Despite the powerful impact of Covid-19, the pandemic brought new business opportunities to 25% of investors in the city of Porto. With the gradual recovery of the economy, 81% of companies admit that they are already operating, according to a study conducted by the municipality.
Consulting services, technology companies and shared services were the areas where the new opportunities were concentrated, mainly by external investors. The study also points out that one in three investors plan to expand their presence in Porto, with the information and communication technology (ICT) sector and external investors leading the way in intentions of new investments.
The shock caused by the Covid-19 hit microenterprises, the hotel and tourism sector and national investors hardest. The sector least affected was ICT, where losses were residual, according to the study, which was conducted between May 19 and June 5.
Half of the companies surveyed in the questionnaire (51%) maintained their intention to continue recruiting staff, but 21% postponed new hires. Being the sector less affected by the pandemic, 67% of ICT companies expect to continue hiring, unlike the hotel and tourism sector, where only 25% of companies intend to recruit staff soon.
The study, in which 65 companies with over 4,000 employees took part, also shows that the smaller the size of the operations, the greater the losses associated with the pandemic. Most investors recorded slight losses due to Covid-19, of less than 30%, although about 15% saw their activity reduced to less than half.
To keep the machine running, eight out of ten companies adopted teleworking as a response to Covid-19. The adherence to remote work was even greater among large companies, according to the study “Porto: Covid-19 Business Continuity Survey”, prepared by InvestPorto.