President Armengol at Friday's presentation. | Govern de les Illes Balears


President Armengol said on Friday that "the greatest investment and transforming cycle in the history of the islands is beginning". Speaking at the presentation for the 'Balearic Islands Strategic Investment Plan 2030', the president pointed to the investment of 4,640 million euros of European recovery funds in 91 projects until 2030. This will represent an "unprecedented" level of investment and the creation of 71,000 new jobs, many of them in emerging sectors that will boost diversification of the economy.

The 4,640 million euros are the equivalent of 16.4% of Balearic GDP. Of the 71,000 new jobs, around 8,850 will be in industry and 2,700 will be for research.

The investment of the EU Next Generation funds in the 91 projects is just the beginning, as the plan is open for there to be more, all for the modernisation of the Balearic economy and the change to the islands' productive model.

The Balearic government calculates that the investment will mean additional growth of 0.7% of GDP each year. Armengol noted that for each euro, there will be an an impact of 1.5 euros. The investment will have an overall impact of 6,900 million euros.

Outlining some of the projects, the president said that 101 million euros will be allocated to accelerating the biotechnology, biomedicine and digital health sector; 94 million will go on the Nou Llevant innovation district in Palma for cultural, innovation and research projects, on renewable energy and on industrial and technological transformation.

For the blue economy, six large projects with an allocation of 280 million euros are planned. For sustainable mobility, there will be the Palma Bay tram as well as projects in Formentera and Ibiza to reduce carbon footprint and a "large project" in Minorca to make the island the first to be totally committed to electric mobility.

One of the objectives of the projects is to reduce greenhouse emissions by 11% by 2030. "We have more funds than ever and better ideas," Armengol concluded.