The President of the Government announced on Thursday that the Government is working on the creation of conditions for the establishment of a venture capital company, which is expected to enter into operation this year.

"This venture capital company, in which the Government also intends to participate, will assure, from the very beginning, the management of business assets in an amount not less than 100 million Euros," added Vasco Cordeiro. The government official spoke at the closing session of the Ignition Programme for Technology Based Companies that was held at the University of the Azores in Ponta Delgada.

According to the President of the Azorean Government, this initiative aims to create the conditions to foster venture capital in the Azores and, thus, ensure the support to the restructuring of companies experiencing liquidity problems that have assets and develop economic activities with the potential of becoming profitable.

"The creation of a venture capital company in the Azores will also ensure the possibility of stimulating new investments and innovative project in strategic areas for regional development, including those related to tourism, technological innovation, agri-food sector, environment, biotechnology, maritime economy, among others. This project also intends to support companies that are starting their activity," stressed the President of the Government.

With this measure, which is part the Azorean Agenda for Employment Creation and Business Competitiveness, and in accordance to the planned schedule, the Government of the Azores has created the conditions to stimulate the regional business sector, the development of new business activities as well as the profitability of investments already made that are facing sustainability difficulties due to the lack of financial capacity of their promoters.

In his speech, Vasco Cordeiro also defended that the development of the Region should be based on a smart, sustainable and inclusive economy that is in line with the Europe 2020 strategy, thus contributing to the promotion of employment, productivity and social cohesion.

"The challenge of competitiveness is what lies at the core of the progressive implementation of a creative model of sustainable development and social cohesion," Vasco Cordeiro stated, stressing the purpose of bringing the Azores closer to the EU average in terms of competitiveness.

"We are fully aware that this path can never be followed by the Azorean Government alone. The Government should provide the necessary conditions for the creation of a favourable ecosystem for companies and entrepreneurs, without ever neglecting the constant search for external and internal partnerships," stated the President of the Government.

 In this context, Vasco Cordeiro added that the University of the Azores is a privileged partner in the fulfilment of this aspiration, not only for its vital role in the qualification of human resources, but also for its contribution to economic growth and job creation.

"It is now time to move forward with an effective strategy that puts scientific knowledge at the service of employment creation and economic growth through the creation of the so-called spin-off companies, i.e., companies that emerge from university research," defended the President of the Government.