Portugal plans $4.6 billion in port investments by 2035
Portugal's government announced on Wednesday an investment plan worth €4 billion ($4.6 billion) to expand and modernise its main ports over the next 10 years, 75 per cent of which will be done by private companies.Infrastructure Minister Miguel Pinto Luz said the investment would be made in six ports, including the port of Sines - the closest deep-water European port to the US coast - where the current terminal is being expanded and a new one will be built.He said port activity in Portugal has "potential to attract new investment given the country's privileged location," with an extensive Atlantic coastline that can be a gateway to the Iberian market and connect to trans-European transport networks.Pinto Luz said 15 new exploration concessions would be launched and, according to a new law, the private operators would enjoy a maximum term of 75 years, instead of the 30 years of current concessions.The government projects these investments will increase cargo movement to 125 million tons annually by 2035, a 50 per cent increase compared to the most recent data from 2023, as well as a 70 per cent rise in container throughput to 6.5 million Twenty-Foot Equivalent Units (TEUs).
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