Tenerife Hosts Economic Forum to Discuss Future Strategies for the Canary Islands
A significant economic forum, titled “Small Economies, Big Ideas: A Strategic Reflection on the Future of the Canary Islands,” took place in Tenerife, drawing prominent economists, institutional representatives, and business leaders. The event, organised by La Gaveta Económica, concluded on Friday after two days of discussions aimed at enhancing the Islands’ competitiveness, productivity, and adaptability in a complex global economy.
The second day began with a keynote address from Federico Steinberg, a lead researcher at the Real Instituto Elcano, who spoke on “Global Economic and Geopolitical Disorder.” He highlighted the strategic position of the Canary Islands amid rising geopolitical tensions and technological changes. Steinberg warned that traditional economic paradigms are collapsing, with a resurgence of economic nationalism prompting a shift from hyper-globalisation to economic security concerns, particularly influenced by major powers like the USA and China.
Despite these challenges, Steinberg asserted that “the global economy appears resilient.”
The day’s programme included a panel discussion titled “Fighting Against the Odds: Challenges of the Outermost Regions,” moderated by journalist Marta Modino. Participants included Juan José Martínez, the Tenerife Council’s Innovation and Research adviser; Marcos Cohen, co-founder of strategic consultancy Cumbre 8; and Steinberg. They discussed the unique challenges faced by peripheral territories and the potential for innovation and institutional cooperation to bolster development.
Further discussions featured Roberto León González, a professor from Tokyo’s National Graduate Institute for Policy Studies, who shared insights on international growth policies. Miguel León-Ledesma from the University of Exeter examined the effectiveness of the Canarias Economic and Fiscal Regime and the hurdles it faces in supporting the Islands’ economic development.
Another panel, moderated by journalist Marta Rodríguez, focused on “Prosperity and Competitiveness for the Canary Islands.” Participants agreed on the need for policies to enhance productivity, investment, and business growth.
In the afternoon, discussions centred on local businesses, with a panel led by Antonio Salazar from La Gaveta Económica. Business leaders from several companies, including Binter and Canaragua, shared their strategies for growth and innovation in an insular environment.
The session wrapped up with José Ramón Barrera discussing the Economic and Fiscal Regime’s role in promoting investment and competitiveness.
The forum concluded with a talk by José Víctor Ríos-Rull from the University of Pennsylvania, who addressed macroeconomic challenges facing the Islands. He noted that with 85% of the islands’ GDP tied to external trade, understanding the local economy’s dynamics is crucial for effective policy-making.
Lastly, a panel titled “Canarias in the Next Decade,” moderated by journalist Mayer Trujillo, explored strategic priorities for the Islands’ economic future, emphasising innovation, legal security, and investment attraction as key elements for sustainable growth.
Antonio Salazar expressed satisfaction with the forum’s outcomes, stating they’d gathered credible voices to discuss the significant challenges ahead for the Canary Islands. He envisions “Small Economies, Big Ideas” as an ongoing platform for strategic debate on the Islands’ future.
The event received support from various sponsors, including Dormitorum, the Tenerife Council, and the San Cristóbal de La Laguna City Council.
