Lisbon will keep the Web Summit until the year 2028 for a millionaire sum

Lisbon is one of the most impressive cities in the world and is considered by many people as one of the most incredible European capitals at a technological level, as it has in its power several major technology references. Today in a new “strategy” to continue expanding this empire within its territory, an agreement was reached with Web Summit. The agreed treatment consists in that, annually, Lisbon will pay a total of 11 million euros to the company until 2028 for its domains.

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Web Summit and Portugal, a story that will continue

Many have been the reactions to this agreement. Paddy Cosgrave, co-founder of Web Summit said: “We are very happy to be in Lisbon another ten years”, shortly after announcing to the world the decision that had been made and in the presence of the Portuguese Prime Minister, Antonio Costa, in addition to the Mayor of the capital, Fernando Medina. The agreement establishes that Lisbon will pay a total of 11 million Euros per year, which total in 2028 the amount of 110 million Euros, money that will expand the fairgrounds that are used for technological summits.

Web Summit Forum

However, in this deal there is also a “termination clause“, in short, Web Summit will be obliged to compensate the Portuguese State in case the company does not fully comply with the treatment for “the effort that the country is doing “, this according to the words given by the economy minister, Manuel Caldeira Cabral. On the other hand, the mayor of Lisbon also indicated about this agreement that “The space destined to the Web Summit, in the fairground of the Park of Nations, will be double.”

Web Summit Logo

With everything the country has done now, it has been achieved that Lisbon is imposed over other major European capitals that are technology centers such as Madrid, Berlin, Paris, London, among many others. Web Summit was not always in Lisbon, and it was that it started in Dublin in 2009 and remained in that city until 2015, then they made a change of location to Lisbon in 2016, and since then, the event has achieved an amazing increase at the level of importance among the forums.

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