British companies invest more than 66 million in region in first quarter of 2023

Andalucía has strengthened its position in Spain as the region with the most investment by British companies in the first three months of the year. The news was revealed by the British Chamber of Commerce in Spain at a presentation in Malaga on Thursday, attended by the city mayor, Francisco de la Torre.

Guests were welcomed to the event by Francisco Salas, managing director of ProMálaga, and Ralph Smith MBE, president of the BCC in Spain. Speeches then followed from Derek A. Langley, regional vice-president of the chamber and president of Andalucía Technology Recruitment; and Sarinka Parry-Jones, head of economics and public policy at the British Embassy in Madrid. Contributions were also made by Elena Gallega (Invest in Andalucía) and María Romero of Afi.

The 8th Barometer on Climate and Outlook for British Investment in Spain, prepared by analysts at Afi, showed the southernmost region of Spain is positioned for the fifth consecutive quarter in the top four preferred destinations for companies. The 66 million euros of investment that arrived from the UK in the first three months of 2023 represents a growth of 23% compared to the same period in 2022, confirming the trend of the British business community, which closed 2022 with 170 million euros destined for Andalucía.

By sectors, if in 2022 British investment in Andalucía was concentrated in the energy sector and technical architecture and engineering services, in 2023 British companies are focusing on accommodation services, a sign that UK investment is diversifying as it has historically been concentrated in the food industry, financial services and construction.

British investment in the region is responsible for maintaining 15,000 jobs, of which 10,000 are direct. This means that 0.5% of jobs in Andalucía are generated by the UK companies in the region.

During the first quarter of 2023, Catalonia became the leader in receiving British investment with more than 147 million euros; followed by Valencia with 110 million euros; and Madrid, with 94 million euros.