The Vice-President of the Government of the Azores considered that the growing number of applications submitted by regional entrepreneurs for the various investment support programmes, particularly by young entrepreneurs, is an "encouraging result."

"As the Regional Government is undertaking a great effort to promote a series of measures to combat unemployment, including a strong support to investment, we are very pleased with this response, being a sign that the measures adopted are appropriate," stressed Sérgio Ávila.

"These figures give us the certainty that the path we have chosen is being followed by the Azoreans, particularly by young people, who, with their proactive attitude, seek support in our measures for the creation of their own employment. In addition, they also demonstrate the fighting spirit of the Azorean people as well as their confidence in the future of the Azores and their trust in private investment as a solution for the development of our Region," said the government official.

The Vice-President commented on the proposal for the approval of 23 new investment projects by the selection commission of the Local Development and Tourism Development subsystems of SIDER and "Empreende Jovem" (Youth Entrepreneurship). These projects amount to an overall investment over five million Euros and represent the creation of 71 new jobs.

Under SIDER, the ten approved projects in the Subsystem for Support to Local Development are primarily addressed at the areas of trade and industry, corresponding to an estimated investment of 2.4 million Euros and the creation of 28 new jobs. The financial incentive is set at 0.8 million Euros in the form of non-repayable subsidy and 0.1 million Euros in the form of a reimbursable subsidy.

With regard to the Subsystem for Support to Tourism Development, a total of three projects have been approved in the areas of accommodation and tourist animation, corresponding to a planned investment of one million Euros and the creation of five new jobs. Under this subsystem, 0.3 million Euros will be granted in the form of non-repayable subsidy and 0.2 million Euros in the form of reimbursable subsidy.

In the context of the implementation of SIDER programmes in the current Community framework, a total of 887 applications have been submitted until the end of September, representing an overall investment of 556 million Euros and the creation of 2,732 new jobs.

As for the "Empreende Jovem" programme, over 10 projects have been approved in a total investment of 1.8 million Euros, which corresponds to the creation of 38 new jobs.

These applications represent a proposed financial incentive over one million Euros to be awarded in the form of non-repayable subsidy.

With regard to the distribution of the projects approved under "Empreende Jovem" by island, three projects will implemented on the island of Faial, three on Terceira, two on Pico and two on São Miguel.

A total of 267 applications were submitted from July 2006 to the end of September 2013, which provided a total investment of 48 million Euros and the creation of 623 new jobs, half of which are expected to be filled by women.