The President of the Government of the Azores, José Manuel Bolieiro, yesterday presided over the groundbreaking ceremony for the Azores Retail Park in Ponta Delgada, a project that “reflects the confidence of investors in the sustainable growth of the autonomous region.”

This 40 million euro investment is promoted by Vigent, a Portuguese business group with origins in metalworking. Over the years, it has diversified its operations to include the maritime industry and real estate sectors.

Vigent currently employs 2,240 workers in more than 15 countries and expects to reach a turnover of 1,000 million euros by 2024. This demonstrates the strength of an expanding group and its commitment to the archipelago.

The Azores Retail Park, including 11 commercial units and 800 parking spaces, will significantly impact job creation.

Around 200 jobs are expected to be created during the construction phase, and 550 direct and indirect jobs will be added during the operation phase.

José Manuel Bolieiro highlighted the importance of these investments, which contribute to the development of the regional economy without relying on public subsidies, reinforcing the role of the private sector as an engine of progress.

“It’s so good to be able to count on investments that don’t depend on public subsidies to boldly make development happen,” said the President of the Government.

He also stressed that the launch of this project is a clear symbol of “confidence in the economic future of the Azores”, the result of public policies that create a favorable environment for investment.

The leader of the Azorean executive took the opportunity to highlight the results of the Azores’ sustained economic growth, reflected in various indicators.

According to the Economic Activity Indicator, the Azorean economy has been growing consecutively for 40 months, and real regional Gross Domestic Product (GDP) grew at an average of 7.1% per year between 2020 and 2022, surpassing the national average of 6.3%. This growth allowed the region’s GDP per capita to reach 89.7% of the national figure and 70.6% of the European Union average, the highest figures since 2016, and the economic dynamism is also reflected in the labor market, with the third quarter of 2024 recording a total of 120,200 people employed, the highest figure ever and an increase of 5.2% compared to the same period in 2023.

He also pointed out that the support the Government of the Azores provided has been decisive in sustaining this trajectory of progress.

The Wage Increase Support Mechanism (MAIS) benefited 19,799 workers in 2,438 employers. In comparison, the Hiring measure supported hiring 4,929 workers, 87% of whom were on open-ended contracts, promoting job stability.

Under the + Jovem package, 91 qualified young people were settled in the region with financial incentives that recognize academic merit and value income from work, encouraging talent to remain in the area.

In addition, effective tax policies have allowed capital to be retained in the local economy. In 2023 alone, around 190 million euros were saved through the tax differential applied to VAT, IRS, and IRC.

The performance in the tourism sector was equally expressive. The number of passengers disembarking at Azorean airports grew by 25.5% between 2019 and 2023, while overnight tourist stays increased by 28.3% in the same period, consolidating the Region as a destination of excellence.

José Manuel Bolieiro stressed that balancing government intervention and encouraging private investment is essential for the region’s progress.

“Boosting the confidence and experience of private investors has, through their own investment, contributed to the collective development of the Azores. This is how we mature our economy and our society,” he said.

The executive leader stressed that a government that intervenes efficiently and only where necessary can create the conditions for a more autonomous society and a more mature economy.

“Less government can mean a better society, a better economy,” he concluded, reaffirming the Azorean executive’s commitment to fostering an environment of trust and investor opportunities.

“The laying of the foundation stone for the Azores Retail Park is yet another milestone on the road to economic growth and sustainable development in the Autonomous Region of the Azores, reinforcing its attractiveness and competitiveness on the national and European scene,” he concluded.

in Diário dos Açores-Osvaldo Cabral, director

Translated to English as a community outreach program from the Portuguese Beyond Borders Institute (PBBI) and the Modern and Classical Languages and Literatures Department (MCLL) as part of Bruma Publication and ADMA (Azores-Diaspora Media Alliance) at California State University, Fresno, PBBI thanks Luso Financial for sponsoring NOVIDADES.