Japanese companies have built a varied presence in Portugal, spanning vehicles, power generation, gas distribution, biofuels, digital services, food processing, water and fisheries. Emi Ono, JETRO resident agent in Lisbon, discusses the commercial foundations of the bilateral relationship, the Portuguese products that could find greater demand in Japan and the innovation partnerships JETRO hopes to foster between the two countries.

Bridges: Following the elevation of Japan-Portugal relations to a Strategic Partnership, where does JETRO see the strongest momentum in bilateral trade, investment and business cooperation?

Ono: The main export products from Japan to Portugal are motor vehicles and related parts, as well as machine tools and industrial machinery. In 2025, there was particularly strong growth in equipment and infrastructure-related products, such as electric motors, generators, cables, high-voltage switchgear, and power distribution and control equipment. These products underpin Portugal’s infrastructure, and we expect this trend to continue. There are currently six data center construction projects planned in Portugal. Also, with the expansion of wind and solar power generation (renewable energy accounted for 75.6% of mainland electricity generation in 2025) and the government providing support for grid flexibility and energy storage, we believe there is potential for cooperation in the areas of transmission and distribution equipment, as well as energy storage and power management systems. In this sector, reliability is prioritized alongside price, which we consider to be one of Japan’s strengths. Furthermore, as Portugal, like Japan, is experiencing a declining birth rate and an aging population, there may well be business opportunities in products that support an aging society and labor-saving initiatives.

The main exports from Portugal to Japan are European-brand cars manufactured in Portugal and food products. In addition to traditional products such as wine, olive oil and cork, we believe that high-quality soaps and innovative cosmetic products using natural ingredients also have the potential to be well received in the Japanese market.

Although few Portuguese companies have invested in Japan, notable examples include pharmaceutical company Hovione and WIT Software, a software provider for telecommunications operators.

Could you share examples of leading Japanese companies that have made recent investments, joint ventures or strategic partnerships in Portugal across industries such as renewable energy, infrastructure, technology, mobility, food, manufacturing or services?

According to the Portuguese government, approximately 120 Japanese companies were operating in Portugal as of September 2025. Companies such as Mitsubishi Fuso Truck and Toyota have been manufacturing locally for many years, contributing to the Portuguese economy. Recently, the energy sector has been particularly active.

In 2013, Marubeni acquired a 50% stake in a portfolio of power generation assets in Portugal from GDF SUEZ (now ENGIE). Following subsequent restructuring of the shareholding structure and the assets, Marubeni now holds and operates these power generation assets in Portugal through its wholly owned subsidiary, EML S.A.

In addition, in 2025, a fund managed by MMCP and sponsored by Marubeni acquired a 50% stake in a renewable energy portfolio developed and owned by TotalEnergies Renewables Portugal SGPS S.A., together with several other Japanese companies. In April 2026, Marubeni, through its wholly owned subsidiary SmartestEnergy Limited, acquired an 85% stake in Factor Energia S.A., a Barcelona-based power and gas retailer operating across Iberia and Latin America. As a result, Enforcesco S.A., Factor Energia’s Portuguese business operating under the Yes Energy brand, also became part of the Marubeni Group. Outside the energy sector, Marubeni acquired AGS, a Portuguese water and sewerage company, and now operates water and sewerage businesses in Portugal and Brazil while expanding water and sewage engineering services worldwide through AGS.

Also, Mitsui & Co., Ltd. has a very interesting project. Mitsui is now strengthening its presence in the biofuels sector in Europe. Mitsui has designated biofuels as one of its core business areas in the energy sector, including next-generation fuels, which include hydrotreated vegetable oil (HVO) and sustainable aviation fuel (SAF). Since the demand for HVO and SAF is based on regulations, Mitsui has seen great potential in the markets in Europe, which have strong regulations, such as the Renewable Energy Directive III and ReFuelEU Aviation, and Mitsui has been looking for business opportunities and partners in Europe since 2020.

Then, Mitsui ended up forming a partnership with Galp, which appreciated its capability to procure feedstocks from Asia. Galp and Mitsui are currently building a biofuels plant in Sines to produce HVO and SAF, and the estimated start of production is early 2027. There is an existing Galp refinery in Sines, and its proximity to one of Europe’s largest deep-water ports makes it an ideal location for global trade.

Mitsui is involved in the whole value chain of this biofuels business, not just in the investment in the plant, but also in feedstock procurement as well as product marketing to the global market.

In the technology sector, Fujitsu entered the Portuguese market in 1997. It provides IT operations, cloud migration and application management services to the public sector, financial sector and private sector, and operates from Lisbon as a nearshore hub for Europe. It currently employs 1,750 staff, making it the largest Japanese company in Portugal.

NTT Data, which entered the Portuguese market in 2006, operates digital transformation (DX) businesses for the financial, public and telecommunications sectors through its 15 innovation centers.

In the food sector, Kagome invested in HIT, a Portuguese tomato processing company, in 2007, and in 2012 made it a consolidated subsidiary, establishing it as the core base for its European operations. At its local facility, the company carries out the entire process, from research and development of tomatoes for processing through to processing and sales, and supplies products to European food manufacturers and the catering industry. Portuguese tomatoes, which are rich in lycopene and characterized by their vivid color and intense flavor, are highly regarded as processing ingredients; 95% of the company’s output is exported, with 30% of that destined for Japan.

These Portuguese tomatoes are said to be perfect for making tomato juice. Although tomato juice is less commonly consumed in Europe than in Japan, I hope more people here will have the opportunity to enjoy Kagome tomato juice in the future.

TUNIPEX, a subsidiary of Arai Shoji, revived the traditional fixed-net fishing method in southern Portugal in 1994, a practice that had ceased in the 1970s, and has since been catching and processing Atlantic bluefin tuna for export to the Japanese and European markets. The company is characterized by its adoption of Japanese fishing techniques and quality control standards, and has a well-established reputation for quality. TUNIPEX exports 92% of its tuna to Japan, with the remainder going to other markets.

If you visit Portugal during the summer bluefin tuna season, you’ll have the rare opportunity to enjoy sushi made with fresh, never-frozen Atlantic bluefin tuna from TUNIPEX. Even in Japan, it’s not always easy to find bluefin tuna of this quality served chilled rather than frozen.

From JETRO’s perspective, what should Portuguese companies better understand about entering or expanding in Japan, and which Portuguese sectors, products or brands have the strongest potential in the Japanese market?

As set out in the Joint Statement on the Strategic Partnership between Japan and the Portuguese Republic, issued last September, key areas of cooperation between the two countries include science, technology and innovation; renewable energy and infrastructure; and economic security and supply chain resilience.

With a view to creating opportunities for collaboration in these fields, particularly in the area of innovation, which is a priority for JETRO, JETRO is working to build relationships with Portuguese universities and university-affiliated incubation facilities. In Portugal, in addition to promising university spin-off startups, there is a wealth of research that, while not yet commercialized, holds significant potential for future industrial application. We believe these represent important candidates for collaboration with Japanese companies considering new business ventures or technological partnerships.

On the other hand, Portuguese researchers and startups tend to prioritize the European and North American markets for business expansion, and have not necessarily established sufficient links with Japan. For this reason, we intend to proactively approach local universities, research institutions, incubation centers and startups to identify concrete opportunities for collaboration with Japanese companies.

For example, TEKEVER, a company that develops and manufactures drones and operates in the dual-use sector, is already forging partnerships with Japanese firms. Furthermore, Portugal is home to numerous research organizations and companies that are highly distinctive, offering ideas and technical approaches that differ from those of Japanese universities and startups.

Until now, opportunities to systematically introduce such research findings and companies to Japan have been limited. Going forward, JETRO intends to further deepen its engagement with local universities and innovation ecosystems, while identifying promising research and startups, with a view to facilitating joint research, technology partnerships, business development and investment with Japanese firms.