The Vice-President of the Government stated in Ponta Delgada that the project for the construction of a new five-star hotel in the city of Ribeira Grande reflects the "significant" increase registered in private investment in the Azores.
 
"I can say that, so far, a total of 576 applications have already been submitted to the new incentive system, Competir +, representing an investment of around 233 million Euros," revealed Sérgio Ávila.
 
All these investment projects provide for the creation of about 1,200 new direct permanent jobs.
 
The government official overseeing Business Competitiveness spoke at the end of meeting where the regional group AçorSonho presented its new project. According to him, "these figures evidence the fact that, over the past months, there has been an increase in the private investment intentions to be implemented."
 
"They will be mainly implemented in the area of tourism, but also in a number of other areas," said Sérgio Ávila. "As a result of the efforts to attract foreign investment and this new climate of trust," there are prospects, in addition to the investments already made, for "a very significant number of new investments" in coming years.
 
With regard to the investment in the new hotel unit, an urban resort located near Monte Verde beach that will offer numerous services, it is expected to create, at least, 70 new direct jobs. According to the government official, this is "very significant."
 
"This extremely important and very significant investment, estimated at 16 million Euros, will include 153 rooms. It continues the very significant increase in private investment in the Azores," which the Regional Government supports under the Incentive Scheme for Business Competitiveness, stressed Sérgio Ávila.
 
Competir + is the main tool provided under the incentive policy for private investment. It is intended to promote the sustainable development of the regional economy, strengthen the competitiveness of Azorean companies and promote the expansion of exports.