The Galician Regional Government (Xunta de Galicia) has adopted numerous measures to revive and consolidate the region's business dynamism. Among these, the initiatives undertaken by the Galician Institute for Economic Promotion (Instituto Galego de Promoción Económica), which fosters business development, and the internationalization efforts promoted by Galician chambers of commerce and the Galician Confederation of Business Owners (Confederación de Empresarios Gallegos) stand out.
Thanks to the Economic Revitalization Plan, launched as a coordinated response by the different public administrations to address the potential economic repercussions of the Prestige oil spill, Galicia currently has exceptional aid and services to support investment projects in its territory.
Primarily through the Galician Institute for Economic Promotion (Igape), the regional development agency, Galicia offers new incentives and aid to promote the revitalization of entrepreneurship and the attraction of investments, which has made the Autonomous Community one of the most suitable scenarios for the implementation of new business projects.
While public institutions have committed to completing Galicia's infrastructure, Igape, either on its own or through agreements with the Ministry of Economy and other departments of the Xunta, has implemented aid and service programs in force and designed other instruments to boost business activity, especially in the Costa da Morte and in the areas declared to be of special revitalization in the provinces of Lugo and Ourense, providing the appropriate conditions for investments to bear fruit and serve to generate wealth and stable employment.
The Galician Institute for Economic Promotion (Igape) and the Ministry of Economy guarantee minimum subsidies of 35% for investment projects exceeding €600.000 that create jobs in the Costa da Morte region, and around 30% in the priority development areas of Lugo and Ourense. In the subsidies granted to date, the percentage increase attributable to the intensified aid under the Galicia Plan exceeds 47%.
Innovative entrepreneurial projects may receive subsidies from Igape of between 40 and 35% in those same areas, also prioritized in the Institute's program to facilitate the competitive improvement of SMEs.
Furthermore, IGAPE has created new aid programs to support environmental investments throughout Galicia and to support the modernization of the hospitality sector in Costa da Morte, in addition to enabling microcredit lines with exceptional conditions (with interest rates between 2,5% and 0%) to encourage investments by micro-enterprises, the self-employed, or small entrepreneurs.
The Galician Institute for Economic Promotion (Igape) is contributing to the Galicia Plan for economic revitalization with an active strategy to support business activity. This involves creating new programs linked to existing ones, as it is considered essential to seize the moment, not only to restore the balance that existed before the oil tanker accident off the Galician coast, but also to accelerate economic activity and, consequently, growth capacity.
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