Government of the Canary Islands to Exhibit at Comdex Fall 2001; Companies Receive Tax Benefits Plus Reimbursements and Deductions.

Business Editors & High-Tech Writers

COMDEX Fall 2001

Booth No. L6517

SAN ANTONIO--(BUSINESS WIRE)--Nov. 8, 2001

Are you faced with the challenge of developing or expanding your company's European presence?

Even at this time of economic uncertainty you may have to start now to position your firm and to search for the right partnerships for international expansion.

With its internationally oriented economy, strategic location and a dynamic setting for new investments, the Canary Islands may be your solution.

Located off the West African coast, the Canary Islands provide a bridge between Europe, Africa and the Americas. Sixty-one percent of gross investment in the Canary Islands comes from the United States due to an unbeatable port and airport network, accessible prices and a climate of guaranteed security, within European Union territory.

A young and energetic labor force makes up close to 40% of the total Canary Island population. Canary Island universities and other research centers back extensive public training programs that adapt perfectly to companies' needs. This combination creates a qualified labor force well suited to the needs of today's demanding employment market.

In addition, the Canary Islands boast a modern communications network and a logistic infrastructure that includes eight airports, 10 commercial and 12 yachting ports, and an extensive network of roads.

A stable economic growth situation that is greater than the Spanish and European average and its modern technological and logistical infrastructures, make the Canary Islands an ideal European location with a high quality of life.

So it's no surprise that attractive investment incentives abound in the Canary Islands and are available in such forms of subsidies and partnerships with private businesses and the government.

Canary Special Zone (ZEC) was created by the European Union to

promote the economical and social development of the archipelago.

Companies receive tax benefits under the ZEC as follows:

corporation tax or non-resident income tax (1% to 5% corporate tax

rate), capital transfer tax and stamp duty, Canary Island indirect

general tax (IGIC) plus reimbursements and deductions.

Visit the Government of the Canary Islands exhibit at Comdex Fall 2001 (L6517). Attend our video presentation and meet Manuel S. Vicente, CEO of our government's U.S. offices. Come and get some complimentary, world famous Canarian cigars. We will be delighted to show you how the Canary Islands are the ideal choice for your international business.