The Portuguese Grand Prix will feature in the next two seasons of MotoGP and will be held at the Algarve International Circuit in Portimao, organisers said on Wednesday.
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The Portuguese GP returned in 2020 after an eight-year absence and has been held at the Algarve International Circuit since.
However, the death of the circuit's CEO Paulo Pinheiro earlier this year led to speculation that it would be taken off the calendar.
Last month, Portuguese rider Miguel Oliveira, who will race for the Pramac Yamaha MotoGP team from next season, pleaded for the country's government to keep the event alive.
"We are talking about an event that has a unique ability to promote and project Portugal as a tourist destination and as an organiser of major sporting events," Portugal's Secretary of State for Tourism Pedro Machado said in a statement.
"By supporting the organisation of these initiatives, we are strengthening our country's reputation and attractiveness and this is very important from the point of view of tourism.
"It also has an immediate economic impact on the regional economy, which is equally significant, since this is an event that attracts thousands of people over several days, including spectators and staff from the competing teams."
This year's Portuguese GP took place in March and was won by Pramac Racing's Jorge Martin.
A BEAUTIFUL PLACE TO RACE
"We're very happy to announce that we will be racing in Portugal for at least another two years," Carmelo Ezpeleta, CEO of Dorna Sports, said.
"Since we first went to the Autodromo Internacional do Algarve, it has become a favourite for many fans and riders, and it’s easy to see why.
"Not only is it a beautiful place to race, but the event itself has improved every year, and we are very proud to be able to make such a positive economic, sporting and social impact on the area."
The 2025 season is set to start in March with the Thailand Grand Prix.