This document discusses Portugal's new industrial policy of focusing on innovation clusters to drive reindustrialization. It argues that clusters will play a central role in implementing a new industrial base and creating new value proposals for the global market. Clusters are seen as key actors that can establish new entrepreneurial ecosystems through the integration of large companies with small- and medium-sized enterprises and universities to develop new products and solutions for competitive global markets. The role of foreign direct investment in innovation is also highlighted as it allows Portuguese SMEs to participate in international networks and develop new competencies.