British Chamber of Commerce report shows UK-Spain business is booming

The study highlighted the fact that UK businesses employ 260,000 people across 86 sectors of the Spanish economy

Harry Lawley

Malaga

Friday, 7 February 2025, 12:36

The stock of British investment in Spain surpassed 50 billion euros last year, with the telecommunications and energy sectors benefiting the most. According to a report from the British Chamber of Commerce (BCC), UK businesses employ 260,000 people across 86 sectors of the Spanish economy.

Business leaders and local politicians were invited to the chamber's presentation in Malaga of the Barometer on the Climate and Outlook for British Investment in Spain, an event which highlighted the two countries' close partnership.

The report shows that Britain continues to be a key trading partner of Spain, ranking fifth among the destinations of Spanish exports.

Before and after the presentation in Malaga several speakers discussed the benefits of this strong relationship including Sarinka Parry-Jones, the Head of Economics & Public Policy at the British Embassy in Madrid.

Parry-Jones underlined the importance of British tourism for the Spanish economy, mentioning that "18.4m Brits visited last year, spending 22.6 billion euros". She discussed Britain's significance for the Spanish agricultural sector as the destination of half of Spain's fruit and vegetable exports. She also expects the countries to "deepen their collaboration" in the science and technology sectors.

The report, which had previously been presented to audiences in Madrid and Barcelona, reveals the notable increase in British foreign direct investment in Andalucía with an estimated 2.5 billion euros accumulated invested up to last year. It shows that the real estate and financial services sectors have benefited the most from UK companies' funding.

Alicia Izquierdo, one of Malaga's deputy mayors, spoke during the conference of the importance of British tourism for the region, highlighting that almost six million Britons passed through Malaga Airport last year. Her hope is that Malaga's recent economic growth, the highest in Andalucía since 2000, will continue to attract British investors, saying that "Malaga is open for UK business."

Elena Gallego of Andalucía TRADE added that "Malaga's success is spreading across the region" and noted the creation of 11 tech parks and the region's status as the national leader in the biotech industry.

During the event, businesses were invited to share their opinions on Malaga's appeal to British investors. Daniel Tovar, managing director of Bunzl, a distribution company based in London, described Malaga as "a magnificent destination for investment" due to the people's dynamism and the great quality of life.

Jesús Amores, director of the Vodafone Innovation Centre in Malaga, shared his optimism, adding that the city has "a magical culture of collaboration that sets it apart from the rest of Spain".

The report also touches on the challenges that British companies face when investing in the country. The most common complaint shared by business leaders concerned the regulatory divergence since the UK's exit from the European Union, which has increased legal costs and made it harder for companies to relocate their workers.

Eva Prada, the Director of the Chamber, acknowledged this problem but added that there had been "more positives than negatives since Brexit". Derek A. Langley, Regional Vice President for the British Chamber of Commerce in Andalucía, thanked the speakers and said the Chamber recognises the region as particularly important for their activities.

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