The President of the Government of Spain highlights the "extraordinary strengths" of the Spanish economy vis-à-vis uncertainty

Madrid

The President of the Government of Spain, Pedro Sánchez, has closed the 13th edition of the international financial forum Spain Investors Day, where he remarked that "Spain has extraordinary strengths", which explain why the national economy is going to be one of those that "best navigate this period of uncertainty", as assured by the main national and international organisations. "Since the pandemic, since the war broke out, Spain has achieved the best employment figures in its history, is growing faster than the Eurozone and has the lowest inflation rate in the whole of the European Union," he said.

The chief executive highlighted the "unparalleled" pace of modernisation in Spain. "After decades of relocation, we have begun to recover strategic industries," said the chief executive. To this effect, Pedro Sánchez has highlighted the investments of multinationals announced in recent months in our country to produce electric batteries for sustainable vehicles, to generate green hydrogen for "the ships of the future" and to locate data storage and processing centres.

Pool Moncloa/Fernando Calvo

Among the strengths of the Spanish economy, the chief executive highlighted the high percentage of university graduates, scientists and engineers, and the deployment of renewable energies. "In the last decade our economy has grown and grown a lot and our emissions of greenhouse gases, such as CO2, have fallen very considerably," he described.

Spain is also the leading country in the advance of European funds, having received more than €31 billion. "We have been able to be the first country to meet the requirements to obtain disbursements from the European Commission," the president stressed. The funds have already reached more than 100,000 companies and almost 6,000 of the country's 8,000 municipalities, and calls for proposals and tenders for €43.06 billion have been launched.

In addition, Spain will ask the European Commission for the additional €94 billion in transfers and loans foreseen in the addendum to the Recovery Plan, destined to expand the 12 strategic projects for economic recovery and transformation (PERTE) and to create new financing instruments.

Strategic autonomy, a key factor

Pool Moncloa/Fernando Calvo

"Strategic autonomy cannot once again be an excuse for protectionist policies", said the chief executive, who added that "we have to industrialise Europe...Europe must also have the presence of industries, of chips, of semiconductors". To this effect, the President of the Government explained that strategic autonomy, together with the social pillar, are going to be the central axes of the Spanish Presidency of the EU during the second half of the year.

Pedro Sánchez also recognised the work of investors, businessmen and entrepreneurs. Faced with the economic impact of the war, the chief executive also stressed the need for "those who have the most to help protect the society to which they owe so much and without which they themselves could not prosper". This commitment, he stressed, is what explains the various packages of measures approved by the government to deal with the economic and social consequences of the invasion of Ukraine, which have already mobilised €45 billion.

Ambitious reform agenda

The chief executive has embarked on an ambitious reform agenda that includes the new insolvency law, the law on Startups, the law on Science, the law on Universities and the law on Business Creation and Growth. "All of this obeys a clear road map of the government of Spain, with well-defined priorities and an ambitious timetable," he said of the approval of these measures, the deployment of European funds and Spain's action and influence in Europe.

The President of the Government highlighted the "robust foundations" and the "immense potential" detected by the organisations in Spain, two aspects that make our country "one of the best places in the world to do business and therefore to invest", he said. "Keep betting on Spain, because Spain will be up to the task", he said.

Non official translation