuer. We are an active part of the European economic fabric, participating in global value chains and looking for opportunities that complement internal growth.

What is really impressive, however, is the long-term evolution. Since 2008, the stock of foreign direct investment has doubled. It now represents 69 percent of GDP. It is a huge percentage for a country of our size. It shows that Portugal is today, literally, built largely by international capital that believes in our future.

Contrary to what some fear, the inflow of foreign capital does not diminish the country. On the contrary, it reinforces it. It helps to finance companies, attract qualified employment, modernize sectors, internationalize SMEs, and create connections with markets that we would otherwise not have access to. And all this happens while Portugal maintains political stability, bets on the modernization of the State and pursues the energy and technological transition that the world demands.

Of course, there are challenges. It is necessary to ensure that this investment continues to be productive, that it reaches the areas that contribute most to competitiveness and that it serves as a lever for our companies. But, seen from above, the photograph is clear. Portugal remains on the radar of global capital and remains a country where sophisticated investors want to be.

If there is a positive sign for the Portuguese economy at the moment, it is this. The world believes in Portugal. And Portugal is finally learning to believe in itself as well.