Spain: Global Platform for Business and International Investment. About ICEX-Invest in Spain

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1 Invest in Spain Foundations for Sustainable Growth. Investment Trends and Records in Spain. Spain: Global Platform for Business and International Investment November 207 About ICEX-Invest in Spain ICEX Spain Trade & Investment Invest in Spain Ministry of Economy, Industry and Competitiveness Main Activities Information and Advice: Customized Reports Support and Management for FDI Projects Financing and Investor Relationship Management Business Climate & Development Spain Global Business Platform for International Investment Promotional Activities and Events Our Network Economic and Commercial Offices (Embassy of Spain) 2

2 Spain, Key Figures GDP GDP per capita Population Trade in Goods Billions $ Spain in the World Trade in Services Billions $ Tourism FDI Stock. Billions $ Income $ Tourist Nº Inward Outward RK Country Billion $ RK unit $ RK Millions RK Exports RK Imports RK Exports RK Imports RK Billions RK Millions RK Billions RK Billions USA 8, , , , ,39.3 6, China, ,3, , , , , Japan 4, , , Germany 3, , , , , UK 2, , ,96.5 3, France 2, , , India 2, ,723 2, Italy, , Brazil, , Canada, , ,220.0 Korea, , Russia, , Australia, , Spain, , Mexico, , Indonesia , Turkey , Netherlands , , Switzerland , , Saudi Arabia , Argentina , Taiwan , n.a. n.a Sweden , Poland , Belgium , Thailand , Nigeria , Austria , Iran , n.a UAE , n.a. - n.a Source: IMF, WEO Database (April 207 edition) 205 Data; WTO 207, Trade in Goods 206 Data, Trade in Commercial Services 206 Data; World Development Indicators, The World Bank (World Development Indicators: WTO, Compendium of Tourism Statistics 207) 205 Data; UNCTAD (WIR 207) 206 Data. FDI Inward: (2) Hong Kong, (5) Singapore. FDI Outward: (2) Hong Kong. (2) Ireland, (3) Singapore. Tourism Income: (8) Hong Kong, () Macao. Tourist Nº: () Thailand, (3) Hong Kong, (4) Malaysia. 3 Spain: Key Player in the World Economy. World s 4 th largest economy and the 5 th largest economy in the EU: GDP worth.2 trillion USD. 2. th largest exporter of commercial services worldwide and 6 th ranked exporter of merchandise trade in rd country worldwide in tourist arrivals (2 nd in Europe) and in receipts ( st in Europe). More than 75 million tourists in th largest economy in terms of accumulated inward FDI stock [556 Billion US$] and 2 th in outward FDI stock in the world in Total population of 46.5 million. 4.4 million are foreign born of the biggest Spanish companies have entries in Forbes Global 2000 largest companies in the world. 4

3 Foundations for Sustainable Growth COMMITMENT CONFIDENCE COMPETITIVENESS EMU Integration Spanish Economic Policy Transformation of Spain s Growth Model Single Monetary Policy Fiscal Coordination Banking Union Reforms for Stabilization Fiscal Consolidation Restructuring Financial Sector Reforms for Competitiveness Labour Market External Sector Contribution Economic Growth & Employment 5 Reforms for Competitiveness Public Sector Reform Financial System Reform Labour Market Reform Fiscal Reform Competitive Markets Investments and R&D Incentives Fiscal consolidation at all levels of Public Administration Restructuring process completed in 203 Competitive Labour Costs: More Flexibility, Productivity, Employment & Training Favourable tax rate on corporate income (25% ). Fiscal Incentives Single Market Law. Services & Product Markets Liberalization EU Framework: Competitiveness, Employment & R&D activities External Sector Visa & Work Permits More openness means a more Competitive & Resilient Economy Fast Track for International Investors on Residence & Working Visa. 6

4 Main Results Macroeconomic Stability: Adjustment and Growth. GDP-Public Deficit-Current Account Balance (%) Current Account Balance GDP Public Deficit Source: Ministry of Economy and Competitiveness y BdE 206. GDP: Annual rate of change (%) Public Deficit & Current Account Balance: % GDP 7 Unit Labour Cost (Index 999=00) Main Results Labour Market Reform: More Flexibility, Productivity, Employment & Training ,2% Real Productivity (Index 999=00) % 00 Source: Eurostat 207 and Tesoro Público

5 Employment trends in Spain Spain has generated 36.6% of all the employment created in the Euro Area since % OECD: Job creationin theeu Euro Zonein % Employment trends in Spain. Million jobs 40% +802, , , , , % % 28.8% % 0% 5.7% 5.8% % % 23.7% % % % Spain Other Euro Area Germany Italy 3.2% Ireland Employment Unemployment (EPA) Unemployment Registered Unemployment rate 0.8 Source: OECD Sources: National Statistics Institute INE. (Figures related to last quarter of every year in number of people) & Ministry of Employment && Social Security 9 Taxes: Corporate Tax rate below OECD average Moderate taxe burden for Companies The International analysis shows that Spain is a country with relatively moderate ratio between Tax Revenues (Including Social Security Contributions ) and GDP (34.4% GDP). Corporate Income Tax Rate: 25% Lower effective rate based on taxes allowances on incentives reductions fro investments, employment and R*D activities. Countries UE. Tax Revenues (Including Social Security Contributions ) as % of GDP 60,0 50,0 40,0 30,0 20,0 0,0 0,0 Source: Eurostat 206 0

6 Export diversification from Spain An open Economy is a more Competitive & Resilient Economy Exports of Goods & Services % GDP 206: Exports from Spain by Destination (%) EU-28 REST OF EUROPE AMERICA ASIA MIDDLE EAST AFRICA OTHERS 0 Germany Spain France Italy UK Source: Eurostat 206 Source: Secretariate of State for Trade 207 Multinationals in Spain account for around 40% of total exports from Spain to third Markets. Export diversification from Spain Increasing exports with High Value Added and Technological content 206: Exports of Goods. Sector breakdown in % Automotive 7.4 Chemicals Pharmaceuticals Foods, Beverage Industries Industrial Machinery, Electronics, ITC & Business Equipment Consumer Goods Energy & Natural Resources Metals & Manufacturing of other Materials Others Source: Secretariate of State for Trade 207 Foreign Companies in Spain account for more than 49% of the total industrial turnover yearly and 33% of the industrial employment. 2

7 International Export Services from Spain International Export Services from Spain -excluding Tourism- to third markets reached more than 6.9 Billion in 206. More than 5 Billion including Tourism. According to WTO Spain ranks th Worldwide. International Export Services by Sector (%) International Export Services by Destination (%) Business Services Transportation Communications & ITC Financial Services Construction Intellectual Property Other Services EU REST OF EUROPE USA & CANADA LATINOAMERICA ASIA MIDDLE EAST AFRICA OTHERS Tourism: Spain received more than 75 million tourists in 206 with a total expenditure of 77.3 billion. Spain is the 3rd country worldwide in number of tourist arrivals and 2 nd in revenues after USA (st in Europe) in 205. Source: INE, BdE, WTO and ICEX- Secretariat of State for Trade 207. Data refer to Macroeconomic Scenario Period Percentage Change Real GDP * , Private Consumption.6 2, General Government Consumption Gross Fixed Capital Formation , Domestic Demand (*) Exports of Goods and Services 4.2 4,9 4, , Imports of Goods and Services 6.5 5,6 3, External Balance (*) (*) Contribution to GDP Growth. Source: INE and Ministry of Economy and Competitiveness 4

8 GDP growth and current account balance GDP growth and current and capital account balance 6.00% 4.00% 2.00% 0.00% -2.00% -4.00% -6.00% -8.00% -0.00% Real GDP (% change) Net lending (+) Net borrowing (-) Total Economy Real GDP (% change) Current account balance (%GDP) Source: National Statistics Institute and Ministry of Economy Industry and Competitiveness 206 Foreign Investments: Stock in $ Million Inward FDI stock Economy Mill USD Share United States 6,39,293 24% 2 China + Hong Kong 2,945,23 % 3 United Kingdom,96,520 4% 4 Singapore,096,320 4% 5 Canada 956,065 4% 6 Ireland 839,563 3% 7 Netherlands 80,36 3% 8 Switzerland 793,24 3% 9 Germany 77,00 3% 0 France 697,579 3% Brazil 625,876 2% 2 Australia 576,037 2% 3 Spain 556,604 2% 4 Belgium 474,885 2% 5 Mexico 473,520 2% 6 Russian Federation 379,035 % 7 Italy 346,43 % 8 India 38,502 % 9 Sweden 289,659 % 20 Luxembourg 245,450 % World 26,728,256 Outward FDI stock Economy Mill USD Share United States 6,383,75 24% 2 China + Hong Kong 3,29,788 2% 3 United Kingdom,443,936 6% 4 Japan,400,694 5% 5 Germany,365,375 5% 6 France,259,385 5% 7 Netherlands,255,954 5% 8 Canada,29,992 5% 9 Switzerland,30,909 4% 0 Ireland 832,742 3% Singapore 682,404 3% 2 Spain 56,059 2% 3 Italy 460,393 2% 4 Belgium 453,202 2% 5 Australia 40,506 2% 6 Sweden 382,248 % 7 Russian Federation 335,79 % 8 Korea 306,45 % 9 Luxembourg 230,037 % 20 Austria 200,22 % World 26,59,708 Source: UNCTAD, WIR, 207. Source: UNCTAD, WIR,

9 Foreign Direct Investment Records in Spain FDI Flows increase in Spain Millions and % 40,000 35, % 34,493 30,000 25,000 20,000 5,000 20,094 23, % 7,53 25,843 2,23 9.8% 8.3% 2.8 % 20,285 24, % 24,790 4,72 0,000 5, Total Investment Productive Investment Source: Foreign Direct Investments Registry. Ministry of Economy Industry and Competitiveness 207. Million Euros. Total Investment includes: Productive Investments -new greenfield & brownfield & Reinvestment - and Investment in Holding Companies (ETVEs). 7 Foreign Direct Investment & Capital Investment Greenfield Inward Investment trends in Spain FDI Greenfields in Spain: 3 years trends Top 0 Greenfield Destinations in Europe Source: FDI Markets, 207. Nº of Projects Capital Investment in US$ Billion Jobs created in thousand employees Country Capex Greenfield Investment $ Million Projects Jobs Created Companies UK 226,55. 5, ,763 4,099 2 Germany 6, ,443 75,578 3,70 3 Spain 54,088. 2,95 76,92,359 4 France 53, ,657 20,534,96 5 Netherlands 35, , Ireland 28, , Italy 23, , Belgium 9, , Finland 3, , Switzerland 2, , Rest 48,358,722 96,227 - Total 577,97 2,552,25,57 2,698 Source: FDI Markets, 207. USD million. 8

10 Selected Figures on FDI in Spain by origin Selected Figures on Foreign Direct Investment in Spain by Sources Investment Register Stock* Ministry of Economy and Competitiveness FDI Markets: Greenfields RK Country Total Investment Million Nº Companies (*) Employment RK Greenfield Projects Capex Million $ Jobs Created Companies USA 6,250.6,408 52, , , UK 44,745.2,224, , , Italy 4, , , , France 40,522.2,29 259, ,30. 26, Germany 30,245.,348 63, , , Mexico 27, , , Luxembourg 20,680.5,007 64, , , Netherlands 4,96.8,53 8, , , Brazil, , , Switzerland 0, , , ,23 2 China+HK 0, , , , Canada 4, , , Japan 4, , ,525. 2, UAE 4, , , , Sweden 3, , , , Portugal 2, , , , Belgium 2, , ,444. 5, Ireland, , ,75.0 9, Israel, , , , Austria, , ,05., Australia+NZ, , , , Korea , ,02.5 2, Russia , , Singapur , , India , , A LATAM 9, ,32-75, , B Nordic Countries 3, , , , C GCC, , Others 2, , ,85.5 7, TOTAL 387,34.7 2,346,83,384-5,462 87, ,763 3,05 Source: Foreign Direct Investments Registry. Ministry of Economy and Competitiveness 206. FDI Markets 207. (*) Stock 205 data. (*) Number of level companies plus other Spanish subsidiaries and Spanish companies under their control (level 2 & 3). (A) LATAM: Excluding those Latin American countries listed before (Mexico, Brazil). (B) GCC: Excluding those GCC countries listed before (UAE). ( C) Nordic countries: Excluding those Nordic countries listed before (Sweden). 9 Recent Investment Trends flows in Spain Recent Investment Trends in Spain by Country Million USD. Foreign Investments Registry Country Investment flows in Spain: Investment Stock Stock USA 4,84.7 3, , , ,0.8 6, Netherlands 2,73.4,973.8, , ,993. 4, Luxemburg 0, ,00.9 2, ,72.4 2, , Germany 9,880.8, , , France 8,007.2, ,04.6 2,43.5, , United Kingdom 6, ,.4,720.6,362.8, , Mexico 4, ,230.4,240.2, , China + HK 4, ,704.3,53. 0, Japan, , Switzerland, ,225.0 Canada, , Brasil, , Portugal, , Ireland , Belgium , Singapur Italy , Austria , Israel , Australia + NZ , Russia Korea Poland India A LATAM 4, , ,006.8 B GCC, ,462. C Nordic Countries, ,904.4 Others 2, ,647., ,254.8, ,736. TOTAL 03, ,925. 2, , , ,34.7 Total Productive Investment 84, , ,62. 23, , ,745.5 Source: Foreign Investments Registry. Ministry of Economy and Competitiveness 207. Million Euro. (*) Stock 205 data. Accumulated Flows since 993. (A) LATAM: Excluding those Latin American countries listed before. (B) GCC countries (C) Nordic C: Norway, Sweden, Finland and Iceland. 20

11 Recent trends: Greenfield Projects in Spain by Country Recent Trends Greenfield Projects in Spain by Country: Trends Million USD. FDI Markets Greenfield Investment Greenfield Investment Country Country Capex Projects Jobs Companies Capex Projects Jobs Companies Germany 9, , Denmark , France 7, , Russia USA 4, , Belgium UK 4, , Israel , Italy, , Ireland Switzerland, , Mexico Japan, , India Portugal, , Canada Netherlands, ,34 47 A Nordic Countries , Sweden, ,74 20 B LATAM ,782 8 Singapore, ,000 C GCC ,20 2 China+HK ,542 8 Other 2, , Luxembourg TOTAL 43,775.,770 4,048,02 Source: FDI Markets, 207. USD Million. (A) Nordic countries: Norway and Finland excluding those listed before. (B) LATAM: Excluding those Latin American countries listed before. ( C) GCC: Gulf Cooperation Countries: Qatar, EAU, Saudi Arabia, Oman, Bahrein, Kuwait but excluding portfolio and Sovereign Wealth Funds investments. 2 FDI Inwards in Spain by Sector Foreign Direct Investments in Spain by Sector Million EURO. Stock and Recent Trends Sector Stock Investment Flows Stock * Energy 55, ,37.3,03.4 3,75.9 9, , Metals and Manufacturing of other Materials 53,442.2, , , Retail and Wholesale 40,95.9, , ,839.0, , Financial Services 38, , , , , , Real Estate, Building and Infrastructures 35, ,35.7 5, , , ,4. 6 Food and Beverages 27, ,497.7,952.8, , ITC: Communications, Software & IT Services 27, , Automotive OEM & Automotive Components 2, , Chemicals and Petrochemicals 9, , Pharmaceuticals, Medical, Healthcare & Biotechnology 3, ,896. Transport and Logistics 2,592.9, ,320. 4, Business Services, , Industrial Machinery and Equipment 7,559.4, , Tourism 6,84.,478.5, , Mining and Natural Resources 5, , , Environmental industries 3, , Paper, Wood and Others 3, Leisure and Entertainment 2, , Consumer Goods Other Total Productive Investment 347, , ,62. 23, , ,685.7 Total Direct Investment 387, ,925. 2, , , ,500.2 Source: Foreign Investments Registry. Ministry of Economy, Industry and Competitiveness 207. Million Euro. (*) Stock 205 data. 22

12 Greenfield Projects in Spain by Sectors Greenfield Projects in Spain by Sectors Million $ USA Sector Capex Projects Jobs Companies Automotive OEM & Automotive Components 32, , Consumer Products, Food, Textiles & Beverages 29,625.5, , Energy, Environment & Renewable Energy 23, , Real Estate, Building & Construction Materials 7, , ITC: Communications, Software & IT Services 5, , Transportation & Non-Automotive Transport OEM 3, , Business & Financial Services 3, , Chemicals, Plastics & Rubber 9, , Logistics & Warehousing 8, , Consumer Electronics, Business Machines & Equipment, Components & Semiconductors 5, , Pharmaceuticals, Medical, Healthcare & Biotechnology 4, , Metals 3, , Hotels & Tourism 3, , Industrial Machinery, Equipment, Engines & Turbines, , Leisure & Entertainment, , Aerospace, Space & Defence, ,86 26 Others 2, , TOTAL 87, , ,763 3,05 Source: FDI Markets, 207. USD million. 23 Greenfield Projects in Spain by Sectors Recent trends Greenfield Projects in Spain by Sector: Million USD. FDI Markets Sector Greenfield Investment Capex Greenfield Investment Capex Projects Jobs Companies Automotive OEM & Automotive Components 9, ,85 43,484.8,63.4 4,964.5, Consumer Products 8, , ,44.4 2, , , Transportation & Non-Auto Transport OEM 4, ,95 78,352., , Business & Financial Services 4, ,366 60, , Real Estate, Building & Construction Materials 4, , ,674.6, ITC: Communications, Software & IT Services 4, , ,364.6, Energy, Environment & Renewable Energy 2,08.7 4, Chemicals, Plastics & Rubber, , Logistics & Warehousing,33.9 3, Pharmaceuticals, Medical, Healthcare & Biotech, , Consumer Electronics, Business Machines & Equipment, Components & Semiconductors , Metals , Hotels & Tourism , Industrial Machinery, Equipment, Engines & Turbines , Aerospace, Space & Defence Leisure & Entertainment Other TOTAL 43,775.,770 4,048,02 0,692. 9,48.3 2, ,986.6 Source: FDI Markets, 207. USD millions. 24

13 Foreign Companies in Spain Over 2,500 foreign companies in Spain across all economic sectors. 70 of the FORBES Top 00 companies have branches and 90 out of 00 top R&D Companies has a subsidiary according to Thomson Reuters 25 Global Market Spain Domestic Market European Union Single Market Platform to Latin America MENA: North Africa & Midle East Canary Islands Hub to Africa 26

14 Infrastructure,Transport & ITC Airports: Business Infrastructure & Tourist Main Entrance ITC and Telecommunication Networks Railway: High Speed Networks Urban Transport: Smart Cities Highways: Logistics Hubs and Road Infrastructures Ports: World Logistics Platforms 27 Incentives European Union Incentives Scheme for Large Companies in Spain Grants from Ministry of Finance and Public Administration 28

15 Incentives & Tax Relief for R&D Most favorable fiscal incentives for R&D among OECD countries Favorable fiscal system for foreign investors and R+D activities Patent Box: Tax benefits for R&D activities. R & D Incentives: Financing, soft Loans & Grants for R&D projects R&D Incentives: Tax relief Large, profitable firm SME, profitable firm Note: The generosity of R&D tax incentives Indicator. ax subsidies are calculated as minus the B index. For example, in Spain, unit of R&D expenditure by large firms results in unit of tax relief. Source: Science, Technology and Industry, Outlook. OCDE. 29 Technology Parks Excellent infrastructure for Technology Business Development More than 80 Technology Parks in Spain Asturias 2 2 Cantabria Guipúzcoa Bizcaya 2 Pontevedra Orense Salamanca León, Burgos y Valladolid Valladolid Álava La Rioja Huesca Zaragoza Lérida Gerona 7 6 Barcelona Madrid Guadalajara Teruel 2 2 Castellón Badajoz Illescas Albacete 2 2 Valencia Alicante Palma de Mallorca Huelva Córdoba Jaén Sevilla 2 2 Granada Almería Cádiz 2 Málaga Murcia 2 Parks at full performance Parks in development Source: APTE Tenerife Fuerteventura Gran Canaria 67 Technology Parks in the Association of Science and Technology Parks of Spain (APTE), hosting over 6,452 companies. 30

16 Human Capital: Highly skilled labor force Human Capital: productivity and skilled labour force Spain occupies a great position in Europe in number of persons with tertiary education, in comparison with the biggest European economies Population with tertiary education, % year olds United Kingdom France Spain Germany Italy Source: OECD. April, 205 Note: Data 204, (France 203) 3 Human Capital: Universities in Spain In Spain there are 73 Universities, including public and private ones. There are more than 500 degree programs and more than 400 Master programs held in English in Spanish universities. Spain is the first country in Europe receiving foreign students under ERASMUS + program, with 40,000 students. Total Engineering & Electronic Studies () Students who finished their studies Academic year Number of Bachelor's & Masters students Science Studies (2) Business Health Sciences Administration & (4) Legal Science (3) Agro & Veterinary Studies (5) Other Services Studies (6) Arts & Humanities (7) Education (8) Total Spain 293,665 47,984 6,556 86,439 4,203 3,97 2,95 25,250 59,3 Andalucía 44,670 6,238 2,95 2,265 6,45 688,744 4,438 9,93 Aragón 6,0,55 388,383, ,052 Asturias 4,283, , Balears (Illes) 2, Canarias 6, ,630, ,500 Cantabria 2, Castilla - La Mancha 4, ,00 Castilla y León 8,602 3, ,832 2, ,627 3,587 Cataluña 43,292 8,059 3,48 3,279 6,47 35,949 4,343 5,43 C. Valenciana 30,74 5,747,76 7,922 4, ,42 2,748 5,85 Extremadura 4, ,45 Galicia 2,62 2, ,036, ,092 Madrid (Región) 59,932 0,225 3,43 9,249 7, ,682 4,827 9,962 Murcia (Región) 9,630, ,4 2, ,405 Navarra 4, , País Vasco,997 3, ,44, ,039,95 Rioja (La) Other Universities* Non presential Universities** 26,033, ,870, ,849 0,738 Source: Spanish Ministry of Education, Culture and Sports *Internacional de Andalucia, Internacional Menéndez Pelayo; **UNED,Internacional de La Rioja, Internacional Isabel I de Castilla, Internacional de Valencia, Oberta de Cataluña. () Includes, among others, Engineering, Electronic, Aerospace, Automotive, Architecture studies; (2) Includes, among others, Biology, Physics, Chemistry, Mathematics, Statistics, Computing studies; (3) Includes, among others, Economic, Business Administration, Finance, Law, Marketing studies; (4) Includes, among others, Medicine, Nursing, Pharmacology studies; (5) Includes, among others, forestry, fisheries and veterinary studies; (6) Includes, among others, Tourism, Leisure studies; (7) Includes, among others, Art, Design and Foreign languages studies; (8) Includes, among others, Science education, teacher education at different levels. 32

17 Human Capital: Productivity and Skilled Labour force Labour costs in Spain are below the EU-28 average 50 Cost per hour Private Sector, 4Q 206 /hour Source: Destatis 207 (Federal Statistical Office Germany) 33 Spain Business Schools Global MBA ranking Rank School name Country Global MBA ranking 207 Euorpean Business School 207 Rank School name Country Insead France/Singapore 2 University of Cambridge: Judge UK 3 London Business School UK 4 IE Business School Spain 5 Iese Business School Spain 6 Esade Business School Spain 7 HEC Paris France 8 IMD Switzerland 9 SDA Bocconi Italy 0 Alliance Manchester Business School UK Source: Financial Times 207 France/Singa Insead pore 2 Stanford Gradt. School of Business USA 3 University Pennsylvania: Wharton USA 4 Harvard Business School USA 5 University of Cambridge: Judge UK 6 London Business School UK 7 Columbia Business School USA 8 IE Business School Spain 9 University of Chicago: Booth USA 0 Iese Business School Spain Ceibs China 2 Northwesterm University: Kellog USA 3 MIT: Sloan USA 4 University of California at Berkeley: USA Haas 5 Hong Kong UST Business School China 6 Yale School of Management USA 7 Esade Business School Spain 8 Dartmouth College: Tuck USA 9 New York University: Stern USA 20 HEC Paris France Source: Financial Times

18 Investors Residence & Working Visa Fast track framework for Investors and qualified professionals: Residence and Working visa VISA AND AUTHORIZATION CONCESSIONS FOR Investors Entrepreneurs Highly qualified professionals Scientists and researchers Intra-corporate transferred employees Real Estate 0.5 Mill Spanish Companies Mill Bank Deposit Mill Public Debt 2 Mill GENERAL REQUIREMENTS Not being in an illegal situation in Spain Being 8 years old or older Not having criminal records Public or private health insurance in Spain Enough economic resources. THE PROCEDURES 0 days for visas and 20 days for authorizations A single authorization for living and working in Spain Valid for the whole of Spain The family will be able to apply at the same time Freedom to live in Spain: Granted residence and work permits authorization Source: 35 Investment and Business Opportunities ICT & Digital Automotive Industry 4.0 Aerospace Healthcare Biotec & Pharma Agrofood Environment Chemicals & Natural Resources Logistic & Transport Finance & Business Real Estate & Tourism Near Shore 36

19 More Information about Spain.. Spain: your partner in Europe Investor Services Catalogue The Spanish Economy 37