As part of the partnership between the Portuguese Diaspora Council and Jornal de Negócios, David Villa de Vasconcelos, Director at Bank of America, and Counselor of the Spain Regional Hub, was interviewed by Jornal de Negócios. In the interview, David Villa de Vasconcelos discussed his professional journey and identified competitive opportunities for Portugal, its economy, companies, and entrepreneurs in general.
1 – WHAT LED YOU TO LEAVE PORTUGAL?
From an early age, my life was marked by several moves abroad due to my family’s international career. This experience sparked a natural curiosity about the world and gave me an awareness of the diversity of cultures, ways of thinking, and working styles. I grew up with the notion that the world is full of opportunities, and this inspired me to pursue an international career path. Working outside Portugal was not only a logical step but also a personal desire rooted in a childhood spent in different countries.
2 – WHAT ADVANTAGES OR DISADVANTAGES HAS THE FACT THAT YOU ARE PORTUGUESE BROUGHT YOU?
In my personal experience, being Portuguese abroad has always been a positive asset. Historically, Portugal has always had a global vocation — from the Age of Discoveries to the Portuguese communities spread across the world — which shows that our identity is deeply connected to the idea of reaching further and building bridges with other cultures.
3 – WHAT OBSTACLES DID YOU HAVE TO OVERCOME AND HOW DID YOU DO IT?
Each move to a new country or city represents a new beginning: new people, routines, and dynamics. No matter how many times it happens, there is always an adjustment phase. For me, however, that is the most enriching aspect — it is when we reinvent ourselves and find new ways to learn, contribute, and grow. With every new beginning, we carry the lessons of the past and strengthen our resilience and empathy. In essence, starting over is not an obstacle, but rather a disguised opportunity. Now back in Spain, I am fortunate to be working at Bank of America, which provides a solid and positive foundation.
4 – WHAT DO YOU MOST ADMIRE ABOUT THE COUNTRY YOU ARE CURRENTLY IN?
What I admire most about Spain is its international mindset combined with a strong value placed on family life and a healthy work-life balance. Madrid, in particular, has been an extremely enriching city to live in. Professionally, it offers direct access to a relevant European market, a strong presence of multinationals and financial institutions, and a dynamic network that drives the development of international projects. The city also benefits from excellent business infrastructure, efficient transport connections, and a very active innovation ecosystem, especially in the fields of technology, energy, and financial services.
On a personal level, I greatly appreciate the city’s vibrant cultural life — from museums, music, and gastronomy to sporting events such as Formula 1. Madrid is a city where it is easy to feel at home: welcoming, lively, and with a quality of life that rivals the best European capitals.
5 – WHAT DO YOU ADMIRE MOST ABOUT THE COMPANY / ORGANIZATION YOU ARE IN?
I have the privilege of working at Bank of America, an institution with a strong commitment to Europe, particularly to Spain and Portugal. I admire the group’s global vision and the professional excellence of its teams, always combined with a solid local grounding. We are guided by a common purpose: to help improve people’s financial lives, and we bring this to life through our commitment to responsible growth.
In addition to actively supporting business and investment in the region, the bank participates in important initiatives that promote financial inclusion and community development. A good example is the collaboration with Generation in Spain. Generation is a non-profit organization that trains and places adults in careers that would otherwise be out of reach. In 2025, Bank of America’s partnership with Generation already extends to 8 countries across the EMEA and APAC regions, enabling the organization to expand its training programs and ensure that more people have access to jobs in the technology and green economy sectors.
6 – WHAT RECOMMENDATIONS DO YOU HAVE FOR PORTUGAL, ITS ENTREPRENEURS AND MANAGERS?
Portugal undoubtedly has extraordinary potential. Over the past decade, it has demonstrated an increasing ability to position itself as an attractive country for investment, innovation, and talent. However, there is still room to strengthen this positioning and accelerate the pace of economic and business transformation.
First, it is essential that Portuguese companies invest strategically in internationalization, approaching foreign markets as opportunities for growth, innovation, and partnerships. Establishing a local presence, through subsidiaries, joint ventures, or alliances, is decisive for scaling up, diversifying risks, and gaining new clients. This requires a long-term vision and international teams that are well-prepared and sensitive to cultural differences.
Second, innovation must be seen as a driver of competitiveness, going beyond technology to foster an organizational culture open to experimentation, agility, and adaptation. Portugal has a dynamic entrepreneurial ecosystem and a highly qualified young generation. The challenge is to create the right conditions for this talent to thrive within companies, through open innovation, investment in R&D, and partnerships with universities, startups, and centers of excellence.
The development and empowerment of national talent are fundamental. While Portugal has qualified professionals, they are often underutilized due to a lack of opportunities. Companies should invest in career plans, continuous training, and environments that value merit, diversity, and collaboration. It is also important to encourage the return of diaspora talent, whose international experience can renew and modernize organizations.
Portugal must assert itself with greater confidence on the international stage, moving beyond a defensive or modest mindset regarding its potential. Business leaders need to communicate with conviction the country’s advantages — such as qualified talent, a strong business environment, and institutional stability. It is essential to abandon the notion of periphery and position Portugal as a strategic partner in global value chains, particularly in areas such as renewable energy, technology, sustainable mobility, high-quality tourism, and financial services.
Finally, collaboration is a key factor for success. Synergies between the public and private sectors, as well as among companies of different sizes and industries, can generate significant value. Examples such as technology hubs and industrial clusters demonstrate this potential, but the collaborative approach must be expanded into areas such as training, internationalization, investment attraction, and digital transition. Complex challenges — such as sustainability, demographics, and energy transition — require integrated solutions and cooperation among all stakeholders.
Portugal has everything it needs to become a global reference across several sectors. It is up to all of us to continue along this path with vision, ambition, and confidence.
7 – IN WHICH SECTORS OF THE COUNTRY WHERE YOU LIVE CAN PORTUGUESE COMPANIES FIND CUSTOMERS?
Spain is Portugal’s closest and most strategic trading partner, with a significant share of imports and exports taking place between the two countries. This economic interdependence reflects the already deep integration of both economies, making Spain a natural market for Portuguese companies.
In recent years, we have seen success stories in the retail and consumer sectors, energy, industry, and technology. The geographic, cultural, and linguistic proximity facilitates entry and expansion in these markets, making Spain an attractive destination for the internationalization of Portuguese companies.
8 – IN WHICH SECTORS IN PORTUGAL COULD COMPANIES IN THE COUNTRY WHERE YOU ARE WANT TO INVEST?
Portugal has established itself as an attractive destination for Spanish investment, thanks to its stability, quality of life, and highly qualified talent. Sectors such as sustainable tourism, renewable energy, technology — particularly fintech and healthtech — agribusiness, and shared services centers are especially promising. Several success stories have emerged in recent years, and more are expected in the future.
9 – WHAT IS THE COMPETITIVE ADVANTAGE OF THE COUNTRY YOU ARE IN THAT COULD BE REPLICATED IN PORTUGAL?
Spain and Portugal share many common traits — from a strong cultural foundation and international mindset to growing innovation ecosystems and talent pools. In many ways, Portugal is already on the right path, with an increasing focus on digital transformation, internationalization, and public–private collaboration.
What stands out in the Spanish private sector is the ‘big market’ mindset — a greater scale of ambition, supported by strong execution capabilities and close cross-sector cooperation. This approach encourages companies to think and operate with a global vision. Both countries face similar structural challenges, yet they also share the resilience and strength needed to transform these challenges into opportunities.
10 – ARE YOU THINKING OF RETURNING TO PORTUGAL? WHY?
I certainly hold that hope — at the end of the day, there’s no place like home. Beyond emotional and family reasons, I believe the experience I’ve gained abroad can be a real asset to contributing to impactful projects in Portugal in the future. Until then, I’ll continue to return as often as possible!
