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Ponta Delgada ,  November 15, 2019

Region will use all Community funds to boost economic and social results, says Vasco Cordeiro

The President of the Government stated today that next year's Plan and Budget will make full use of all Community funds under the current Community Support Framework, boosting the economic and social results that have been registered in the Region in recent years.
“The 2020 Plan and Budget, which are under analysis at the Assembly to be later voted on there, will make full use of the funds granted under the current Community Support Framework. In fact, the Region will use, until the last cent, all the European funds at its disposal that have proven important for the development path we have followed,” said Vasco Cordeiro.
At the opening of the new Finançor Industrial Complex in Ponta Delgada, the President of the Government highlighted the result achieved in several areas, pointing out the example of the trade balance. In the first nine months of this year, Azorean exports abroad grew 29% compared to the same period of the previous year, while imports decreased 34%.
"These are the results we are talking about when we talk about results," Vasco Cordeiro said, also noting the confidence shown by the regional private business fabric that has yielded results in wealth generation and job creation.
According to data from the National Statistics Institute (INE), the real GDP of the Azores registered an average growth of 2.5 percent in the last three years, while the country registered an average growth of 2.1 percent.
“This sustained and consistent growth of the Azores' economy continues to have an impact on the reduction of unemployment, but also on the creation of new jobs," said the President of the Government. In this regard, he added that, in practice, the Region now has more than 116,000 employed Azoreans, the highest figure since statistics have been made available in this area, i.e., for 34 years.
Currently, the Azores have 5,700 more employed people than at the beginning of this year and 8,442 more than at the beginning of this legislative period, stated Vasco Cordeiro. He also pointed out that, simultaneously, there has been a very positive evolution, not only in terms of creating more jobs but also in terms of better and more stable employment.
“Data released last week by INE also confirm a one-year increase of 7% in the number of workers hired under contracts of indefinite duration in the Region, which already account for 77% of the overall employed population. This figure also represents a 31% reduction in youth unemployment and job growth across the three sectors of activity," said the President of the Government.
According to Vasco Cordeiro, the investment launched today, recognised as Project of Regional Interest and supported by public funds, is also a good example of the partnership established between public and private entities in the Region, with the incentive system for private investment Competir+ being one of its most visible components.
“More than 1,200 new investment projects have already been submitted under Competir +, representing more than 530 million Euros of new business investments in our Region that provide for the creation of almost 2,900 new full-time jobs," said Vasco Cordeiro.
According to him, this reality will create even more and better jobs in the Azores, stronger and more modernised companies, and a more competitive and robust economy to face an open and competitive market.
In his speech, Vasco Cordeiro assured, on the other hand, that the Government “is well aware of the Region's challenges.” Among others, they concern the creation of conditions for more and better paid jobs as well as the ambitious, competent and determined negotiation of a next Community framework that meets the Region's interests, thereby ensuring the strengthening of the economic cycle taking place in the Azores.
“The last few years, especially those that have been most challenging for the Azores and the Azoreans, prove beyond a doubt that this partnership between public and private entities is the most effective way to achieve the common goal of economic and social development for the Azores," said Vasco Cordeiro.


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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