October 27, 2020

A dozen Canadian mining and energy companies operate in the Canary Islands – La Provincia

A dozen Canadian mining and energy companies operate in the Canary Islands - La Provincia


The quality of life, the geographical situation, theinfrastructureand the security it offers in every way are the factors that have led to a dozen Canadian companies – with interests in mining andoil and gas, mainly-settle in the Archipelago. The Canary Islands Special Zone (ZEC) also generates an "important so-called effect" that helps many companies in Canada fix their attention on the archipelago. Thetax advantagesoffered by the region a few kilometers fromAfricathey act as a "demand" for these entities to choose the Islands as a logistics platform for their business in the African continent.

The Director General of Relations with Africa of the Government of the Canary Islands,Pablo Martín-Carbajal, said on Tuesday that despite the presence ofCanadian entitiesin the Archipelago, in Canada they are still largely unaware of the possibilities and opportunities offered by the Canary Islands forexpansionof bussiness. For this reason, Proexca, a public company attached to the Ministry of Economy, Industry, Trade and Knowledge of the regional Executive, has recently focused part of its promotional efforts in this country and in the US to promote settlement in the Islands. a greater number of companies from these states.

"When we go to Canada, they do not know what the Canary Islands are, they do not know what we offer, the type of infrastructure or the role we can play with Africa, we want them to know the air and maritime communications we have with the African continent, companies Canary Islands that operate in African countries and the Canadian and American entities that are operating from here, "said Martín-Carbajal. Precisely the installation of companies from North America is one of the determining factors for the arrival of new ones, as the head of the Regional Executive of relations with Africa indicated that when they report that they are already established in the shipbuilding islands of Houston or mining Canadians "surprise you".

Canadian investors in the Islands focus mainly on oil and gas in port services in the ports of Las Palmas de Gran Canaria and Santa Cruz de Tenerife, in the mining sector and in the supply to mining companies, and in establish in the Canary Islands the logistical base "to meet the demands of the countries of the African region". And are there possibilities to 'fish' any Canadian entity established in the United Kingdom after thebrexit? Yes, but the same as those presented by other countries with an interest in hosting companies that are 'disconnected' after the breakup of the British with the European Union (EU). "The Canary Islands have to play their role, but it is true that everyone is watching thebrexit"said Martin-Carbajal, who also commented that the Netherlands can be one of the great beneficiaries of this disconnection" due to the fact of having an Anglophone culture and tax advantages ".

Before the opening of the annual summit of the Global Economic Institute of Canada inAfrica HouseMartín-Carbajal stressed the importance of holding this event in the capital of Gran Canaria because one of the objectives of the Archipelago is to boost the internationalization of its economy through Canada and the US: In the meeting, which lasts until Friday, it brings together to more than 60 people, mostly from Canada, the United States, the United Kingdom and other European and African countries to analyze and study the possibilities of direct investment in Africa and to know the potential of the Archipelago ashubbusiness to the African continent.

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