Canary Islands Government Approves New Funding Regulations for Commercial Events

Background

The Canary Islands government has approved new regulations to fund events that promote the local commercial sector, recognizing the close link between tourism and retail activity in the region.

Economic Highlights (as of 2023-2024)

• Retail sales in the Canary Islands exceeded the national average, with a sales increase of 7.3% in December 2023.
• Retail turnover in 2024 rose by 4.6%, ranking the islands high among Spanish regions.
• Employment in retail surged by 3.5% over the past year, second only to Madrid.

These positive figures reflect the local economy's reliance on tourism, emphasizing the need to boost commercial zones through cultural, gastronomic, and business events.

Support Framework

The new support framework aims to:

• Organize diverse events to attract visitors and local shoppers.
• Strengthen the 'Commerce of Canarias' brand.

Eligible Events

• Cultural shows
• Trade fairs
• Culinary festivals
• Business seminars

Focus

Activities fostering local consumption and public engagement in open-air shopping districts.

Funding Details

• Cover event organization costs, marketing, publicity, and security measures.
• Grants can cover up to 100% of approved expenses, with a cap of €100,000 per project.

Application Process

• Applications are to be submitted electronically through the regional government portal.
• Strict compliance with eligibility requirements, including environmental and social responsibility standards, is required.

Goals and Vision

The initiative seeks to:

• Further enhance Canary Islands' reputation as a vibrant shopping and experience destination.
• Leverage tourism growth projections for 2025 and beyond.
• Ensure sustained economic vitality and increased confidence among local entrepreneurs.

"The support framework reflects our commitment to boosting the local economy through strategic cultural and commercial initiatives," according to regional officials.