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"Staying here for another 10 years brings us so much certainty,"
Cosgrave told journalists at a press conference where he was
joined by Portuguese Prime Minister Antonio Costa.
"My heart and the team's heart is in Lisbon."
Lisbon scored a big coup when Web Summit moved from Dublin to
Portugal in 2016, helping a recovery in the country's capital
after the 2011-2014 debt crisis.
Web Summit has helped put Lisbon on the map and drive a tourist
boom, as well as attract technology firms to the city.
"It's a pleasure to host Web Summit in Portugal for the next 10
years," Costa said. "It puts Portugal at the heart of the global
conversation about tech and innovation."
The government estimates that the event itself generates 300
million euros ($347 million) for Lisbon in hotel and other
revenue during the week it takes place in November.
Around 70,000 people attended the Web Summit last year and the
organizers hope to boost that to 100,000.
The original Web Summit contract envisioned three years in
Lisbon and the Web Summit organizers had considered moving to
other venues in Europe before deciding to stay.
The event is held in the pavilions built for Lisbon's 1998 World
Fair and one of the reasons the organizers decided to stay is
because it can expand further in that area.
(Reporting By Catarina Demony, writing by Axel Bugge, editing by
Andrei Khalip and David Evans)
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