The most recent data from the INE show that in 2022, 2,985,492 companies in the Industry, Commerce and non-financial Services sectors were counted in Spain. Of them, 56,177, 1.9% of the total, were part of a business group (domestic, Spanish multinational or foreign multinational). These companies that are part of groups concentrated 41.9% of the total employed personnel and generated 66.9% of the turnover of these three sectors. The subsidiaries of foreign multinational groups had a turnover of 745,265 million euros and employed 2,119,008 people. «As the fourth economy in the euro zone, Spain represents an attractive domestic market for foreign investment, with easy access to growing markets. Over the last thirty years, our country has attracted a large number of multinational companies that have benefited from a diversified economy, with sustained growth rates, a dynamic foreign sector and competitive costs,” begins Paloma Cabrera, president of Multinationals with Spain.
It indicates that foreign companies especially value Spain’s infrastructure, highlighting the availability of telecommunications networks and services, the quality of airports, roads, ports and high-speed trains. “In addition, they appreciate the size of the market and the level of human capital,” he clarifies. However, he believes there are areas for improvement in financing, taxation and the regulatory environment.
The figures make clear the importance of the activity of foreign multinationals in Spain, which drives economic growth, generates quality employment (2.1 million direct jobs according to the INE and 2.6 million indirect jobs, according to the latest official figures available), strengthens the local industrial fabric and encourages the development of talent in the country. “Likewise, they promote the transfer of knowledge, stimulate business collaboration and encourage competition,” highlights Cabrera. The attractiveness of Spain as an investment destination has been reflected in the notable increase in foreign subsidiaries in the last ten years, reaching 14,200, mainly in the services (51%), commerce (30%) and industry (17%) sectors. .
The requalification of talent is one of the great concerns of global companies in Spain
The president of Multinationals with Spain also remembers that these types of companies have contributed significantly to the modernization of the Spanish labor market, raising the standards and expectations of workers. “These global companies offer salaries above average and highly qualified managerial and technical profiles, contributing significantly to the development of human capital in the country.”
tractor effect
Sergio Rodríguez, president of the I+E Foundation, which represents the commitment of multinational companies to the development of investments and R&D&i activities in Spain, indicates that it is evident that multinationals that come to establish themselves in a country and a region exert a driving effect on the economy and the surrounding business fabric. This investment can come from different countries and be deployed in different sectors. «But if it is done in Spain, it is Spanish, because it has a multiplier effect in terms of the business ecosystem around it, industrial heritage, generation of talent and quality employment. And it is innovation that is exported to the world and improves our external image,” highlights Rodríguez. It also underlines the impetus for companies coming to Spain to deploy their global projects of high innovative, technological or industrial significance. “This multiplier effect also reaches Spanish companies, which strengthen their innovative muscle, attract more talent and are more competitive both in Spain and in international markets,” he clarifies.
One of the concerns of multinationals is finding talent in the countries where they are located. The I+E Foundation assures that Spain is above average in the number of doctors and graduates in higher education. «We have engineers and scientists recognized around the world and we are one of the ten most attractive countries when it comes to attracting and retaining digital talent. On the other hand, any of our headquarters that comes can verify the training of our people, their professional solvency and their willingness to innovate and take risks,” highlights its president. However, it talks about aspects that must be improved. «We must train more technological professionals, in fact, the EU tells us that we are going to need one and a half million in the next six years. And, above all, attract young women to STEM disciplines and encourage more women to join innovative companies and ascend to decision-making positions,” warns Rodríguez. Spain therefore has talent, as multinationals know, although it is necessary to “channel it, take advantage of it and adapt it to the current and changing needs of companies.” Naturally, more investment and more innovation translate into generation of talent and, in the long run, more quality employment.
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