Why invest in Spain? It is the question I am asked at my headquarters every time I bid, like the directors of other subsidiaries throughout Europe and the world, to bring in any large project, investment, R&D center, advanced production… Then I become the ambassador of Spain to my corporation and in front of me, competing for the same objective, I have the ambassadors of Germany, the Netherlands, the United States or China. So, I recount the arguments I have to convince them. Since I’m no Jules Verne, I don’t think any of those arguments can be demolished by a superior force. But yes because it is not enough.
The first question they are going to ask me is about our attractiveness as a country. Here I have the upper hand. We are not only enviable for our culture, climate, gastronomy… We are also enviable for our infrastructure, with the largest high-speed rail network in Europe, the highest fiber optic penetration rate and the third in broadband. For our natural resources, which make us one of the best places in the world to carry out the energy transition and face challenges such as decarbonization and the circular economy, essential to confront climate change. We are also consolidating ourselves as a reference technology hub that attracts more and more companies and we are, for example, one of the great destinations for investment in data centers.
You will ask me about our human capital, and here I also have solid reasons. We must not forget that Spain is above the European average in the number of doctors and graduates in higher education. We have engineers and scientists recognized around the world, and it is not surprising that almost daily we see news with Spanish names and surnames about discoveries, advances in research and participation in large projects of international scope. Specifically, we can boast of being one of the ten most attractive countries in the world to attract and retain digital talent, with Madrid, for example, at the forefront of the development of emerging technologies in the AI sector. And anyone from my corporation who comes can verify the training of the people, their professional solvency and their willingness to innovate and take risks.
Yes we must improve in the incorporation of female talent, especially in technical and technological areas, but at least I can say that, in my sector, this year female employment has achieved its highest historical proportion, standing at 44.4%. And in the R&D areas it represents 55%, a trend that we hope will spread to other sectors. All this, reinforced by a powerful ecosystem. In fact, the chemical industry has established itself as the second largest sector in Spanish industry, after food, both in relation to its turnover and in terms of gross added value, maintaining its contribution to GDP at 6.1%. .
If we talk about bringing a highly innovative project, they will question me about the state of innovation in Spain. Here we could improve. Being the fourteenth economy in the world, We are ranked 25th in R&D investment or 29th in the latest global innovation index. But I can tell you that this country has signed an ambitious Pact for Science, which sets the goal that its investment in R&D reaches 3% of GDP in 2030. If it achieves this, it will be very close to the top 10 countries. innovative. Of course, it will be difficult to explain that, with 1.49% of GDP in 2023, we are still halfway there.
Deciding factor
«My company, like any multinational, needs legal, legislative and fiscal frameworks that are predictable over time, which instead of uncertainty, generate trust»
And once we have reached the final and there are only two or three countries left in the running, they are going to end up asking me about what I fear most: the regulatory system and fiscal conditions. Because this is where I’m going to have the biggest problem ‘sell’ my subsidiary as an investment destination. My company, like any multinational, needs legal, legislative and fiscal frameworks that are predictable over time, which, instead of uncertainty, generate confidence when undertaking those large projects that involve a significant investment.
Specifically, in Spain we need to reinforce the financing of R&D&i. And do so in accordance with common, clear and standardized parameters, which avoid uncertainties in interpretation. In Spain we are significantly below countries like France, Italy or the United Kingdom in the generation and application of tax deductions for R&D&I, which are the first and basic tool to stimulate business investment. Besidesit is urgent to adapt R&D&IA concepts to current business reality and technological change, especially with regard to areas such as software or artificial intelligence. We also need more agile, unbureaucratized and transparent processes to be able to quickly deploy projects. And a better connection between administrations, not only with the regional and regional ones, but also within the central administration itself.
Samuel Johnson said that you can have fantasy as your companion, but you must have reason as your guide. The potential we have as a country to be a benchmark in innovation, modernity and wealth that translates into well-being for society is not a fantasy. But the reason comes from my international experience and knowing the innovation that is done in other countries, the mechanisms that govern it and the support it receives from their administrations, which put it at the center of their policies and actions. Companies like the one I represent have managed to bring great projects to Spain that have contributed to boosting the industry and the economy in the areas and regions where we have launched them. And we have the commitment and vocation to bring many more. But when we are asked why invest in Spain, well-founded fantasies and some good reasons are not enough. We need all of them and they must be the best. The best news is that, if we put our minds to it, we can have them.
#invest #Spain
