ISSN 2330-717X

Spain: PM Sánchez Confident Economy To Post Strong Recovery In 2021

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Spain’s Prime Minister Pedro Sánchez met this week at Moncloa Palace with a delegation from the ‘Multinationals for Spain Brand’ association – a group of companies from different sectors that promote the Spain Brand and collaborate in promoting the country as a destination for investment.

At his meeting with multinationals, Pedro Sánchez stressed the government’s commitment to public-private collaboration in the development of projects under the Recovery, Transformation and Resilience Plan and urged foreign companies to continue committing to the Spanish economy within the framework of the European funds.

“We invite you to contribute with what you do best: creating projects and making investments that serve to transform this country,” said Pedro Sánchez.

Investor confidence

Pedro Sánchez highlighted the speed and strength with which Spain and European institutions have responded to the economic crisis caused by COVID-19, with such measures as protecting jobs through Temporary Lay-off Plans (Spanish acronym: ERTEs), public support for the liquidity problems of companies through guarantees, the ECB programmes, the SURE Instrument and the European Recovery Fund-Next Generation EU. Measures which, according to Pedro Sánchez, have allowed the investor climate to be maintained at an international level.

In this regard, Pedro Sánchez highlighted that the large Treasury issues that are required to finance our deficit will not be a problem for Spain, because there is great demand from foreign investors.

Sánchez stressed that Spain has overcome the worst expectations for the country made after the start of the pandemic and has committed to speeding up the vaccination process and to responding to an improvement in expectations, “through fostering greater confidence in our economy and a strong recovery this year, in 2021”.

European funds

Sánchez explained that the talks with Brussels to complete the profile of the design of the Recovery Plan are at a very advanced stage. The plan, which will mobilise 140 billion euros from the European funds between direct transfers and loans, includes up to 170 reforms that will enable our productive structure to be modernised and lead to the long-term growth of the Spanish economy in excess of an additional 2% of GDP.

This meeting with multinationals also involved the participation of Nadia Calviño, Third Vice-President of the Government and Minister for Economic Affairs and Digital Transformation; Teresa Ribera, Fourth Vice-President of the Government and Minister for Ecological Transition and Demographic Challenge, and Manuel de la Rocha, Secretary-General for Economic Affairs and the G-20, attached to the Presidency of the Government. The President of ‘Multinationals for Spain Brand’, Beatriz Blasco Marzal, headed up the delegation made up of more than 20 companies.

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