The President of the Government stressed today the importance of private investment in consolidating the new economic cycle in the Region, pointing out the example of nearly one thousand applications submitted by entrepreneurs to Competir + incentive system.
 
"In this new phase we are living in our economy, there is a clear focus on private investment by making the best use of mechanisms and incentive systems, such as Competir +, as there is renewed confidence in the regional economy. This will have positive effects on wealth generation and job creation in the Region," said Vasco Cordeiro.
 
The President of the Government spoke at the ceremony that marked the beginning of the construction of the Vip Zenite Hotel in the centre of Angra do Heroísmo. On the occasion, he stressed that this Incentive System for Business Competitiveness has already received nearly 1,000 applications, corresponding to an investment of 440 million Euros that will create more than 2,100 new direct jobs in the Azores.
 
Regarding Terceira, there are already about 220 private investment applications amounting to nearly 92 million Euros. They are expected to create more than 525 new direct jobs on this island in several sectors.
 
On the first day of the Government's visit to Terceira, Vasco Cordeiro stressed that "all this is the cause and effect of the current economic context, which has been leveraged by Tourism. Nevertheless, this growth is not only due to the development of one sector."
 
Accordingly, Vasco Cordeiro stressed that, according to the National Statistics Institute, wealth generation surpassed 4,000 million Euros in the Azores in 2017. As for Terceira, the most recent data show that the GDP has already reached higher figures than those registered before the crisis.
 
In his speech, the President of the Government called for the need to be careful not to underestimate the climate of confidence in the Region, but always being aware that are still challenges that must be overcome to consolidate this growth process.
 
"We cannot make the mistake of belittling the clear and effective signs of economic recovery, job creation and improvement of the Region's situation, but we cannot simply fold our arms and think that everything is solved," said the President of the Government.
 
As he mentioned, the Vip Zenite Hotel falls within the strategy defined to support private investment in this area, which will enhance the quality of the tourism offer. It will reinforce the capacity of Angra do Heroísmo and Terceira Island in terms of tourism accommodation.
 
This investment of about 6.5 million Euros will recover an 18th century manor house, contributing to urban renewal. It was considered as Project of Regional Interest (PIR) by the Regional Government, being, in fact, one of the six projects already recognised as such on Terceira. Overall, they represent an investment of more than 37.5 million Euros.
 
"There are 20 PIR projects in the Region amounting to more to more than 83 million Euros, which are expected to create 340 jobs," said the President of the Government.
 
On the first day of this visit to Terceira, Vasco Cordeiro also visited the works for the protection, consolidation and redevelopment of Fanal Bay in Angra do Heroísmo as well as the site of the future construction of Silveira bathing area.
 
On the occasion, Vasco Cordeiro told journalists that the intervention in Fanal Bay was jointly carried out by several entities, such as the City Council of Angra do Heroísmo and the Regional Directorate for Sea Affairs.
 
This is one of several interventions carried out by the Regional Government in the coastal protection of several islands, including the ongoing works in Rabo de Peixe, which represent an investment of more than 3.3 million Euros.
 
"Throughout the Region, there are 22 ongoing works with this purpose, an investment close to 14 million Euros," said the President of the Government.