However, they also highlight the need for structural responses in terms of regulation, talent attraction, and competitiveness. In an international context marked by geopolitical uncertainty and rapid technological evolution, Portugal remains attractive, although its ability to consolidate its position among international investors increasingly depends on institutional efficiency and regulatory predictability.

AmCham Portugal, in partnership with PwC as Knowledge Partner, presented the main results of the 4th edition of its executive survey of managers from American companies operating in Portugal and exporting companies, aimed at identifying their key expectations for 2026.

Key Survey Results:

• Companies demonstrate greater confidence in economic prospects for 2026, both at the national and international levels.

• 78% of companies expect revenue growth in 2026, and more than 60% plan to undertake new investments.

Credits: Supplied Image; Author: AMCHAM;

When asked about the main challenges for 2026:

• For their company: market competitiveness (54%), regulatory complexity and bureaucratic processes (49%), and cyber threats (41%).

• For their sector: competitiveness (51%), followed by difficulties in attracting and retaining qualified talent (49%) and regulatory complexity (43%).

• For Portugal: regulatory complexity (62%), difficulties in attracting and retaining qualified talent (57%), and economic instability (46%).

From a geostrategic perspective, technological innovation and digitalisation in Europe were identified as the main geostrategic challenges for business, with an average impact score of 4.3 on a scale from 0 to 5. These were followed by the influence of the United States and Europe in the global context (both scoring 3.7), as well as transatlantic trade relations (US–EU).

With regard to artificial intelligence (AI), it plays a central role in corporate strategies: 94% of companies are already investing in AI, with more than half currently in a development phase. Nevertheless, the average level of maturity remains intermediate, indicating considerable growth potential but also the need for consolidation. While many companies report investing in AI, relatively few have formalised AI processes, defined a clear roadmap for AI initiatives, or attracted qualified AI talent.

Credits: Supplied Image; Author: AMCHAM;

The study also indicates that trade tariffs between the United States and the European Union have, to date, had a limited impact on most companies: 84% report a moderate, limited, or no impact. However, there is strong consensus regarding the need for a coordinated European trade response, based on cooperation between countries and regions.

In contrast, regulatory changes and uncertainty in the United States are reported to have a significant impact on companies, influencing decisions related to the location of operations, pricing, and direct investment.

In Portugal, recent changes to immigration and visa legislation are beginning to influence strategic decisions but continue to pose certain obstacles. Bureaucracy and lengthy processing times are highlighted by 72% of companies as the main barriers to attracting foreign talent.

Finally, in the area of sustainability, despite the tightening of European regulatory requirements, most companies report a limited impact on their business. A significant proportion have already integrated sustainability criteria into their supply chains, identifying regulatory complexity as a challenge, while also recognising opportunities related to competitive differentiation.

Read the full study at: www.amchamportugal.pt.