Islands attracting US investment strategies

Wednesday, 04 May 2016

The President of the Canary Islands, Fernando Clavijo had a working meeting in Madrid with the president of the United States Chamber of Commerce in Spain, Jaime Malet, where he outlined the main advantages The Canaries has to offer as an investment centre.

Fernando Clavijo detailed the tax advantages of the Economic and Fiscal Regime (REF) on the Canary Islands and emphasised that the archipelago has “great business options” for those companies that choose to invest in the Islands.

The President of the Canary Islands pointed out that “our geographical location, our infrastructure, our legal security, and our tax system, the best in Europe, provides us with an excellent positioning in the region. In addition, American companies can leverage benefits established within the Canary Islands to operate in the growing market of West Africa, ” he said.

The president stressed that “The Canaries should take this opportunity to internationalise and diversify its economic structure, an aspect that will be vital for the development of the archipelago in the coming years.”

Clavijo added that “there is already a growing interest in the Canary Islands from American companies“, which materialised last November with the first official trade mission of American companies to The Canary Islands organised by the US government.

The good results obtained during this reciprocal mission resulted in the US Department of Commerce conference which finally took place in Washington last March, attended by more than 150 American business representatives, interested in identify opportunities and qualities offered by the archipelago as an international business platform. The meeting was an important step, since it was the first time the US government has taken the initiative to promote the Canary Islands domestically.

Clavijo also highlighted the development of the audiovisual industry experienced on the Canary Islands over recent years which has generated an economic positive impact of about €133 million fir the Islands.

In this regard, the President expressed interest in large American film production companies who continue to be interested in the islands as a set for their movies. “We are not only excellent with tax advantages, but also with an ideal climate and diversity of landscapes, in addition to a highly professional local audiovisual sector,” he said.

This meeting forms part of the regional government’s internationalisation strategy designed and implemented to develop a schedule of meetings with representatives of other countries with the aim of promoting the Canary Islands as an international reference for tax incentives and global business opportunities.



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