First Official U.S. Trade Mission to Canary Islands
The Gateway Partnership, a collaborative partnership including the American Chamber of Commerce in Spain - Canary Islands Delegation, The Vitalia Foundation, and the University of Texas, Pan American, hosted thirty-two (32) American companies seeking joint ventures and business opportunities with Canary Island companies aimed at penetrating international markets in the European Union and Africa. The trade mission, organized by the Canary Islands Chapter of the American Chamber of Commerce in Spain, was led by former U.S. Health and Human Services Secretary Tommy Thompson and former Oklahoma Congressman J.C. Watts during November 26-30, 2007 in Canary Islands, Spain.
The trade mission, which was certified by the U.S. Department of Commerce’s International Trade Administration, aimed to promote U.S. goods and services to thriving markets abroad, specifically in Africa and Europe. This trade mission facilitated joint ventures between U.S. and Canary Islands companies, which control $5.5 billion in private investment capital made available through a tax abatement program. The Canary Islands also offers American companies a four percent (4%) corporate tax rate which is protected my an existing treaty between the EU and the US, which eliminates dual taxation on corporate revenue and profits.
The Gateway Trade Mission featured two-days of business matchmaking with approved companies with mutual business interests; briefings with various government ministers, senior government advisers, and business leaders; an overview of the political, security, economic and financial situation in the Canary Islands; and identification of opportunities and primary sectors for promoting the sale of U.S. goods and services.
