The Diplomat
The Council of Ministers yesterday approved the Action Plan for the Internationalization of the Spanish Economy 2021-22, which will be endowed with more than 4.6 billion euros and is aligned with the Recovery, Transformation and Resilience Plan after the crisis generated by the COVID-19 pandemic.
As reported by the Government, the third Internationalization Plan updates the analysis of the situation of the foreign sector and defines specific measures that seek to impact the objectives outlined in the Strategy for the Internationalization of the Spanish Economy 2017-2027, which shapes the action of the Executive in support of internationalization. In addition, the Plan “takes into account the irruption of the COVID-19 pandemic and its impact on trade flows, as well as being aligned with the Recovery, Transformation and Resilience Plan”, the Executive continued.
During the press conference following the Council of Ministers, the Minister of Industry, Trade and Tourism, Reyes Maroto, stated that this is “an ambitious plan, which will be able to mobilize more than 4.6 billion euros and which is in addition to a shock plan that we presented at the end of last year, which has enabled us to mobilize more than 2.6 billion, and which is allowing us to recover the export levels we had before the start of the pandemic”.
The most important item of the 4.681 billion Euros destined to the plan corresponds to the contracting of insurance on behalf of the State, which will be managed by CESCE and which will be endowed with 2.021 billion Euros. It is followed by 1.6 billion Euros from the ICO to finance new international activity, 500 million Euros from the Fund for the Internationalization of Companies (FIEM), 350 million Euros from the Fund for Investments Abroad (FIEX-Cofides) and 131 million Euros for the ICEX. COFIDES will receive 44 million and the Fund for SME Foreign Investment Operations (FONPYME) will manage another 35 million.
The main objective of the plan is for the foreign sector to become “a pillar of growth and employment”, continued the Minister, who recalled that Spanish companies have improved their positioning in international markets and Spain has become “one of the most attractive countries for attracting foreign investment”. However, she warned, it is necessary to face pending challenges with new tools to promote the export base of SMEs.
The minister explained that the plan contemplates the diversification of exports, seeking the opening of new markets. It also envisages consolidating the permanent presence of Spanish companies abroad and increasing the resilience of the foreign sector by strengthening financial instruments to support internationalization, with special attention to small and medium-sized enterprises. It also promotes the digital transition and sustainability among internationalized companies and strengthens the development of talent for internationalization.
