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José Luis Piedra
Seville
Monday, 19 August 2024, 21:08
Foreign investment in Andalucía has grown by 87.59% in the past five years, new data shows.
The landing of large-scale projects have together accounted for more than 4.42 billion, according to the business agency for economic transformation and development (Andalucía Trade). The agency closed the best period in its history in terms of foreign investment, culminating the period from 2019 to 2023 with a five-year record. This contrasts with a declining situation nationally, with a 7.83% drop in these investments in Spain.
Andalucía has gone from attracting 2.35 billion in foreign investment in the period between 2014 and 2018 to 4.42 billion in the five years since 2019, the data shows. This is a growth of just over two billion compared to a drop of 12.3 billion in foreign investment in Spain in the same period.
The regional ministry of economy pointed out the weight of foreign investment in Andalucía in relation to total foreign investment in Spain, which has doubled from 1.5% in the period 2014 to 2018 to 3.05% in the five-year period between 2019 and 2023.
These investments, many of them channelled through the Junta's project accelerator unit to speed up and facilitate their procedures, continue to arrive in the region, now with three large projects in Seville, Cadiz and Jaen, which will create 1,125 jobs in the coming years, thanks to the investments of Swiss and Chinese multinationals in the industrial and technology sectors.
According to the regional ministry of economy, headed by minister Carolina España, one of these major projects is the Swiss company Pilatus Aircraft Ltd, a leading manufacturer of private jets and military training aircraft in Europe. The company will establish itself in the province of Seville, specifically in the municipality of Carmona, with the aim of expanding its presence in Europe.
This project will be developed through the creation of a subsidiary, Pilatus Aircraft Ibérica SA, whose production will focus on the construction of aero-structures for the PC-24 private jet model and on cabling. The new company will have "an initial workforce of 50 workers" and in the medium term could reach "up to 425". The planned investment will be between 75 and 100 million.
Another major investment comes from the Chinese group Zhenshi Holding Group, which opened its Spanish facilities in Cadiz. The company landed in Cadiz following an agreement with Airbus to occupy the European consortium's former warehouses in Puerto Real with an investment of 45 million and the creation of up to 400 jobs. Specifically, it is a project for "a fibreglass factory to easily serve the company's customers, mainly large wind energy companies".
The most recent foreign project to land in the region is that of the Chinese multinational Desay SV, a leading manufacturer of intelligent visualisation and interaction systems for cars, which will be located in Linares (Jaén) on the site of the former Santana Motor.
The Chinese multinational plans to start operations in 2026 and reach a production of 1.5 million units by 2028, by which time it plans to generate 300 jobs at its facilities.
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