The Vice-President of the Government pointed out in Praia da Vitória the great dynamics of the tourism sector on the island of Terceira and in the Azores, highlighting the "moment of extreme confidence in the tourism sector as well as in the regional economy.”
Sérgio Ávila spoke Thursday at the opening of the Royal Beach Hostel & Suites, where he considered this 30-bed hotel unit "an example of true entrepreneurship."
In his speech, the government official stressed that the project is based on "what the tourism strategy should be" insofar as it is "focused on quality" and "contributes to the rehabilitation of Praia da Vitória urban centre."
"This investment is one of the 900 investments submitted under Competir+, Incentive Scheme for Business Competitiveness," the government official said, adding that the climate of trust in the Azores is evidenced in several sectors of activity.
Currently, Competir + registers 900 applications for projects already implemented, underway or planned, representing approximately 400 million Euros of private investment with a view to creating about 2,000 direct jobs.
"Of these 400 million Euros of investment, 75% are directed to the promotion of exports, such as the case of this project in the area of tourism," stressed the Vice-President of the Government.
Moreover, Sérgio Ávila stated that Competir + allocates a non-refundable amount that could reach to 50 percent of the overall investment, besides a refundable subsidy that may reach the limit of support authorised by the European Union for private investment. This places the Azores in a very competitive position compared to other regions in terms of incentives and conditions to attract private investment.