The President of the Government highlighted today the adherence of Faial entrepreneurs the system of incentives for private investment. Since 2015, it has already approved projects amounting to 13 million Euros in the restaurant and tourism sectors; the latter has grown on the island above the regional average.
 
"We are talking about projects developed in the restaurant and tourism sector of Faial Island amounting to 13 million Euros that were approved under the current Community support framework since 2015.  This is very significant in terms of the climate of confidence we are living and the results that encourage this type of investment," said Vasco Cordeiro.
 
The President of the Government spoke after visiting the Horta Marina Residence - "Internacional Azores Boutique," a hostel located in Horta city centre that represents an investment over 700 thousand Euros.
 
On the first day of the Government's visit to Faial, Vasco Cordeiro stated that this investment is an example of the entrepreneurs' adherence to the strategic lines of financing defined by the Azorean Government, highlighting the good behaviour of the tourist sector on Faial Island, similar to the Region.
 
"Regarding the number of overnight stays, Faial grew above the regional average in 2018, almost twice the regional average. In the first quarter of 2019, this island has once again grown above the regional average," said Vasco Cordeiro.
 
After a growth of overnight stays of about 12 percent in 2018, the growth registered by the three main types of accommodation - traditional hospitality, rural tourism and local accommodation - in the first months of 2019 stood at 11.3 percent.
 
"Investments like this one, and many others on Faial Island and throughout the Region, give shape to the path we have been following to harness tourism opportunities that have arisen," said the President of the Government.
 
After noting that the Regional Government "is not unaware of the situations that need improvement," Vasco Cordeiro stated that figures and investments "demonstrate this climate of trust and the harnessing" of opportunities by entrepreneurs.
 
"This is a path we have followed, and we will continue to do so, solving what needs to be solved," stressed the President of the Government.