At a global level, we are heading towards a process of deglobalization, so that “a new context of investment and capital flows is already being configured,” explained Lola Solana, president of the Spanish Institute of Analysts (IEA) this morning in Madrid. . And in this new scenario, Spain has “a historic opportunity” to position itself “as an investment destination that is difficult to replicate”he highlighted.
The Institute has presented, in the Auditorium of the Garrigues law firm in the Spanish capital, the report How to attract capital to Spainwhich highlights that this country is at a key moment “to value the advantages offered by its membership in the European Union, its level of economic development, its qualified and competitive workforce, its weight in the tourism and infrastructure sector “or its privileged geographical location, Solana highlighted. But if this country aspires to increase its attractiveness as an investment destination, “it must reinforce the legal security and efficiency of the Administration of Justice, promote a more favorable tax and labor regime and avoid the stigmatization of specific sectors of the economy“, emphasized the president of the Institute. Furthermore, it is necessary, in the Spanish capital markets, simplify the listing processes, as well as establish incentives and investment instruments that bring family savings closer to the markets. At this point, Alfredo Jiménez referred to the OECD report presented just a few days ago, in which this Organization recommended that Spain create “savings and investment accounts” for individuals. The idea of an umbrella account that mobilizes savings has been resonating for some time. It would be an account multi-product similar to the one that has already been implemented in Sweden.
Banking and Socimis, ‘stigmatized’ sectors
Regarding the “stigmatized” sectors, experts have referred to the banking sector, and the effect of the banking tax on entities. Alfredo Jiménez, general director of the Institute of Analysts Foundation, who presented the report, has indicated that “it is necessary to avoid measures that expel capital or fuel distrust,” and has emphasized that said tax on the financial sector is based on an assumption that there are extraordinary profits, something that does not correspond “with a rigorous analysis of the profitability of Spanish banks.” The tax “will have negative effects on access to credit and will be especially harmful to SMEs,” he lamented. Among those sectors stigmatized There are also energy, SOCIMI, insurance and tourism, and any tax changes that are made on them “must be done correctly”, instead of approving them as has been done with the banking tax (which has been brought forward through an amendment), Jiménez recalled.
The study by the Institute of Analysts also considers it essential to “address without delay the investment in the maintenance and expansion of essential services infrastructure”, such as energy, digitalization and data centers. He also warns that “a framework favorable to business investment will become a pole of attraction”, while the opposite “will encourage relocation abroad.”
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