US businesses 'to make Canarys African base'

12th June 2006, Comments 0 comments

12 June 2006, MADRID — US firms are looking to turn the Canary Islands into an operations hub to expand into Africa, it was reported.

12 June 2006

MADRID — US firms are looking to turn the Canary Islands into an operations hub to expand into Africa, it was reported.

The Spanish daily El Pais reported how the American Chamber of Commerce in Spain believes the islands could become the "next Miami or Hong Kong".

The islands' proximity to Africa, their low taxes and legal security make them a logical choice for firms seeking new bases, both US and Spanish officials say.

Technology firm Terrmark and oil group Kosmos are both due to set up offices in the Canary Islands soon.

From there they will be able to coordinate operations into sub-Saharan Africa.

Last year, American companies invested EUR 94 million last year into this region.

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Subject: Spanish news 

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