José Manuel Bolieiro steps up efforts to create “more competitive” Azorean economy - Communication

Presidência do Governo Regional

The President of the Regional Government, José Manuel Bolieiro, highlighted today, at the opening of the Pingo Doce supermarket in Angra do Heroísmo, the role of private investment in job creation, economic diversification and the promotion of regional products, whilst also pointing out the support provided to businesses under the Recovery and Resilience Plan (RRP).

The head of the Azorean Government noted that the opening of this new retail establishment on the island of the Terceira represents not only a business venture but also the fulfilment of the local population’s expectations.

“This is a convergence of interests,” he said, highlighting the initiative, the entrepreneurial risk involved, alongside consumer demand.

The President of the Government also addressed the staff at the new retail establishment, expressing “confidence in the teams’ ability to contribute to the success of the investment.”

José Manuel Bolieiro defended that public policies should create the conditions for “economic growth,” but considered private-sector initiative essential, through investments capable of generating economic activity, employment and wealth.

In this context, he highlighted the Finançor Group’s presence in various business sectors and throughout the value chain, from production to processing, packaging, marketing and distribution.

“The Finançor Group represents an asset to the Azores’ economy,” he emphasised.

The President of the Azorean Government defended that this presence across different sectors contributes to a more diversified, sustainable and less dependent regional economy, noting that the prosperity generated by these companies ultimately benefits Azorean society as a whole.

The promotion of regional products was another key point highlighted by José Manuel Bolieiro, who called for a stronger presence of products from all islands in retail establishments across the Azores.

The President of the Regional Government pointed out that the "Azores Brand" is a tool aimed at overcoming barriers associated with the island of origin of each product and strengthening a common economic identity for the archipelago.

According to José Manuel Bolieiro, the focus must be on the “quality of regional production” and the “ability to add value” through processing and marketing, thereby raising the visibility of Azorean products both within and outside the Region.

Currently, more than 300 companies and promoters make up the ‘Azores Brand’ network. According to figures provided by the President of the Regional Government, 8,945 seals had been awarded by September 15.

“Our aim is straightforward: combining excellence with identity,” he stated, calling for Azorean products to be more competitive, better known and more widely available on the market.

José Manuel Bolieiro also took the opportunity during the opening to highlight the business component of the Recovery and Resilience Plan, noting that the programme should be analysed beyond the scope of public investment in infrastructure and construction projects.

“The RRP cannot be merely regarded as a programme for public expenditure or the implementation of construction projects,” he emphasised.

According to the figures presented by the President of the Government, €150.3 million was invested in business and competitiveness, with part of the investment directed towards increasing the capacity of Azorean businesses to grow, innovate and compete.

A total of 1,101 businesses received support under the Digital Skills and Business Transformation component. A further 63 received support through equity-based financing instruments and 50 through the Financial Instrument for Innovation and Competitiveness.

José Manuel Bolieiro also highlighted the mobilisation of venture capital instruments and the strengthening of infrastructure linked to the regional innovation ecosystem, mentioning TERINOV on Terceira Island and NONAGON on São Miguel as examples.

The President of the Regional Government also noted that the investment proposals submitted by entrepreneurs under the schemes funded and managed by the Region already exceed €1 billion, a figure he attributed to business leaders’ confidence in the Azorean economy.

The head of the Azorean Government backed up this assessment with other economic indicators, noting that the economic activity indicator has shown “a positive trend for 61 consecutive months.”

Income has also shown a positive trend, according to the data presented. The average monthly gross pay per worker in the Azores rose from €1,306 in June 2020 to €1,809 in June 2026, a difference of over €500 corresponding to an increase of nearly 39%.

Regarding the labour market, the government official highlighted an unemployment rate of 5%, which is lower than the national average, and the levels of registered unemployment.

In August, 3,690 unemployed people were registered with the public employment services in the Azores. According to the data presented, this figure had not been so low since October 2008, when 3,626 people were registered.

Despite these figures, José Manuel Bolieiro acknowledged that households continue to face rising living costs and mentioned external factors, namely the war, the international economic situation and the impact of energy and fuel prices on production costs.

The President of the Regional Government assured those present that the Government is mindful of these challenges and advocated responses through financially sustainable public policies, whilst continuing to promote investment, employment, rising income and business competitiveness.

Also present at the opening were the Chair o the Board of Directors of the FINANÇOR Group, José Manuel Almeida Braz; the Chief Executive of the FINANÇOR Group, Romão Braz; the Chair of the Board of Directors of Jerónimo Martins, Pedro Soares dos Santos; the Vice-President of the Regional Government of the Azores, Artur Lima; the Deputy Mayor of Angra do Heroísmo, Guido Teles, the Mayor of Praia da Vitória, Vânia Ferreira, and the Bishop of Angra, Armando Esteves Domingues, as well as officials and staff from the organisations involved.