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Ponta Delgada ,  May 05, 2018

Increase of external investment and growth of Azorean companies demonstrate confidence in the economy

The Vice-President of the Government stated that the "Azores are now islands of opportunity as well as of sustained and sustainable development." They are increasingly becoming "a privileged region in the world to live, raise a family and invest," as evidenced by the dynamics of the regional economy and the significant increase in foreign investment.
Sérgio Ávila who spoke Friday at the opening of "Lar, Campo e Mar" Fair in Ponta Delgada. According to him, this is an ambition that falls within the Region's reach and, in this context, entrepreneurs and their organisations may count on the Regional Government for its implementation.
"Only with joint efforts will we be able to overcome the challenges we face with the beginning of a new economic cycle and the development of the Azores, after overcoming the international crisis that forced us all to adopt exceptional measures and decisions," said the government official.
As the government official recalled, these public measures were implemented due to the stability of regional public accounts, allowing families and companies to benefit from more support measures in the Azores than in the rest of the country.
According to Sérgio Ávila, the "challenges that the Region faces today can only be posed today because we have overcome adversity and we have grown."
"We have managed to reverse the period of recession that lasted about five years and were able to grow sustainably in economic terms. We have reinforced our companies, created more jobs and increased our confidence, as evidenced by the large external investment in the Region. In this context, we will also include new structural challenges in order to further boost our growth," said the government official.
The Vice-President pointed out that, currently, the Government is "following the external investment intentions of 37 entities, amounting to more than 135 million Euros."
As for Competir+, the government official stated that, to date, 860 applications have already been submitted, representing a potential for new private investments over 367 million Euros.
For the Vice-President, the dynamics of the regional economy is based on a vast set of factors, with special emphasis on the investment promotion framework created by the Region.
"The incentives are the most comprehensive, the most generous and the most intense in the European Union to support companies, both in terms of investment and employment creation," stressed the government official. Moreover, we have "a tax system that is substantially lower than in most European countries."
"As an example, if we take into consideration the normal VAT rate in the Azores, there is only one country in the European Union that has a lower rate than the Region," said Sérgio Ávila.
Under the export promotion strategy, the government official also highlighted the reimbursement intended to support the estimated costs of 13.5 million Euros incurred by regional companies in the last three years, through the Access to Markets measure.
The government official emphasised that the Incentive Subsystem for Internationalisation "has favoured the penetration and positioning of Azorean companies in the global market, covering all sectors of activity and providing a compensation for costs arising from the outermost status of the Azores."
Regarding the increase of sales registered by regional companies, Sérgio Ávila also highlighted the efforts undertaken towards the promotion of products and the significant contribution of the Azores Brand.
In his speech, the Vice-President also addressed to the emigrants attending the Holy Christ of Miracles Festivities, who further strength "the ties that unite us and unite them to our land, the Azores."


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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