Spain, with its rich history, vibrant culture and diverse landscapes, not only captivates travellers, but has also proven to be a jewel in the global economic landscape. In this article, we will look at the key points of the economy in Spain, according to ICEX. From its strong PIB to its strategic positioning as a gateway to multiple markets, we will explore how Spain offers a favourable environment for foreign companies seeking growth and success.
Access to a large and diverse market
What makes Spain an ideal destination for international expansion? One of the key factors lies in its access to diverse and expansive markets.
Spain boasts not only a significant domestic market with its 47 million inhabitants but also an influx of over 82 million visitors in 2019. Moreover, it serves as a gateway to the European market, where unrestricted access translates to over 500 million consumers and the highest purchasing power in the world.
Beyond Europe, Spain’s strategic location facilitates connections to the vibrant markets of Latin America (over 600 million consumers) and the Middle East and North Africa (500 million consumers). This unique positioning makes Spain a natural hub for businesses looking to tap into these high-potential markets.
International business platform
The Spanish business landscape is characterised by its remarkable internationalisation. Collaborations and partnerships with local entities open doors to various markets.
Indeed, foreign multinationals operating in Spain contribute significantly to the country’s exports. This underlines Spain’s role as a centre for international trade and highlights the major impact of foreign companies on its economic success.
A favorable business climate
Spain’s business-friendly environment is underpinned by a welcoming regulatory landscape. According to the OECD FDI Regulatory Restrictiveness Index, Spain ranks as the 10th least restrictive country globally for international investments. While foreign investments generally do not require prior approval, exceptions are made for activities impacting public security, public order, and public health.
In conclusion, investing in Spain offers a multitude of benefits for both established companies and those looking to expand their global footprint. Its growing economy, access to diverse markets, and favorable regulatory framework collectively position Spain as an attractive destination for foreign investors. As the nation continues to foster a thriving business environment, the potential for growth and success remains substantial.
If you need help to start investing in Spain, in Legal Advisory can help you and accompany you in the process.
