Canary Islands shifts focus beyond tourism
The Canary Islands are taking bold steps to reduce their economic dependence on tourism. Under President Fernando Clavijo’s leadership, the regional government aims to attract and retain talent through high-quality jobs in innovative, technology-driven sectors with strong growth potential.
New strategic projects office launches
The newly unveiled Strategic Projects Office (OPE), operating under the public company Canary Islands Economic Development Corporation (Proexca), will spearhead this transformation. With €1.1 million allocated over two years, the office sends a clear message to investors: “We’re a solid destination for future projects, offering competitive advantages, real business opportunities, and strong public commitment.”
Fourteen key sectors identified
In June 2024, the government declared fourteen strategic areas for economic diversification, prioritizing innovation and sustainability. These include digital tourism, health and wellness, blue economy, emerging industries, digitalization, sustainability, Canary Islands 2030 Agenda, audiovisual sector, internationalization, energy, mobility, connectivity, astrophysics, and aerospace.
Creating an economic hub
According to David Pérez-Dionis, Director General of Strategic Projects, the OPE will serve as a catalyst for investment, streamline bureaucracy, and maximize economic impact. “Our goal is to position the Canary Islands as a reference in sectors where the archipelago has unique advantages,” he explains, citing favorable tax conditions and a reliable professional environment as key attractions.
Overcoming investment barriers
The specialized OPE team will identify strategic opportunities, assess risks, and actively seek funding. Pérez-Dionis acknowledges that many promising initiatives currently stall due to investor shortages or excessive red tape. The forthcoming Science Law includes measures to fast-track administrative procedures and involve economic stakeholders in innovative projects.
Building on existing successes
The islands aim to replicate their achievements in gaming, audiovisual, and aerospace sectors across other strategic areas. Proexca CEO Alfonso Cabello highlights how these industries have successfully leveraged the archipelago’s tax benefits, creative ecosystem, and connectivity. Several energy and sustainability projects are already in validation, including clean energy production, waste management, sustainable desalination, and green hydrogen systems.
Supporting international businesses
The OPE will offer ‘soft landing’ services to help international companies establish operations in the Canaries. Continuous initiative monitoring and coordination between public and private entities will ensure the archipelago’s evolution into an expanding economic hub where businesses collaborate to drive innovation.
