ZEC News

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International opportunities through the ZEC to markets in Europe, Africa and the Middle East are rated highly by companies in Brazil
[2008-06-05]

 

 

 

 

·          Companies with exporting capability established in Brazil have taken note of the factors that distinguish the Canary Islands from other European Union regions as an area to invest in: the location of the Islands between three continents, the market dynamics, the level of infrastructure and facilities and the existence of a long-term low tax instrument

 

·          The Canary Islands Special Zone (ZEC) has undertaken its first promotional campaign in Brazil aimed at companies established in São Paulo intending to expand activities at an international level

 

·          The areas of activity targeted will help to diversify the regional production structure

 

 

Canary Islands, 05/06/08.- Through the Canary Islands Special Zone (ZEC), several companies established in Brazil aiming to expand activities at an international level have set their sights on the Islands. Entrepreneurs based in Brazil recently met in São Paulo with a delegation of specialist staff from the ZEC in response to the interest shown in the Canary Islands and the legislative aspects of the special tax regime by local investors. This demonstrates that the Islands are among the regions most highly rated by business sectors in Brazil aiming to extend commercial relations to Europe, Africa and the Middle East.

 

According to the Consortium Board of the ZEC, the response from investors in Brazil has been excellent. In the initial phase, promotion was carried out in the state of São Paulo, the main business, economic and finance centre of the whole country, whose thriving economy is based on industrial activities related to telecommunications, mechanical and electronic equipment, and food products.

 

The ZEC delegation to São Paulo held several talks and events on the preferential tax regime, which were attended by around 70 entrepreneurs from the most representative industrial sectors. Investors expressed interest in the Islands in view of their “location as a platform between three continents, their thriving domestic market and the standards of infrastructure and facilities”.

 

This first ZEC delegation to Brazil received assisted from the principal Brazilian Chamber of Commerce and the São Paulo Trade Association. These institutions are key elements in identifying potential investors from Brazil aiming to extend their radius of action and set up abroad, which explains their interest in the Canary Islands as a strategic region. In this respect, not only are bilateral relations between Brazil and Spain essential, but also international agreements with countries both from within the European Union and other areas. These are the determining factors in the choice of the Canary Islands, in addition to the opportunity to adhere to the preferential tax regime of the Islands, which provides attractive opportunities in terms of taxes for Brazilian entrepreneurs.  

 

The President of the ZEC, Juan Alberto Martín, announced earlier in the year that the ZEC would undertake a promotional campaign in Brazil in 2008. He explained that the reason behind the choice of Brazil was that “it is a region with a growing economy with a view to expanding, for which the tax exemptions of the Canary Islands preferential regime and the strategic geographical location of the Islands have become highly attractive options for companies aiming to carry out commercial activities on an international level and extend their representation in order to optimise income from exports”.

 

As a result of this first visit to Brazil and the business relations established, the President of the Zone said he expected new projects from Brazil to become a reality within the ZEC in the near future.

 

 

 

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