This positioning helped the country to consolidate relevant industrial sectors and to assert itself in several export areas. But the world economy has changed, and Portugal has also changed with it. Today, the real competitive advantage of Portuguese companies is no longer just in price. It lies in knowledge, engineering and the ability to develop technological solutions for increasingly demanding markets.

This transformation happens discreetly, away from the day-to-day headlines, but it is profoundly changing the profile of Portuguese exports and the country's position in international value chains. Industrial digitalisation, automation, artificial intelligence, digital twins, predictive maintenance and smart production are no longer distant concepts but have become part of the reality of many Portuguese companies. The most interesting thing is that these success stories are rarely told with the dimension they deserve: national companies that innovate, export, solve complex problems and win international customers without having to make much noise.

This development coincides with a broader change in European industry itself. The need to strengthen strategic autonomy, bring production chains closer together and reduce external dependencies is creating new opportunities for countries capable of offering innovation, flexibility and skilled talent. This is precisely where Portugal can make a difference. We will hardly compete with economies where labour costs remain much lower, but we can compete through specialisation, speed of adaptation and the quality of the solutions we develop.

In recent years, signs of this new reality have multiplied. There are Portuguese companies working on industrial software, precision components, mobility technologies, energy solutions, aeronautical maintenance, artificial intelligence, green hydrogen and even space technologies. They are different sectors, but united by the same trait: they require technical talent, innovation capacity and international ambition. Many of these companies were born far from the big decision-making centres, grew with discretion, and today compete with global players. It is precisely these stories that should occupy more space in the public debate, because they show a country that does not limit itself to providing services or living off its tourist attractiveness. They show a country that also designs, programs, manufactures, tests and exports knowledge.

Naturally, this transformation brings demanding challenges. Competing for engineering talent means continuously investing in education, research, specialised training and digitalisation of small and medium-sized enterprises. It also implies accelerating licensing, improving the articulation between universities and companies, valuing technical careers and creating conditions to retain talent. It is not enough to attract investment. It is necessary to ensure that this investment leaves installed capacity, increases local knowledge and helps Portuguese companies to move up the value chain.

Perhaps the biggest change is in the question we ask ourselves. For too long we asked if Portugal could produce cheaper. Today, the question has to be another: can we produce better? The answer is increasingly starting to be affirmative. And this response represents a profound change in the way the country is seen by international markets.

Portugal will continue to be recognised for tourism, quality of life and its strategic location. But if you stay on this path, you can also be recognised for something that creates even more value: the ability to transform knowledge, engineering, and innovation into products and solutions that compete on a global scale. In the 21st century economy, price is still important, but it's engineering, talent and the ability to execute that really make the difference.