Government increases PT2030 incentives for companies’ productive innovation – Community funds

The Government approved this Friday a increase of 180 million euros in the initial allocation available for small and medium-sized enterprises (SMEs) that compete for business competitiveness incentives (SICE), foreseen in Portugal 2030 for productive innovation. The initial allocation of these incentives thus increases from 320 million euros to 500 million, with a view to accelerating the pace of implementation of this support.

“As part of the applications for the incentive system – SICE – Productive Innovation – Other Territories and SICE – Productive Innovation – low density territories, with a joint allocation of 320 million euros, it was authorized by the Deputy Minister of Territorial Cohesion, Castro Almeida , and by the Minister of Economy, Pedro Reis, the increase of 180 million euros for a total amount of 500 million”, reveals the Government, in a statement.

The Executive explains that The objective of this change is to “accelerate the pace of implementation of incentives for companiesmonitoring the ability to analyze applications in a reasonable time”. In the debate on the Government Program in Parliament, the Government stated that it will “adopt measures to ensure that by the end of this year applications [ao PT2030] be assessed, within a maximum period of 60 days, as required by law and as is reasonable”.

The two notices aimed at SMEs in mainland Portugal were launched this Wednesday and aim to encourage innovative business investment, promoting a change in the economy’s specialization profile and strengthening competitiveness. Of the total of 500 million allocated to these notices, 160 million are allocated to innovative activities, promoted by SMEs, in low-density territories.

Companies can apply for these incentives to create a new establishment, increase the capacity of an existing establishment, diversify production or carry out a “fundamental change in the overall production process of an existing establishment”, from manufacturing, to logistics, distribution and marketing.

In addition to this increase to 500 million euros, the Ministry of Territorial Cohesion and the Ministry of Economy admit to increasing the allocation even further “if applications of merit arise in a higher amount”.