Canaries strike gold as US prepares to splash billions in cash

THE Canaries are headed for a lucrative boom time after the United States announced the opening of two Chambers of Commerce on the islands.Heads of government and Canary industry heralded a new fruitful era for business as the first office was inaugurated in Las Palmas de Gran Canaria last month.
A second Chamber of Commerce is set to open in Santa Cruz de Tenerife early this year.

The move means US firms will begin to pour money into local businesses from as soon as February this year spelling certain prosperity for the islands as big business from across the pond forges profitable ties with Africa.

US ambassador to Spain, Eduardo Aguirre, said: “Investment in Africa will happen with or without the Canaries. The challenge now is to ensure this investment is channelled through the Canary Islands and Canary businesses.”

He described a future with “excellent working relations between Canary Islands and American companies,” and he added: “The American Chambers of Commerce are the first door through which American companies go when they are looking for business opportunities outside the USA. Nothing gives those businesses more credibility. It is a very powerful tool for the development of commercial relations.”

Canary president Adan Martin welcomed the US arrival. He said: “These islands offer security, proximity and stability to companies wishing to move into Africa.”
Captains of industry from across the islands visibly revelled in the money-spinning moment as the US ambassador made his speech to a packed auditorium in Gran Canaria.
The US is expected to invest billions of dollars in new enterprises in Africa over the coming years and it sees the Canary Islands as the stable base from which to invest.
President of Spain’s US Chamber of Commerce, Jaime Malet, said: “The Canaries will become the logistical, social and fiscal centre for African investment.”

The openings follow last year’s visit to Tenerife by former US President Bill Clinton who spoke of the islands as a logistical and strategic platform for economic relations between Africa, Europe and the US.

Tenerife president Ricardo Melchior also announced work on a €300m communications cable linking Africa with Europe and America through Tenerife would begin this year.