Sánchez to international investors: “We have gone from being an importing country to a major exporter”

The Diplomat The President of the Government, Pedro Sánchez, assured this Thursday before the major international investors that Spain has made a “180 degree turn” in economic matters in recent years thanks, among other factors, to the “extraordinary performance” of the foreign sector, which has allowed it to go from being “an importing country to a major exporting country”. The head of the Executive pronounced these words during the closing of the XV edition of the economic forum Spain Investors Day (SID), the forum that brings together the main executives of listed companies, managers of large international funds, as well as members of the economic team of the Government and regulators. During his speech, Sánchez stated that Spain has gone from appearing as “a wounded country” on the cover of ‘The Economist’ in 2012 due to the financial crisis to now appearing on another cover of the same newspaper in which it is referred to as “the best economy in the world in 2024”. He also stated that institutions such as the OECD, the IMF and the European Commission have praised Spain's economic performance, which "leads the growth of the developed world and has much more favourable future prospects than other countries in the area." This growth, he continued, is due to the recovery after the pandemic and an "adequate and ambitious economic policy, with which we are sowing the seeds of solid and sustainable growth" through the transformation and modernisation of the productive fabric, openness to the outside world and a good financial situation. In this regard, Sánchez assured that the opening to the outside world is "increasingly greater and deeper", which has allowed Spain to go from being "an importing country to a major exporting country". In fact, he specified, four out of every ten euros of the income generated by the country comes from what it sells to the rest of the world. He also indicated that Spain exports goods and services worth almost 600 billion euros, almost 70% more than a decade ago, with a historic surplus with the exterior of 3.4%. According to the head of the Executive, the “extraordinary performance” of the foreign sector is evident in the increase in the market share in European and world trade, in the greater diversification of exports, with a growing weight of non-tourist services (7.5% of GDP in income), and in the number of regular exporting companies. Pedro Sánchez conveyed to the investors and businessmen present at the event that “investing in Spain pays off.” “Invest in Spain if you believe in our country and our model, a model that we defend because it is a model in which we all win,” he concluded. Carlos Cuerpo For his part, Carlos Cuerpo, Minister of Economy, Trade and Business, assured that Spain is a favorable environment for foreign investment and one of the engines of growth in Europe. According to the minister, “at the beginning of 2024, experts were predicting a growth of 1.5%, but in December that figure reached 3%, and this is just the beginning: it is also possible for 2025 and 2026.” He also pointed out that the economic boost of 2024 is already reflected in 2025, with a growth of 1.2% in January alone, which anticipates an annual increase of more than 2.5%. Cuerpo stressed the role that Spain plays as a preferred destination for foreign investment in strategic sectors, especially in projects linked to the energy transition and advanced technology. “We are the second economy in the world in investment in green energy and the fourth in artificial intelligence. This type of investment not only strengthens our economy, but also consolidates Spain as a hub for innovation and sustainability in Europe,” he said. The minister also highlighted the diversification of the Spanish economy. Although tourism remains a key driver, with record figures in 2024 for both visits and spending, non-tourist services have reached a value of 100 billion euros, led by sectors such as financial, business and technology services. “Spain is no longer just tourism. We are an economy that is moving towards higher added value activities, with the talent of our professionals as the driving force of this transformation,” he said.

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