“Next year, the port authority (APRAM) will conduct studies to decide on the possible construction of a marina for mega yachts, a market segment that is increasingly seeking Madeira and has high economic growth potential,” said José Manuel Rodrigues.
The Secretary for the Economy was speaking in the Madeira Parliament during the committee stage debate of the proposals for the Regional Budget for 2026, worth €2.329 billion, and the Investment Plan, worth €1.002 billion.
The minister pointed out that the budget of the Regional Secretariat for the Economy of Madeira, amounting to €128 million, “cuts operating expenses to strengthen support for innovation, competitiveness and sustainability of companies, to attract more capital and companies to the region and to ensure investment in vital sectors, such as ports”.
Investments amount to around €70 million “between regional and European funds, meaning that more than half of the Economy Secretariat’s budget goes towards investment, job creation and wealth creation,” he added.
José Manuel Rodrigues, from the CDS-PP, a party that has a coalition agreement with the PSD, leader of the island’s executive, highlighted the region’s economic growth in recent years, pointing out, however, that this does not satisfy the executive and “sharpens the ambition to do more and better” so that “it reaches everyone and represents true social development”.
The budget he oversees aims, among other objectives, to “continue the trajectory of economic growth, increase the diversification of the productive base, strengthen the attraction of foreign investment” and ensure the technological modernisation of the business fabric.
the (Photo by Federico SCOPPA / AFP)
It also aims to “ensure the energy transition of the economy, reduce taxes without jeopardising the balance of public accounts, increase wages without affecting the competitiveness of companies, correct social inequalities and improve the living conditions of all Madeirans,” emphasised the Secretary for the Economy.
The Institute for Business Development will have €58 million available next year to support incentives for companies in the secondary and tertiary sectors (the former focused on the production of goods and the latter on the provision of intangible services and distribution).
On the other hand, the Madeiran executive recently negotiated a new allocation of €51 million, under the Recovery and Resilience Plan, for regional companies and for the Reindustrialisation and Artificial Intelligence lines.
Another issue mentioned by the minister, which was also addressed by several opposition parties, concerns the commercial port of Caniçal, in the municipality of Machico, acknowledging that there was “an almost complete breakdown in supply” as a result of Madeira’s economic growth.
Supply is now back to normal, he assured, but a study will need to be carried out on Madeira’s future port needs. José Manuel Rodrigues also gave assurances that the Madeira government will not give up on demanding a passenger ferry connection between Madeira and the mainland from the State.
In addition, he criticised the budget presented by the European Commission for the next Community framework, arguing that it is “unacceptable and highly damaging” to the interests of the region.
During the debate, Luís Martins, a member of the JPP (the largest opposition party), pointed out that the Madeira government has highlighted economic growth and the increase in Gross Domestic Product (GDP) and questioned “when the much-vaunted economic success […] will reach the pockets of the majority of Madeirans”.
Gonçalo Leite Velho, representing the PS, considered that the growth of the economy is not the result of the work of the island’s executive, but “of Madeiran workers and entrepreneurs”. He also stressed that economic growth “is not reaching the pockets of Madeirans” and that GDP has grown by 40% in five years, while wages have increased by 2%.
Similarly, Chega MP Hugo Nunes questioned the minister about how “the economy is growing continuously but not improving the incomes of those who work”.
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