"Red carpet" for investments in the Balearic Islands: the Government launches the Strategic Projects Accelerator Unit

PalmThe Government presented this Wednesday the Strategic Project Accelerator Unit (UAPE), with which it aims to reduce bureaucracy and facilitate the processing of projects that diversify the islands' economic model. "A red carpet for investment," stated the President of the Executive, Marga Prohens, after presenting the UAPE to unions, the business sector, and professional associations at Ca n'Oleo, reported Europa Press. The Governing Council will approve the decree law that will regulate the operation of this body on Friday.

As Prohens explained, projects can be declared "of special strategic interest" in two ways:

• If they meet established requirements: there will be a minimum investment per sector (500,000 euros for agricultural uses; three million euros for innovation, health, education, and cycle uses); Commitment to create and maintain stable employment (20 full-time jobs, 10 in sectors facing difficulties, five in agricultural projects or maintaining 25 jobs at risk).
• As transformative projects: in this case, there are no economic or employment requirements, but the projects must have an impact on the productive, social, or environmental model. Leadership should come from the relevant department.

The UAPE will evaluate the applications. If approved, they will be passed on to a committee, which will forward them to the Government if approved. The maximum timeframe for receiving a response will be two months, after which the projects will be given preferential processing, with a 50% reduction in administrative time.