Government creates line of credit in the amount of 20 million Euros to support exports
The President of the Government called for a proactive attitude on the part of entrepreneurs so that they can benefit from the measures provided in the Azorean Agenda for Employment Creation and Business Competitiveness, such as the line of credit to support exports, formalised today with banking institutions.
"It is not enough to create measures, such as the lines of credit or incentive schemes, since there is a fundamental aspect in this process, which is our capacity to win and the dynamics of each of our companies," said Vasco Cordeiro.
The President of the Government spoke at the signing of the protocols with six banks to formalise this line of credit to support exports in a global amount of 20 million Euros.
According to him, the Azores already have good examples of companies that are duly motivated and able to meet this challenge; therefore, it is necessary to increase these cases, which is a task that should be only assigned to business associations, the Regional Government or banking institutions.
"This is the duty of all and if we face this aspiration as a goal that should motivate and mobilise us, it will be easier to resume the path of economic growth, employment creation and wealth generation," defended the President of the Government.
On the occasion, Vasco Cordeiro announced the creation of new incentive scheme for the external promotion and marketing of Azorean products. This measure is intended to support the placement of products in target markets, promote them in privileged commercial areas as well as to improve the image and marketing strategy of these products.
In addition, the creation of the "Azores Brand" is currently under preparation, a cross-cutting measure that is also provided the Azorean Agenda for Employment Creation and Business Competitiveness. This measure has the potential of being an important factor in bringing added value to Azorean products and services.
According to Vasco Cordeiro, the Line of Credit to Support Exports will fund the amount of the commercial contract to be signed between the exporter and importer by 100 percent, plus the amount of the insurance premium. This support measure represents a significant decrease in context costs for our companies and a stimulus to their competitiveness.
With regard to the reduction of export costs, this line of credit will subsidise export operations by 75% of the negotiated spread, Vasco Cordeiro revealed, adding that this measure meets the Government's goal of creating mechanisms to reduce costs for companies.