ICEX Invest in Spain strengthens the attractiveness of Indian investment in Spain.
Spain is growing as a strategic destination for Asian investment. ICEX-Invest in Spain, the public agency responsible for attracting foreign investment, is key to this process | VIII edition activity summary
In addition to facilitating the internationalization of Spanish companies, ICEX Spain Export and Investment has an Invest in Spain Executive Directorate, which aims to attract foreign direct investment (FDI) to the country. Since its creation, this entity has been a key partner for numerous foreign companies interested in establishing or expanding in the Spanish market.
In recent years, ICEX – Invest in Spain has played a crucial role in attracting international capital, especially in high-value-added sectors such as renewable energy, biotechnology, automotive, audiovisual, and information technology. Its role has also been important for Indian companies: according to the Embassy of India in Spain, around 94 Indian companies have established themselves in Spain, with investments totaling approximately $900 million.
On the final day of the Program, the Leaders visited ICEX headquarters to learn more about Invest in Spain and the facilities it offers foreign companies to establish themselves in our country. They were welcomed by Martin Jerch, Head of the Entrepreneurship and Investment Department; Alberto Sanz, Director of Finance and Investor Relations; Elisa Valtueña, Investor Services Manager; and Eva Treceño, Investor Network and Rising Up Spain program analyst.
The Invest in Spain representatives wanted to know the perspectives of the Indian startups participating in the Líderes Program. Utkarsh Singh highlighted his company's priority, "and, if I may say so, in general: the priority is customers. With an existing business, expanding is very easy." In the case of Dronamaps, the key is contact "with Acciona, other concessionaires, or the national highway agency" to explore possible collaborations.
Caerobotics founder Ruchi Saxena, for her part, indicated that she would like to know "what exactly Spain is looking for, what challenges they want to address, and how we can collaborate. What kind of talent or technology can we attract? What solutions are they looking for, and how can we help?" On the other hand, in the case of her startup's activity, "the type of technology is very complex: both medical drones and healthcare AI have many regulatory barriers. It's probably something we don't understand. Could you help us find that route to be able to work in Europe?"
Anuja Dhawan, founder of Dubverse, pointed to the possibility of having Spain as a gateway to the European market. "I think the type of work we do, in the current language environment in the United States, doesn't make much sense for us. Whereas being able to enter Europe can be very useful for both parties. Because we have the necessary technology, and that's where the problem lies." We need that bridge to be able to solve this problem.”
Martin Jerch then explained the first steps required to enter the Spanish market, and by extension, the European Union, which include establishing a presence in the country. In this sense, Invest in Spain is dedicated to “helping clients establish themselves without problems and providing them with all the information they need to establish themselves (…) Many clients in Spain say that if they don't have legal status in Spain, they won't hire their company. The same goes for investors. They say, ‘Okay, we're interested in investing in your company. But if you don't have legal status in Europe, we won't invest.’ So the first step would be to establish a legal entity in Spain. It's worth doing and it's very easy.”
Martin Jerch explained the Rising UP in Spain program, an ICEX Invest in Spain initiative aimed at attracting foreign startups seeking to establish themselves in Spain. Its objective is to facilitate the establishment of innovative and technological projects in the Spanish business ecosystem, offering a comprehensive package of services free of charge to the selected startups. “We select up to 50 companies each year. We base our selection on criteria of innovation and scalability. We look for a total commitment to Spain. That is one of the main aspects we evaluate when receiving these applications.”
Predulive Labs CEO Shivanshu Dwivedi wanted to know what it would be like to set up a drone manufacturing plant. Invest in Spain's response is clear: "You will receive full support in everything related to manufacturing. We promote technology and manufacturing: high-value technology that provides services to our needs and manufactures them."
It was also emphasized that Spain's importance is not only as a gateway to Europe. "Think of Spain as a base for Europe, but also for Latin America. This is very specific to Spain: Latin America. We are the main hub connecting Latin America with the rest of the world."
Shivanshu Dwivedi also asked about support for establishing a factory in Spain. "We help manufacturers like you with financing through grants and subsidies. Many are offered, not only by the government but also by different countries. We will help explore all these possibilities." However, "I would never recommend any company come here for subsidies. It must be consistent with the market and the business."
Another advantage that Spain offers for foreign companies is its talent. “The talent pool in Spain is excellent. Spain is attracting many technology centers from around the world. Especially after the pandemic, young people want to work remotely and live in pleasant places. They want to be on the Mediterranean coast, well-connected. Microsoft, Google, other smaller companies, EdTech… In Barcelona alone, we have 220 technology centers for international companies.”
The Leaders also discussed bureaucratic aspects, such as the entrepreneur visa, which grants several years of residency to establish a company in Spain.
The operation of Rising Up in Spain was also explained, a program to attract foreign startups wishing to establish themselves in Spain. Its objective is to facilitate the landing of innovative and technological projects in the Spanish business ecosystem, offering a comprehensive package of services free of charge to the selected startups. “We select up to 50 companies each year. We base our selection on criteria of innovation and scalability. We look for a total commitment to Spain. That is one of the main aspects we evaluate when receiving these applications.”
Asistentes a la reunión:
▪️ Martin Jerch, Head of the Entrepreneurship and Investment Department
▪️ Alberto Sanz, Director of Finance and Investor Relations
