Web Summit – the global tech fest that has been raking in millions of euros for Lisbon since it ‘arrived’ in 2015 – will remain based in the capital for the next 10 years.
The announcement was confirmed on Wednesday, with news that the extended contract will imply major expansion work for the Altice Arena venue.
ECO online suggests “Portugal will pay €11 million a year” to keep the summit. But this will be recouped in spades if financial forecasts are correct.
A clearly delighted prime minister António Costa said to Web Summit organiser Paddy Cosgrave:” When you grow, we grow with you…” revealing that last year Portugal saw €30 million in direct fiscal revenue from the three day event held in November.
But more than a question of financial returns, he said that Web Summit helps the world look at Portugal as “a country of innovation and technology. It gives the image that the country is capable of attracting top level technology companies that create highly-qualified employment”.
Lisbon’s mayor Fernando Medina said he “couldn’t see a better way” for the country to celebrate the 10-years since the summit venue was brought to life for Expo98.
“This victory means a great deal”, he stressed, as it resulted from competition “between various countries” (namely Spain and UK), but Portugal presented “the best proposal”.
