The Vice-President of the Government said today that the new incentive scheme - COMPETIR+ is "broader, more comprehensive and intense support system for business activity."

Speaking at the Legislative Assembly during the discussion of the proposal for Regional Legislative Decree submitted by the Government, Sérgio Ávila stressed that "Azorean companies will benefit from a much higher and intense level of support, compared to other Portuguese companies."

For the government official, this is a "very significant advantage for Azorean companies compared to national companies. Moreover, it also can also contribute to strengthening of the Region's external competitiveness.

In addition "to stimulating business investment," the incentive scheme COMPETIR+ requires, according to the Vice-President, "a paradigm shift" with regard to the support measures for economic and business activity.

Sérgio Ávila stressed that this change is based on the "highest priority and intensity of support to companies that play a fundamental role in the creation of jobs and generation of wealth."

"The financial support will be granted in accordance with the results to be achieved instead of the investment volume required that may be involved," the government official stressed, adding that a "larger investment does not necessarily mean a better investment."

"We want more projects, but we want better projects. In this regard, the Regional Government is investing in financial measures to support entrepreneurship," stated the Vice-President of the Government.

According to Sérgio Ávila, the Government will stimulate the development of the projects that will create jobs and bring added value to the Region with premiums that may go up to 25 percent of the amount allocated; these premiums will be awarded in the form of a non-repayable subsidy.

"We are implementing another major change," the government official noted, adding that "the support to companies will no longer be awarded according to the companies' goals and the investment they plan to make."

The support provided in the funding system will be now allocated "in accordance with the results achieved by the project," particularly in regard to the "effective creation of jobs and the actual impact of the economic growth," stressed Sérgio Ávila.

The Vice-President of the Regional Government also stressed that in order to "strengthen the support for employment creation," the Government, for the first time, "shall assume responsibility for the expenses involved with the creation of new jobs for a period of two years. These expenses are mainly related to the gross salary of recently hired workers and Social Security contributions."

According to Sérgio Ávila, the new measure is "essential for the promotion of employment creation in the context of the new business projects- The companies' capacity to create jobs will play a decisive role in defining the intensity of future financial support."

The Incentive Scheme for Business Competitiveness COMPETIR+ comprises seven subsystems addressed at several economic and business activity areas. It will enter into force on July 1.