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Ponta Delgada ,  July 16, 2020

Regional Government increases non-refundable incentives for investments in the tourism sector

The Regional Government, through the Vice-Presidency, has decided to increase the non-refundable incentives for private investments in the tourism sector under COMPETIR+ by 10% in order to accelerate the Region's economic revitalisation. 

With this measure, the Governments implements a 10% increase in the non-refundable incentives for private investments whose expenditure is made between April 1 and December 31, 2020, provided that requests for payment of these expenses are submitted until January 31, 2021. It covers activities related to tourism, such as hotels, accommodation, restaurants and tourist entertainment. 

This is an additional incentive for tourism companies with projects in progress, approved or to be approved under the COMPETIR + subsystems, namely the Promotion of Exports and Qualified and Creative Entrepreneurship. It will ensure the support for investors who maintain the implementation of the investment projects initially planned or begin new investments in these sectors. 

With this measure, the Regional Government created a mechanism for tourism companies to develop and boost their investments, bearing in mind that the sector was most affected by the restriction measures adopted in response to the COVID-19 pandemic. 

This amendment to the Incentive System for Business Competitiveness, COMPETIR +, the main tool of the incentive policy for private investment in the Region, is part of the strategy to increase the progressive recovery of economic activity in the Azores. 

Besides stimulating the increase of private investment in the current context, this Government's initiative strengthens a measure aimed at supporting the maintenance of employment and economic revitalisation in the Region. 

Accordingly, the Regional Government provides another stimulus in quick and precise manner to the challenges arising from the progressive resumption of economic activity, adopting mechanisms leading to the transfer of more support to the regional economic fabric. 

This amendment to the Regional Implementing Decree regulating the COMPETIR+ Incentive System was approved by the Council of the Government and submitted for approval and publication to the Office of the Representative of the National Government for the Azores, covering all investments in these sectors made from April 1. 

For further information, interested parties should contact the Regional Directorate for Support to the Investment and Competitiveness by telephone 296 309 100 or at the email draic.empresas@azores.gov.pt.


 


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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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