Canary Islands.- Although the Canary Islands is a world benchmark regarding tourism, this is being one of the sectors most affected by this economic and social crisis on a global scale. However, governments have gotten down to work and there is already a package of measures aimed at reviving the sector, vital for the regional economy. However, the economic reactivation of the Islands also involves strengthening other sectors of activity, an issue that has already been put on the table to move towards a solid and long-term economy. This is the crucial moment in the Canary Islands to direct its production model towards new sectors, which is one of its pending subjects, promoting the diversification of its productive fabric with a view to the future. For this reason, economic policy instruments such as: the Canary Islands Special Zone (ZEC) play an important role, a tool that opens the door to new business and employment opportunities in the Islands.
In the context of the European Union (EU), the Canary Islands have the lowest tax rate, that is, they have the best instrument for this which, in addition to providing wealth, through the companies operating under this regime, which generate jobs in tractor sectors of new economic activities. A “luxury” for our region, since it allows business investments to establish themselves within the EU framework with two essential criteria: full guarantees of legal security and fiscal transparency. Since its inception, there are about 656 companies with capital from more than fifty countries. These activate the regional economy and operate with international markets from the regional territory. And above all, they create jobs in the Islands.
Through this incentive, activities are promoted in which the Canary Islands have potential due to multiple factors: location, standard of living, infrastructures, universities, research centers, technology and professional qualification, among others. Under this regime, the blue, green and knowledge economies can grow, in addition to favoring R + D + i, technology and digitization; the development of the value chain of sectors such as audiovisual and renewable energies; the implementation of technological platforms and innovative applications and the chemical industry and the pharmaceutical industry; a long list of activities with opportunities within the framework of this new reality aimed at generating a sustainable and prosperous economy, with new options to generate employment.