To grow internationally is one of the biggest and most exciting challenges that a company can face. In the internationalization adventure, choosing the right market is extremely important.
Despite international concerns and interest rate increases, Spain has exceeded initial growth expectations, reaching almost twice the forecasted rate at the beginning of last year. If you are considering Spain to expand your business, this might be interesting for you. If you haven’t considered the Spanish market, it may be even more intriguing!
Here you have 5 good reasons that make Spain a compelling destination for foreign companies to invest in and export to!
Economy: According to the Spanish Statistics Institute (INE), the Spanish economy grew by 2.5 percent last year, surpassing the predictions of most financial institutions. The growth is attributed, among other factors, to a strong labor market, exports, and the rapid recovery in tourism. Household consumption has also been a central driving force behind this economic success. Spain is the fourth-largest economic power in Europe and is expected to continue growing strongly, around 2%, in 2024, according to OECD data. The country’s highly developed social market economy has positioned it as an attractive, competitive, and prized destination for international expansion. Traditionally, one of the countries that has invested in Spain is Sweden, and in a climate survey, conducted in 2023 by Business Sweden, 74% of Swedish companies in Spain reported profitability.
Infrastructure: Infrastructure is widely recognized as crucial for a country’s development, and Spain has made significant investments in this area in recent years. The country boasts the largest network of highways and freeways in the EU, hosts two of Europe’s busiest airports, possesses the world’s third most extensive high-speed rail network, and is home to three of Europe’s most important ports in terms of container terminal moves.
Talent: A large percentage of the Spanish population holds higher education qualifications. Finding specialized talent for companies is relatively easy in Spain and comes at a more competitive cost.
Door to Other Markets: Due to its strategically advantageous geographical location and historical ties, Spain plays a key role between Latin America and Europe. This is a significant advantage for companies with ambitious expansion plans that can benefit from this strategic position.
Favorite for expats: The ease of settling in, the high quality of life, local friendliness, and favorable climate are some of the reasons why Spain is an appreciated destination to work and live in. According to the largest global community for people who live and work abroad (InterNations), the three best places in the world to live are the Spanish cities of Málaga, Alicante, and Valencia. The Spanish capital, Madrid, is not far behind, reaching the 6th position in the ranking.
Willing to expand your business to Spain? We’ll be happy to help you!
