Advocating for Economic Equality in Gibraltar
The Chamber of Commerce, supported by local municipalities, is calling on the Spanish Government to advocate for the designation of the Bay of Algeciras and its surroundings as a 'Special Economic Zone' (ZEE) in Brussels. Carlos Fenoy, the president of the Campo de Gibraltar Chamber of Commerce, emphasized that the request is not for privileges, but rather for the necessary tools to compete on equal footing with neighboring regions. This initiative is backed by a feasibility study that outlines the pressing needs of the area, particularly in terms of fiscal policies rather than just infrastructure, especially in light of the unique challenges posed by the proximity of Ceuta, Gibraltar, and Morocco.
The concept of a Special Economic Zone is not novel; it has already been implemented in various regions, including southern Italy and Lithuania, as well as other areas within the European Union. Fenoy pointed out, "We have already done our part; now we must rely on political will." He is scheduled to discuss this matter with the Minister of Finance, María Jesús Montero, during her upcoming visit to the Chamber to meet with local business leaders and the Cross-Border Group.
Projected Economic Impact and Infrastructure Needs
The project is projected to create more than 11,000 direct and indirect jobs and to attract approximately €7 billion in investment under a moderate scenario. The positive impact on the local economy is estimated to be around €300 million annually for local suppliers and SMEs. The report highlights that 63% of the investment necessary for establishing the ZEE pertains to infrastructure, which has been a long-standing demand in the region. Fenoy stated, "The ZEE is the engine that will transform Campo de Gibraltar from merely a border into the true economic gateway to Europe." Additionally, he underscored the necessity for improved fiscal conditions, noting that the region is surrounded by four different tax regimes—Ceuta, Gibraltar, Morocco, and Spain—while lamenting the absence of fiscal and regulatory instruments to attract investment.
Municipal representatives have rallied behind the proposal, although some tensions have arisen between those defending the Spanish Government's approach and those supporting the Andalusian government's efforts. Regardless, both administrations are aware of this detailed study, and the next step is for Pedro Sánchez's government to elevate this request to Brussels. As noted by commentator José María Carrascal, there is a sense of urgency given the unfavorable impacts of the recent agreement with the UK, further emphasizing the importance of this initiative.
As reported by elmundo.es.
