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Santa Cruz, Graciosa ,  May 08, 2019

Private investment on Graciosa Island already exceeded 3.1 million Euros under Competir+

The Regional Director for Support to the Investment and Competitiveness stated on Graciosa Island that "the incentives systems and the promotion of private investment in the Azores have contributed to the promotion of exports as well as to the development of the archipelago."
 
Ricardo Medeiros spoke on the sidelines of a visit to the company FRP Cunha, a carpentry and hardware business, which submitted an application for COMPETIR + under the Subsystem for Local Development - Microprojects. The support is aimed the modernisation of the carpentry and the acquisition of necessary equipment for the operation and safety of facilities, corresponding to an overall amount of 15 thousand Euros.
 
"This Subsystem for Local Development covers microprojects with investments ranging from 2,500 and 15 thousand Euros and has been widely used by our companies," said Ricardo Medeiros.
 
According to the Regional Director, "this is a successful measure implemented by the Government given that, through more efficient process, companies may benefit from support that will be crucial for their small investments, improvements in their activity or even in the installation of small businesses."
 
"On smaller islands, the non-repayable funding rate for these projects stands at 50%," said the government official.
 
The company visited today was created following the submission of an application for the "Youth Entrepreneurship" programme in 2013 and has remained in business since then. Currently, it is applying for support towards its consolidation in the local market.
 
Regarding the implementation of Competir+ on Graciosa, the Regional Director pointed out that 23 applications for projects to be developed on the island have already been submitted. They represent an estimated investment of nearly 3.2 million Euros and the potential for the creation of 14 jobs.
 
According to Ricardo Medeiros, this programme also represents an investment in business diversity, with special emphasis on tradable goods and exports and without forgetting development; the latter is of utmost importance when it comes to smaller islands.
 
"The Government official continues to invest in the allocation of support to Azorean entrepreneurs through various measures, namely COMPETIR +, but without neglecting others prove decisive for effective support to the local reality," said Ricardo Medeiros. In this regard, the government official considered that "a close follow up of companies' situations is crucial" and, for that reason, he will continue with these proximity visits. 


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Official government press-releases presented in all foreign languages interfaces of the Azorean Government Portal (Portal do Governo dos Açores) are a sub-set of the government's official press-releases daily output and are chosen for translation and publication on the foreign language interfaces based on audience segmentation criteria. The entire collection of the Azorean government press-releases is available in portuguese, here, from the GACS Press Office site.

 
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