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Cristina Vallejo
Malaga
Wednesday, 6 December 2023, 16:46
Malaga is the province with the highest volume of foreign investment in all of Andalucía. In 2021, the last year with available data provided by a study carried out by the Ciedes foundation and Promálaga, it registered more than 3.8 billion euros, 38% of the Andalusian total, which exceeded 10 billion. Malaga is followed by Cordoba, with nearly 1.5 billion euros, and Cadiz, with 1.4 billion, or 14% of the total. This is followed by Huelva, with 11.2% and Seville, with 10.7%.
Although the accumulated gross investment in Malaga province fell by 3.2% in 2021 compared to the previous year, this pales compared to the fall of nearly 13% recorded in the region as a whole. And in 2022 there was a reduction in the inflow of capital into the province: it fell by 75% year-on-year, to 85 million, which represented 0.5% of the foreign investment that arrived in Spain and 6.75% of that in Andalucía.
By sectors, in Andalucía, the largest accumulated investment corresponds to wholesale trade, with more than 3.3 billion euros, followed by real estate activities and mineral extraction, with more than 800 million euros each; the chemical industry had 773 million euros.
The sixth Barometer of the Business Climate and Foreign Investment in Malaga, published on Tuesday by the Ciedes foundation and Promálaga (the latter being part of the Innovation, Digitalisation and Investment Attraction Department of Malaga City Council) includes other favourable indicators of foreign companies and also Spanish companies in Malaga city .
The majority of the corporate sector present in Malaga city recognises "a high rate of business". Although foreign companies are the most optimistic, as 51% are inclined to this opinion, compared to 42.9% of Spanish companies.
Also, more than half of the foreign companies with interests in Malaga, 53.3% to be precise, say that their turnover has grown in 2023, and 46.6% also state that the increase has also been in the employment generated. Likewise, 42% say that there has been an increase in investment, while in 65% of cases exports have been maintained.
The Ciedes foundation study notes that the main motivations for foreign companies to stay in Malaga are the geographical location in more than 75% of cases, in addition to the attractiveness of the area. Similarly, the survey reveals that 81.5% of foreign companies maintain their confidence in the tax and regulatory environment offered in Malaga city. In addition, 72% of the foreign companies also have confidence in the infrastructures and financing that are available.
The availability of talent and quality of life, two of Malaga's bastions for attracting investment, continue to be strong points for 65.12% and 51.16%, respectively, of foreign companies to the city. Other reasons mentioned by the companies include stability and legal security, as well as the clear vision and the city project.
There is a very significant gap between foreign and Spanish companies: while more than 72% of the former are in favour of teleworking, in the case of Spanish companies, the proportion of those in favour drops to 36%.
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