The Spanish economy has become a key destination for Latin American capital, according to a recent report presented by the Spanish Institute of Foreign Trade (Icex) and the Ibero-American General Secretariat (Segib). The report reveals that investment from Latin America in Spain has soared by more than 20,000 million euros over the last decade, making Spain the second world destination for capital from the region, after the United States.
In 2023, companies increased their spending in Spain to 2,835 million euros, a significant 138% increase from the previous year. The report also highlights that the Latin American region is the fourth largest investor in Spain, with a total investment volume of 66,883 million euros since 1993.
The CEO of Icex, Elisa Carbonell, emphasized Spain’s strategic position as a base for Ibero-American companies looking to expand to other European or North African markets. The geographical location, language, and cultural proximity were cited as key factors for Latin American investors choosing Spain as a business destination.
The report also shows that Mexico is the largest contributor of investment from Latin America to Spain, accounting for 49.5% of the total investments since 1993. Argentina, Brazil, and Colombia also feature prominently among the top investing countries from the region.
Overall, the report paints a positive outlook for Latin American investment in Spain, with strong figures in Foreign Direct Investment and greenfield projects. The collaboration and exchange of knowledge between the two regions are seen as essential for strengthening economic relations and generating synergies for mutual growth.
The report underscores the significant impact of Latin American investment in Spain, with more than 600 companies and 47,000 direct jobs generated. The data indicates a growing trend of Latin American companies looking to Spain as a gateway to the European market, showcasing the continued importance of the Spanish economy for Latin American capital.