Portuguese Government approves 12 investment fiscal contracts worth 160 million euros

This Thursday, the Council of Ministers approved 12 investment fiscal contracts worth 160 million euros and which will create 358 direct job positions until 2023, the Portuguese socialist Executive announced.

“These 12 investment projects we have approved today are proof of the good momentum the Portuguese economy is going through”, stated Manuel Caldeira Cabral, Economy minister. He also stated: “Investment in the second quarter of the year increased for the fifth consecutive quarter, reaching a 10.3% growth, the largest growth of the past 18 years”.

The 12 projects concern different areas such as aeronautics, energy, health, machinery, molding and car industries, which will benefit from tax reductions in the Company Tax (IRC), Municipal Tax on Real Estate (IMI) and Stamp Tax (Selo).

"Investment in the second quarter of the year increased for the fifth consecutive quarter, reaching a 10.3% growth, the largest growth of the past 18 years.”

According to the governor, this performance shows the “sustainability of the Portuguese economy”. Caldeira Cabral highlighted the diversity of the projects approved — geographical, sector and size-wise.

He also pointed to a “growth dynamic in companies who export merchandise in the first half of the year”, which allowed for exports of goods and services to have a 12.6% increase in comparison to the same period of 2016 — the largest six-month increase of the past six years.

This incentive were received by the following investments:

• OGMA — Portugal Aviation Industry;
•  Tec Pellets — Production and Sale of Pellets;
• Sakthi Portugal SP 21;
• Painel 2000 — Pannels Industrial Society;
• Paper Prime;
• Fundifás — Semi-solid Metal Casting;
• DMM — Development, Machinery and Assembly;
• Epalfer — Metalworking with molds, stamps and cutting objects;
• Bohus Biotech Portugal;
• Efapel — Factory company for Electricity Products;
• Schmidt Light Metal Society.