Angra do Heroismo, Azores, Portugal, Jan. 14, 2025 (Lusa) - The Terceira Island Science and Technology Park (Terinov) in Portugal's Azores region is to be expanded, five years after it was built, in a €2.1 million project funded by the Recovery and Resilience Plan (PRR).
"Eight areas are planned, for eight new companies, and sometimes it depends on the areas. There are companies that need spaces of 60 square metres, others of 30. It could be as few as eight or as many as 16," said the vice- leader of the PSD/PPM regional government, which is responsible for science in the Azores, in a statement to journalists on Monday.
The vice- leader was speaking on the sidelines of the laying of the foundation stone for the extension work, which has a 365-day deadline and is funded by the PRR.
According to Artur Lima, the extension of the park is another fundamental step towards attracting qualified young people to the Azores who can develop and boost the region's economy.
"It's an area that is growing, that has been asserting itself and the government intends to assert it more and more, taking advantage of European funds, our talent, our companies, private initiative and, together, we can create an ecosystem here that effectively promotes the development of the Azores in association with the traditional sectors," he emphasised.
The vice-leader of the Azorean executive highlighted the "robust investment in science, technology and development" and argued that "Terinov is an example to follow in the Autonomous Region of the Azores".
"Investing in science, technology, innovation and entrepreneurship is fundamental to developing the Azores. We can't just be dependent on a sector that is doing very well, such as tourism, or agriculture. These sectors can only develop if they have a strong foothold in science and technology," he said.
Terinov welcomed its first companies in 2019 and today has more than 70 in place, having created more than 300 jobs.
With demand outstripping supply, the Azorean government decided to create two new buildings on land adjacent to the Terinov facilities, where, in addition to shared spaces, eight new areas will be created for companies.
The work, budgeted at €2.1 million (including VAT), is the last to be launched of 14 projects under the responsibility of the Regional Secretariat for Tourism, Mobility and Infrastructures, financed by the PRR, totalling €112.5 million.
"We have met our deadlines and targets so far and we will certainly continue along this path until the end and meet the deadlines set for us by the PRR," said Berta Cabral, who holds the portfolio.
In addition to 10 logistics circuits, two of which have already been completed, the Infrastructure department has launched four public administration projects, including the expansion of Terinov, the Capelas professional training centre, the Incuba Azores experimental public administration laboratory and the digital schools.
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