New Economic Engines Power Canary Islands’ Diversification
The drive to diversify the Canary Islands’ economy is gaining powerful new momentum, with the technology, startup, and semiconductor sectors alongside the sustainable ‘blue economy’ seeing a dramatic surge in potential investment this year. Together, companies already operating in the islands and those considering a move could generate an economic injection exceeding €100 million in the next twelve months. This figure stands in stark contrast to the sector’s potential just a year ago, when forecasts predicted investment of only around €4 million.
Blue Economy and Tech Sector Forecast Massive Growth
Specifically, the blue economy—encompassing all activities seeking economic growth through the sustainable use of ocean resources—is projected to mobilise approximately €50 million in the coming year. This investment is fifty times greater than that of the previous year and is expected to create 150 jobs within the next 24 months. Meanwhile, the Information and Communication Technology (ICT) sector forecasts potential investment of €52 million, a figure seventeen times higher than that achieved in the last financial period, with an anticipated creation of 520 jobs.
Strategic Focus Drives International Interest
These findings are detailed in the activity report of the Canary Islands Society for Economic Development (Proexca). Following the declaration of these areas as strategic by the Canary Islands Government, Proexca has redoubled its efforts to showcase their potential, significantly increasing the movement of companies, projects, and international agents. Alfonso Cabello, Deputy Minister of the Presidency and President of Proexca, explains that this strategic status has led to comprehensive 360-degree promotion plans. These plans combine actions to help local companies in these sectors expand abroad with initiatives to foster connections with international firms for collaboration or even relocation to the islands.
Global Spotlight on Maritime Sustainability
Consequently, Proexca has intensified its activity around projects linked to offshore renewable energy, green hydrogen, sustainable ports, and advanced logistics. During the first half of 2025, eight key actions were undertaken. Highlights included a visit to Port La Nouvelle in France to engage with the MAC Blue Supply Chain offshore wind project, and participation in the World Maritime Week in Bilbao, a major international reference point for the naval, port, and ocean energy sectors.
Furthermore, the Canary Islands had a presence at WindEurope, the leading international wind energy event where offshore power—which holds great potential for the archipelago—played a prominent role. An island delegation also attended the Norshipping fair in Norway, one of the world’s principal meeting points for the maritime industry.
Technology Sector Attracts International Leads
The other major engine of growth that emerged strongly in the first half of the year is the technology sphere, encompassing ICT, startups, and semiconductors. In the first six months of 2025, 99 international leads were registered—companies that have shown interest in working with local societies or in establishing themselves in the region. Proexca’s work in this field has developed in several directions: attracting companies, supporting entrepreneurship, fostering cooperation with Africa, and promoting the capabilities of the Canarian ecosystem to global investors and hubs.
Notable events included participation in Transfiere 2025, with over 20 Canarian entities under a joint brand reinforcing the archipelago’s role as a national innovation hub. Collaboration with Mauritania was also key, through a mentoring plan to accelerate Mauritanian startups based on the experience of Canarian startups, and by facilitating visits from Mauritanian incubators and accelerators to learn about the local business ecosystem. The island sector also featured at major international fairs like the Dublin Tech Summit, South Summit, and the Canarias Destino Startup – Fuerteventura event, which once again connected entrepreneurs from across the country.
Diversification “No Longer a Novelty” but a Reality
All these actions and the resulting potential investment demonstrate that economic diversification still has a long runway for growth. “In terms of economic diversification, we are not just starting something; it is already a reality,” assessed Alfonso Cabello. New economic sectors are taking off each year and growing steadily. “The good results from the audiovisual sector are no longer news, and the technology sector and the blue economy are gaining momentum,” he emphasised.
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