The Official State Gazette (BOE) published this Thursday the renewal of the Canary Islands Special Zone (ZEC) without a time limit, so it will no longer be subject to extensions every six years by the Government of Spain, but exclusively subject to community regulations on state aid.
In statements to La Voz, the president of the ZEC, Pablo Hernández, pointed out that this is "very good news, first because it is renewed, but above all because for the first time in its 23 years of history the ZEC is renewed indefinitely."
Hernández explains that, with this measure, "legal certainty is increased and it allows attracting larger projects, more expansive investments that have longer time horizons."
The measure is expected to have a favorable impact on attracting investment, help diversify the Canary Islands economy and create more and better quality employment.
"We are in luck, the ZEC is having a very significant growth in recent years and this will contribute to making it even greater," added the president of the ZEC.
