Spanish Free Trade Zones Unite to Bolster Economic Connectivity Across the Atlantic

On October 23, a pivotal meeting took place in Gran Canaria, where delegates from various Spanish Free Trade Zones gathered to discuss strategic partnerships aimed at fostering economic growth and enhancing international trade relations. This assembly marks a significant step towards creating a robust economic framework that can effectively connect Spain with other global markets.

Key Delegates Gather for Strategic Discussions

The Free Trade Zone of Gran Canaria served as the venue for this important meeting, which saw the participation of influential figures such as Francisco González, the special delegate of the State in the Free Trade Zone of Cádiz; Laura Rivas, the director of projects in the Free Trade Zone of Vigo; and Manuel Martínez, the special delegate of the Free Trade Zone of Tenerife. The primary objective of this gathering was to cultivate collaboration and share effective strategies that would contribute to the establishment of a vital Atlantic economic hub for Spain, thereby enhancing its global economic footprint.

Collaboration: A Cornerstone for Success

During the discussions, both Gabriel Corujo from Gran Canaria and Francisco González from Cádiz highlighted the critical need for collaboration among the seven Spanish Free Trade Zones. Despite their distinct characteristics and operational frameworks, they acknowledged that a united approach is essential for tackling shared challenges. Their vision includes exchanging successful operational models, capitalizing on the unique competitive advantages of each zone, and promoting a cohesive brand under the auspices of the Government of Spain. This collaborative spirit is seen as a pathway to not only strengthen individual zones but also to enhance Spain’s overall economic resilience.

International Expansion: Opening New Markets

The initiative places a significant emphasis on the internationalization of local businesses, with the aim of unlocking new markets and amplifying their global presence. The Free Trade Zone of Cádiz took the lead in sharing its expertise in this area, with González underscoring the importance of state-backed support for businesses. He remarked, “We can offer advantages and benefits that only a public institution can guarantee,” emphasizing how such support can foster stability and trust among businesses seeking to expand internationally.

Leveraging the Atlantic Corridor for Trade Opportunities

The meeting also brought to light the strategic geographical advantage of the Canary Islands and southern mainland Spain. The delegates explored the potential of the Atlantic Corridor as a vital commercial link connecting Latin America, Europe, and the burgeoning African market. They discussed various opportunities related to the blue economy and sustainable practices that are intrinsically linked to marine resources. This focus on sustainability aligns with global trends towards environmentally responsible business practices, further enhancing the appeal of the Free Trade Zones as attractive investment destinations.

Effective Land Management: A Key to Economic Growth

Corujo emphasized that effective land management is paramount for the development of the Free Trade Zone of Gran Canaria. He articulated the necessity of preparing land for diverse companies, ensuring that not only large investors but also small and medium-sized enterprises (SMEs) can seize available opportunities. Notably, SMEs constitute 90% of the business landscape in the Canary Islands, making their inclusion in economic strategies vital. The operational models from Cádiz and Vigo serve as benchmarks, demonstrating how the Free Trade Zone can cover initial urbanization costs to create ready-to-use business spaces, thereby democratizing access to economic opportunities for all.

Success Stories: A Testament to the Framework’s Effectiveness

Corujo cited the Oryx project as a prime example of success that has reaped the benefits of the fiscal and operational advantages provided by the Free Trade Zone and the Special Canary Zone (ZEC). This initiative serves as a compelling illustration of how these frameworks can effectively attract investment, generate employment, and stimulate economic activity within the Archipelago. The ongoing collaboration between Cádiz, Vigo, Tenerife, and Gran Canaria is viewed as a continuation of practical efforts to replicate successful models and reinforce the role of Free Trade Zones as key economic drivers in the Atlantic region.

Key points

• Delegates from multiple Spanish Free Trade Zones met in Gran Canaria on October 23.
• The focus was on enhancing cooperation and establishing an Atlantic economic hub.
• Collaboration among the seven zones is vital for addressing common challenges.
• The initiative aims to support the internationalization of local businesses.
• The Atlantic Corridor is viewed as a key commercial link between continents.
• Effective land management is crucial for attracting both large investors and SMEs.
• The Oryx project exemplifies the success of the Free Trade Zone framework.