Tenerife: business past, present and future
Tenerife offers its inhabitants and visitors a unique
climate, being mild and pleasant at any time of the year. This is where
it gets its name from “the Island of eternal spring”. The soft
trade winds, the cool sea streams from the Canary Islands and temperatures
that range between 18º and 25º degrees centigrade configure this
calm Island, which is already headed for the new century without losing
its typical traditional flavour. An Island where it is very easy to combine
business and the best European living standards in the same place, with
modern commercial and cultural offerings. Additionally, it offers a first
level medical and health care assistance.
Creating a company in Tenerife means enjoying the opportunities of one of the best zones in Spain and in Europe for opening up businesses and in turn, one of the best zones regarding life quality. This has been recognized by different studies and comparisons that have been undertaken in recent years.
In the last 10 years Tenerife has accomplished high development rates and its society as a whole, wants to empower this trend in the next decade. Between 1995 and 2003, the real production of the Canary Islands increased on a yearly average of 3,72%, and it was higher than the Spanish average (3,32%).
The service sector, and particularly, the tourism sector, is the leading production factor in the economy of Tenerife, followed by construction, industry, energy and agriculture. The economy of the Island, in a determined attempt to achieve quality and excellence in services, its top sector of economic activity, wishes to keep growing in a sustained and balanced manner, welcoming innovative businesses and determinedly favouring the new information technologies, a key area of the economic growth in the new global economy in which Tenerife is immersed in.
However, commerce and transport related activities have historically held a notable place in its economic activity, a role that will certainly continue being reappraised in the coming decade.
Tenerife Infrastructure
The geographical location of Tenerife, the ongoing improvements to its land, sea and air infrastructures and the existence of a job market, made up of a significant core of young and highly skilled people, explains the vigorous economic development of the Island in the last decade beyond the Spanish and European average.
This rise can only be explained by the strength of its economy, by the drive of its services related to consumption, leisure health and culture. Furthermore, it has one of the most highly rated accommodation infrastructures in the world and a warm climate in a privileged natural setting.
Tenerife is placed at the top of the highest quality of life indices in Spain and logically, in the European Union, due to its natural setting and pleasant climate.
The society of Tenerife has also been firmly intent on combining economic activity, in a cohesive manner, with education, science, research and technology.
Tenerife has a state university with a high reputation, the University of La Laguna and excellent applied research centres that are adapted to the current and future needs of companies such as the Instituto Astrofísico de Canarias (IAC) (Canary Islands Astrophysics Institute) or the Instituto Tecnológico de Energías Renovables (ITER) (Renewable Energies Technological Institute).
Public and private institutions such as the "Cámara de Comercio, Industria y Navegación de Santa Cruz de Tenerife", (Chamber of Commerce, Industry and Shipping of Santa Cruz de Tenerife), one of the most efficient ones in Spain, the "Confederación Provincial de Empresarios de Santa Cruz de Tenerife" (Provincial Business Confederation of Santa Cruz de Tenerife), financial entities such as CajaCanarias and, naturally, the Island Council, the City Council of the capital and the Canary Islands Government have been performing a fundamental supporting role for efficient information, service and assistance in setting up companies on the Island.