When it comes to the international business sector, the UK holds status as one of the most accomplished – not only within Europe, but all across the globe. In fact, with a solid presence in a variety of diverse industries, the UK is the currently the chief recipient of Foreign Direct Investment in Europe, holding 19.6% of all FDI (stock) within the European Union, and 8.9% around the world.
However, the nature of dedicated industries within the realm of international business equates to various countries having stronger business ties with Britain – some prominent European examples including Italy, France, Germany and Ireland. Yet among these key destinations for British business development, the country of Spain has emerged as one of the strongest.
The UK is currently Spain’s fifth largest supplier, with export goods valued at £9,985.6 million in 2008 alone. What’s more, the UK is the single largest foreign investor in Spain, having invested £1.6 billion in the country in 2008. There are currently an estimated 700 British companies operating in Spain, with many more on the horizon.
Of course, one reason for the exceptionally successful business relationship between the UK and Spain is a certain business parallel between the two countries. Spain, like Britain, holds a very developed and competitive business market, and almost anything marketed and sold with success in the UK is likely to perform with similar results in Spain.
Another factor has to do with the increasing number of Brits that travel to or live in Spain. With approximately 16.2 million British tourists visiting Spain each year, and an estimated 700,000 registered Brits living in Spain permanently, Brits are investing not only in Spanish economy, but also in the UK’s economy via British business in Spain. And, with all the leisure and business travel to Spain – for instance, with countless Brits booking flights to Barcelona, Spain - air travel economy is much healthier between the UK and Spain than the average.
Another reason that the UK has gravitated towards Spain for business development in recent years is that the Spanish government has been working to open up its business market. The government even devised a widespread privatization programme, which means that many economic enterprises or public utilities previously under state ownership were – and continue to be - transferred to private ownership. Some of the most prominent sectors presenting opportunities for British businesses include: textiles and clothing, industrial and electrical machinery, road vehicles, telecoms equipment, medicinal and pharmaceutical products, iron and steel, and petroleum products.
With solid business ties and ongoing strategies for business development in these sectors, Britain and Spain are set within a business design that spells success – both now and in the future.
The information contained within this article is the opinion of the author and is intended purely for information and interest purposes only. It should not be used to make any decisions or take any actions. Any links are included for information purposes only.
Adam Singleton writes for a digital marketing agency. This article has been commissioned by a client of said agency. This article is not designed to promote, but should be considered professional content.