Antonio Olivera, a noted economist and Vice President of the Government of the Canary Islands, is featured in a report that captures a Valencia event hosted by Levante-EMV and El Periódico Mediterráneo in collaboration with Proexca, the public corporation promoting the Canary Islands as a prime investment destination. The gathering aims to showcase the archipelago as a robust hub for Atlantic investment, with Valencia serving as a stop on a tour of Spain’s major capitals. The event attracts leading business figures and professionals from the Canary Islands who seek opportunities in markets across the region. [Cited context: regional economic promotion and investor outreach in Spain]
What is the current state of the Canary Islands within the national landscape?
The pandemic dealt a heavy blow to the island economy, heavily dependent on tourism, mirroring the impact seen in the Valencia region. Yet, strategic measures helped stabilize the situation. Support schemes for enterprises, including credit lines and targeted aid from both central and regional authorities, have underpinned a recovery. As a result, employment shows signs of growth, with historical levels and a renewed sense of opportunity across sectors. The crisis also highlighted the Canary Islands as an attractive option for teleworkers from Europe and beyond, complementing traditional tourism. In addition, there are promising prospects tied to New Generation funds and long-term resilience in the business ecosystem.
The Canary Islands are being promoted in Valencia and other Spanish cities as a premier destination for doing business in Spain and Europe. The question remains about the so‑called “best kept secret” and the advantages awaiting Valencian entrepreneurs.
Two pivotal factors make the archipelago compelling for investment. First is the climate: a year-round tourist appeal and a high quality of life supported by excellent sea and air connectivity, a European regulatory framework, strong legal security, superior healthcare, and a broad educational offering. The combination makes the Canaries a standout winter and mild-summer destination.
Second are the tax incentives tied to its status as an ultra-peripheral European region—clear, transparent, and well-defined. The region does not operate as a tax haven, yet it offers favorable corporate taxation and investment incentives, including a 4% corporate tax rate with a specific reserve for investments in the Canary Islands, or targeted reductions for investments locally. These measures also extend to boosting sectors such as the audiovisual industry and research and development, enabling a balance between high living standards and competitive taxation on a global scale.
The Canary Islands Hub brand has been established to encourage business settlement. Which sectors attract particular interest, and which markets are being targeted beyond Spanish companies?
Investors are especially drawn to tourism, audiovisual sectors, the blue economy, aviation, and renewable energy—particularly opportunities in photovoltaic, wind, geothermal, and green hydrogen. Across these sectors, innovation, digital capabilities, and teleworking form a central nexus. Proximity gaps shrink as distance becomes less of a barrier to operation and growth.
For those outside the Península, the Canary Islands are primarily known as a top tourist destination. Is it possible to broaden this image to attract investment in other fields, or does the tourism image anchor growth in multiple sectors?
The archipelago is Europe’s leading destination with millions of overnight stays each year, a position that opens doors to investment in other areas. The region’s high quality of life and the favorable tourism ecosystem create an attractive backdrop for business ventures, appealing to professionals who seek a balanced lifestyle with career opportunities. This leadership in tourism acts as a gateway to broader development, enabling the creation of business and life projects in a supportive environment.
Companies seeking talent and human resources can find value in the Canary Islands. What is the state of local workforce readiness and policy support?
Human capital remains a central pillar for sustained economic growth. The islands have made notable strides in reducing school failure, expanding dual education, investing in early education, and implementing active employment policies that place the region among the country’s strongest performers. Government incentives accompany targeted training programs designed to meet the needs of companies relocating to the islands.
Concerns about overcrowding, price pressures, or housing often arise. How is the region handling growth while maintaining quality?
The strategy emphasizes quality over quantity, focusing on enhancing existing capacity rather than increasing room counts. Projects aim to add value to the destination, protect the environment, and foster sustainable innovation. The objective is to deliver higher income per visitor rather than simply expanding headcount, aligning with a thoughtful, value-led tourism model.
Its climate, favorable for twelve months, stands as a major advantage, yet global warming and sustainability remain key considerations. What steps is the Canary Islands Government taking to curb environmental impact and promote sustainable travel?
Even before the pandemic, environmental factors guided traveler choices. The local industry is actively reducing carbon emissions through biofuels and cleaner practices, while aviation will continue to emit CO2 for years. The focus is on policies that offset aviation emissions and make the destination more sustainable overall. Efforts span renewable energy, the water cycle, sustainable mobility, local production, and a circular economy, all guided by a long-term commitment to minimize carbon footprints. The aim is to position the archipelago closer to a CO2-free profile for visitors and residents alike.
There is a strong emphasis on renewable energy and sustainability initiatives. What role do these play in making the Canary Islands appealing to international operators and residents?
Growing industries include renewable electricity, energy efficiency, and green innovation, all aligned with a desire to attract companies that value responsible development. These efforts are well known among European tour operators and cross-border partners, further solidifying theCanary Islands as a forward-looking, sustainable business locale.
Does the geographic proximity to Africa influence the region as a gateway for enterprises? How does the Government of the Canary Islands view its relationship with the African continent?
The administration positions the archipelago as a connecting platform among Europe, Africa, and the Americas. Strong ports and airports, coupled with a safe environment for workers and families, support operations that span continents. There are already cases of African companies establishing their European bases in the Canary Islands, illustrating the region’s role as a strategic hub for regional and continental expansion. [Cited context: international trade and regional connectivity]