The Blue Economy of the Canary Islands

With a coastline of 1583 km and a unique sea, the Canary Islands are the perfect place for marine investigation, exploitation and preservation. The potential of the seas and opportunity for research are plentiful.

Infrastructure:

PLOCAN:

Researchers and scientists have incorporated state-of-the-art technology and infrastructure to aid blue economy development and make the most of the sea’s potential. For example, PLOCAN is an ocean observatory that monitors areas such as global change and ocean acidification, the water-column and deep sea ecosystems, ocean biogeochemistry and geophysics, is situated on the Canary Islands. With both permanent and mobile systems that test the operation of marine technologies and research new marine technologies, the already existing infrastructure facilitates companies wishing to expand to the Canary Islands.

BEA:

The archipelago hosts the Spanish Algae Bank, whose objectives are the isolation, identification, conservation and development of cultivation techniques and applications of microalgae and cyanobacteria. 

Training and learning hub:

Due to the many universities and specialist training centres, there is a skilled workforce of scientists and researchers that explore the water potential. As water covers 2/3 of the planet, it is a key factor and component to sustainable living. The exploitation of marine renewable energy is a key example of the blue economy and using the sea for human benefit but more importantly, as a way to combat human caused climate change.

Financial incentives:

Not only does the Canary Islands have a diverse and exploitable marine condition that attracts companies, there are also unique financial incentives.

• The Canary Islands has the lowest corporate tax rate in Europe at only 4% and 7% VAT.
• The Canary Islands offer R&D tax credits of 45% for research and development in technological innovation.
• Reserve for Investments in the Canary Islands (RIC)- up to 90% tax relief
• The Canary Islands have their own Economic and Tax System (REF) which is fully approved by the EU and applies double taxation conventions and fiscal transparency.

Are you interested? Take a look at our article about the blue economy by clicking here!