Madeira’s Free Trade Zone encourages technological development and internationalization

The tax incentive is, therefore, essential to the development of the region and its prosperity. The Free Trade Zone is and can continue to be a motor for Madeira´s economy.

Madeira Island is, without a doubt, a paradise. Naturally, therefore, it makes sense for tourism to be one of the main motors of the local economy, but one must rethink whether this is the only way.

In 2021, during a visit by the Regional Government of Madeira to Connect Software’s installations, we were proud to see the enthusiasm of the president of the Regional Government of Madeira, Miguel Albuquerque, for the development that our business group of Austrian origin promotes in Madeira. There is a significant potential for technological development on the island, which is beneficial for its residents – especially for newly graduated young adults from the University of Madeira. Keeping these qualified professionals in Madeira is crucial. The Free Zone is a hefty supporter of creating skilled jobs attractive to the young Portuguese and foreigners.

Recently, the Regional Government of Madeira divulged an estimate that attributes 12,5% of the tax revenue generated from the Free Trade Zone of Madeira. This is an impressive mark by itself, but due to the incentives associated with the Free Trade Zone of Madeira, the results brought from the development of technological and digital industries can bring even more to Madeira. It is essential to consider the benefits of investment in infrastructures, fomenting local development, and allowing the creation of job posts that are no longer directly dependent on the Free Trade Zone of Madeira. The tax incentive is, therefore, essential to the development of the region and its prosperity. The Free Trade Zone is and can continue to be a motor for Madeira´s economy.