The Tenerife Development and Investment Corporation (Sofitesa) was created in 1999 with the aim of promoting economic development and employment on the island. The entity is comprised of the Tenerife Island Council, the Santa Cruz City Council, the Chamber of Commerce, the Port Authority, and CajaCanarias, and is based on two fundamental pillars:
– Tenerife Capital Business: aims to inform and attract both domestic and foreign investment to Tenerife, especially in new industries and services such as consulting, information technology, and communications, to diversify its economy and reduce its dependence on the powerful tourism industry. Tenerife's strategic location in the Atlantic, midway between Europe, America, and Africa, its high European standard of living, and its excellent tax system make it an attractive destination for business proposals linked to industry and services.
– World Trade Center Tenerife: complements Tenerife's infrastructure offering for businesses. Investors and business developers can use the facilities of the World Trade Center Tenerife and have access to all the necessary services to develop their projects (offices, meeting rooms, secretarial services, etc.), as well as benefit from advice on their procedures and access to the full range of available commercial opportunities.
It is important to highlight the joint commercial offer of the Canary Islands archipelago that supports Sofitesa's management. The ZEC (Canary Islands Special Zone), the Canary Islands Investment Reserve (RIC), and the additional incentives and bonuses of the REF (Economic and Fiscal Regime of the Canary Islands) complement the objective of promoting the economic and social development of Tenerife, as well as diversifying its productive structure.
This initiative is yielding excellent results. Thus, in March 2003, the construction of Sofitesa's industrial buildings was completed, and they are already occupied by companies registered in the ZEC, ultimately becoming a fundamental element of the project.
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