afrol News, 6 June - During the last decade, businessmen from the Spanish autonomous Canary Islands, located off North Africa, have discovered the trade potential on the neighbour continent. More than 100 Canarian companies have been established in Africa, mostly in Morocco and Cape Verde, but also in Mauritania and Senegal.

According to AfricaInfoMarket, an agency operated by the Canary Islands chambers of commerce but financed by the autonomous government, 106 island companies have now registered business activities in Africa, most of them starting operations during the last decade. A total of 42 Canarian companies deal with Cape Verde, a Portuguese speaking archipelago with some cultural similarities and for which there exist special European Union (EU) programmes to promote trade links with the Canary Islands, Azores and Madeira - a region of Atlantic archipelagos referred to as Macaronesia.

Another 41 Canarian companies are engaged in Morocco, which is located less than 150 kilometres east of the Spanish archipelago. Further 13 Canarian companies are engaged in Mauritania and most of the rest operate in Senegal.

The island chambers of commerce and the autonomous government several years ago defined a policy to enhance cultural and economic ties with the neighbour continent, with a special focus on these four countries. Some Canary Island development aid is also granted to these countries and a government export aid agency, Proexca, has offices in Praia, Rabat, Nouakchott and Dakar to assist new establishments. Most of these Africa programmes have had a majority funding from the EU, however.

According to AfricaInfoMarket, the sectors into which Canarian investments in north-western Africa have been poured range from constructions and exploitation in the tourism sector to technology, health and consumer services, in addition to the traditional commerce and import-export ties between the archipelago and the continent.

Cape Verde, for example, had received most of its Canarian investments in the sectors of tourism and infrastructure, while in Senegal, there was currently a great demand for infrastructure and service sector investments. In Mauritania, businessmen from the Canary Islands are present in the transport sector, import-export sector, fisheries and constructions.

The semi-official Canary Islands agency emphasised that Mauritania and Senegal are "among the great entrances to a continent that has more than 300 million inhabitants." The two countries remain the main focus of island government advances to increase Canary Islands-Africa trade.

More "newly discovered" are the great possibilities that Ghana offer to the investor, making it one of the Canary Islands' government's new main targets. Two companies from the archipelago - Permafix (cement fabrication) and Coinca (import-export of food) - have already settled down in Ghana.

By staff writers

© afrol News

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