George Mathias
BRITAIN has beaten the US to be crowned top investor in Spain in the first quarter of 2022.
The British Chamber of Commerce in Andalucia held a press conference in Malaga last week on the outlook for British investment.
The event, attended by Malaga mayor Francisco de la Torre, presented a report which found that inward foreign investment from the UK totalled €3.3 billion, an increase of 17% from the first quarter of 2020.
It means the UK is now the largest foriegn investor in Spain in the first quarter of this year.
Photo: Flickr
The exceptional performance was boosted by massive investments in the sporting and entertainment sector with UK-based CVC Capital funds signing record deals to broadcast the top tier of Spanish football league, LaLiga, earlier in the year.
In Andalucia, 2021 saw a bumper year spending from the UK, with some €150 million invested in the area.
The bulk of the money (90%) came from the food and hospitality sector driven by tourism while construction (2%), real estate (2%) and science and technology (2%) also significant sources of investment.
The news paints a much more healthy picture of UK firms investing in Spain, despite concerns over additional red tape in the post-Brexit era.
Indeed over three quarters of UK firms in Spain surveyed said they would be increasing their investment in the country for the rest of 2022.
The mayor said: “The UK is an important country for Spain, Andalucia and Malaga.”
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