Government Prioritizes Foreign Investment
Manuel Domínguez, Vice President of the Canary Islands Government, stated this Thursday in a parliamentary committee that the regional Executive maintains attracting foreign investment as a top priority for the islands. “It is one of our main objectives,” he emphasized. The declaration came in response to a question from Nicasio Galván (Vox), who inquired about the tax and financial incentives planned in the upcoming regional budgets to stimulate private investment in strategic sectors such as technology, industry, and energy.
A Unique Tool Awaiting Its Moment
In his address, the Vice President highlighted the competitive advantage of the Canary Islands’ Special Economic Zone (Régimen Económico y Fiscal, REF), which he defined as a unique tool. However, he conceded that this framework has “never quite managed to showcase its value internationally.” Galván partly agreed with this assessment, pointing out that foreign investment in the Canaries has not reached expected levels despite such a favorable REF. The MP also warned of a decline in national-level investment, which he disconnected from the international context, asserting that “the problem lies within.”
New Measures on the Horizon
Domínguez announced that a meeting was scheduled for Thursday afternoon between the Ministries of Finance and the Presidency to tackle the regional budgets and define actions aimed at increasing the influx of foreign capital—a central goal for the government. Despite constraints such as the spending ceiling, fiscal rules, and the absence of a state budget, Domínguez insisted that the Canary Islands will champion new measures to strengthen the attraction of foreign investment. “We want to provide our land with the opportunity to grow with international capital,” he affirmed.
