The Brazilian group GCMP – Gestão de Capital & Management wants to create an area similar to Silicon Valley in Gaia, considered by many to be the “mecca” of innovation and entrepreneurship, according to Jornal de Negócios.

According to the newspaper, Gaia Innovation City will be a tech hub that will bring the academic world together with the professional, with investors having already signed, in this sense, the acquisition of almost 21 hectares of land currently occupied by a campsite, for €8 million.

In total, the project presented to the Chamber of Gaia points to an investment of around €700 million, but a source told Jornal de Negócios that the investment is expected to exceed €1 billion over the next five years.