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Viewing cable 06MADRID41, Investment Climate Statement, Spain
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| Reference ID | Created | Released | Classification | Origin |
|---|---|---|---|---|
| 06MADRID41 | 2006-01-10 16:34 | 2011-08-24 16:30 | UNCLASSIFIED | Embassy Madrid |
This record is a partial extract of the original cable. The full text of the original cable is not available.
UNCLAS SECTION 01 OF 08 MADRID 000041
SIPDIS
E.O. 12958: N/A
TAGS: EINV EFIN KTDB SP USTR OPIC
SUBJECT: Investment Climate Statement, Spain
Ref: STATE 00202943
¶1. Openness to Foreign Investment
¶A. The socialist (PSOE) government of Spain that assumed
office in March 2004 is interested in attracting foreign
investment. There have been no significant changes in
Spain's regulations for investment and foreign exchange
under the new government. Spanish law permits foreign
investment of up to 100 percent of equity, and capital
movements have been completely liberalized.
¶B. On April 1999, the adoption of royal decree 664/1999
eliminated the need for government authorization of any
investments save those in activities "directly related to
national defense," such as arms production. The decree
abolished previous authorization requirements on investments
in other sectors deemed of strategic interest, such as
communications and transportation. It also removed all
forms of portfolio authorization and established free
movement of capital into Spain as well as Spanish capital
out of the country. As a result, Spanish law now conforms
to the multi-disciplinary EU Directive 88/361, part of which
prohibits all restrictions of capital movements between
member states as well as between such states and other
countries, and which classifies investors according to
residence rather than nationality.
¶C. Registration requirements are simple and straightforward,
and apply to foreign and domestic investments equally. They
aim to verify the purpose of the investment, and do not
block any investment.
¶D. Spain's privatization process is slowing down because the
government has already sold off most of its leading state
owned companies. The process for those remaining is open to
all investors. U.S. companies have successfully
participated in several purchases. In 2004 the government
began the privatization of the railroad system. Effective
January 1, 2005, the GOS dissolved the National Rail Network
(RENFE) and formed two new companies, ADIF and RENFE-
Operadora, both of which remain under state control. In
2005, the GSO initiated the restructuring of the
shipbuilding company Izar separating the civil (still called
Izar) and military sectors (Navantia). The Spanish
privatization holding company (SEPI), has plans to privatize
at least six companies and reduce ownership shares gradually
in firms where SEPI is a minority shareholder. SEPI has
initiated the privatization of IZAR, a shipyard.
¶E. The Spanish government has liberalized the energy,
electricity, and telecommunications markets to varying
degrees. These efforts have opened Spain's economy to new
investment, including by U.S. companies. However, many
observers feel these changes have not been broad enough to
fully stimulate the economy. For example, in the
telecommunications sector, many analysts believe that
Telefonica's dominant position undermines competition and
innovation. Essentially, it is frequently difficult for new
entrants to gain traction in sectors dominated by former
state run monopolies such as Telefonica.
¶2. Conversion and Transfer Policies
There are no controls on capital flows. On February 1992,
royal decree 1816/1991 provided complete freedom of action
in financial transactions between residents and non-
residents of Spain. Previous requirements for prior
clearance of technology transfer and technical assistance
agreements were eliminated. The liberal provisions of this
law apply to payments, receipts, and transfers generated by
foreign investments in Spain. Capital controls on the
transfer of funds outside of the country were abolished in
¶1991. Remittances of profits, debt service, capital gains
and royalties from intellectual property can all be affected
at market rates using commercial banks.
¶3. Expropriation and Compensation
Spanish legislation sets up a series of safeguards that
virtually prohibit the nationalization or expropriation of
foreign investment. No expropriation or nationalization of
foreign investment has taken place in recent years. There
are no outstanding investment disputes between the United
States and Spain.
¶4. Dispute Settlement
¶A. Legislation establishes mechanisms to solve disputes if
they arise. The judicial system is open and transparent,
although slow-moving at times. The Spanish judiciary system
is independent from the executive; therefore, the government
is obliged to follow court rulings. Judges are in charge of
prosecution and criminal investigation, which permits
greater independence. The Spanish prosecution system allows
for successive appeals to a higher Court of Justice. The
European Court of Justice can hear the final appeal. In
addition, the Government of Spain abides by rulings of the
International Court of Justice at The Hague. Spain is a
member of both the International Center for the Settlement
of Investment Disputes (ICSID) and the New York Convention
of 1958 on the Recognition and Enforcement of Foreign
Arbitral Awards.
¶B. Spain has a fair and transparent bankruptcy regime. In
June 2003, the Spanish Parliament approved a new, modern
bankruptcy law that entered into force on September 1, 2004.
¶5. Performance Requirements and Incentives
¶A. Performance requirements are not used to determine the
eligibility or level of incentives granted to investors. A
range of investment incentives exist in Spain, and they are
provided according to the authorities granting incentives
and the type and purpose of the incentives.
¶B. Authorities that provide incentives in Spain:
- 1. The European Union:
The European Union provides incentives in the form of
subsidies in general development programs such as FEDER and
F.S.E. FEOGA- Guarantee. They also provide programs to
target specific sectors under the EU Sixth Framework
Programme. The Government of Spain manages these incentives
locally. However, many benefits from EU-sponsored programs
are limited to companies located in the European Community.
These incentives will become less financially significant
over the coming years as Spain's increasing wealth and EU
enlargement will lead to a smaller share for Spain of the
EU's general development programs.
- 2. The Central Government:
- a. The central government grants incentives out of
its annual budget. Usually, these incentives match EU
financing. Central government incentive programs are easily
available for direct investment plans. The Ministry of
Economy and Ministry of Science and Technology play active
roles in granting the incentives.
- b. The Foreign Investment Department, under the
Ministry of Economy, counsels new market investors in the
application for government incentives. The Ministry of
Economy's sector-related departments negotiate directly with
the old market investors to inform them of incentives
available for new investments.
- 3. The Regional Government:
Regional governments, called Autonomous Communities, also
maintain specific programs to attract investment, which are
often designed to complement central government incentives.
- 4. Municipalities:
- a. Municipal corporations offer incentives to direct
investment by facilitating infrastructure needs, granting
licenses, and allowing for the operation and transaction of
permits. Usually they are designed to help ease the initial
operations of direct investment.
- b. Generally, the regional governments are
responsible for the management of each type of investment.
This provides a benefit to investors as each autonomous
community has a specific interest in attracting investment
that enhances its economy.
- c. Types of incentives available:
-- Financial subsidies
-- Exemption from certain taxes
-- Preferential access to official credit
-- Reduction of burdens, with social security discounts
to companies
-- Bonuses for acquisition of certain material
-- Customs exemption for certain imported goods
-- Real estate grants, and gratuitous or favorable land
grants
-- Guarantees granted in credit operations
-- Loans with low interest, long maturities, and grace
periods
-- Guarantee of dividends
-- Professional training and qualification
-- Indirect aid by means of supplying infrastructure
facilities (accesses, services, communications, etc.)
- d. Incentives from national, regional or municipal
governments and the EU are granted to Spanish and foreign
companies alike without discrimination.
- e. Spain is in compliance with WTO TRIMS [Trade-
Related Investment Measures] obligations.
¶6. Right to Private Ownership and Establishment
¶A. The Constitution protects private ownership. Spanish law
establishes clear rights to private ownership and foreign
firms receive the same legal treatment as Spanish companies.
¶B. There is no discrimination against public or private
firms with respect to local access to markets, credit,
licenses and supplies.
¶7. Protection of Property Rights
¶A. Spanish law protects property rights with enforcement
carried out at the administrative and judicial levels. Any
decision by the Administration pertaining to property rights
can be appealed first at the administrative level and then
at the judicial level, which has three levels of court
appeals. Property protection is effective in Spain,
although the system is slow. The Spanish legal system fully
recognizes property rights and facilitates their acquisition
and disposition.
¶B. Spanish patent, copyright, and trademark laws all
approximate or exceed EU levels of intellectual property
protection. Spain is a party to the Paris Convention, Bern
Convention, the Madrid Accord on Trademarks, and the
Universal Copyright Conventions. Spain has ratified the
World Intellectual Property Organization's (WIPO) Copyright
Treaty (WCT) and the WIPO Phonograms and Performances Treaty
(WPPT), the so-called Internet treaties. However, it has
not passed implementing legislation for these treaties
because it has not yet implemented the EU Copyright
Directive (dealing with much of the same substance of the
internet treaties). The GOS unveiled a good anti-piracy
initiative in April, 2005. However, it remains to be seen
how aggressively this plan will be implemented and what
effect it will have. Industry groups are concerned about
whether the GSO will allow copyright holders to use
technological protection measures for consumer products like
DVDs and CDs. With respect to protecting copyrighted
content on the Internet, there is a government-industry
working group, which is trying to agree on what
administrative procedures should exist for curbing Internet
downloads of copyrighted material.
¶C. Public and private sector enforcement actions (especially
private sector initiatives) using Spain's new patent,
copyright and trademark legal framework have greatly
increased the number of criminal and civil actions taken
against intellectual property pirates. Despite enforcement
efforts, piracy remains a significant problem. Sale of
pirate music CDs has increased dramatically sparked by
growth in organized pirate CD production operations.
Industry sources estimate that illegal CDs constitute 30% of
the Spanish market with pirated versions of new releases
approaching 50%. Pirated software, videogames and DVDs are
also sold widely.
a. Patents.
A non-renewable 20-year period for working patents is
available if the patent is used within the first three
years. Spain permits both product and process patents.
Spain has ratified the 1973 Munich European Patent
Convention allowing Spain to be designated in a European
patent application. European patents are administered by
the European Patent Office, based in Munich (Germany).
b. Copyrights.
The law extends copyright protection to all literary,
artistic or scientific creations, including computer
software. Spain and the United States are members of the
Universal Copyright Convention. For protection, U.S. authors
must register with this organization.
c. Trademark.
There are various procedures to register a trademark in
Spain. The Spanish Office of Patents and Trademarks
oversees protection for national trademarks. Trademarks
registered in the Industrial Property Registry receive
protection for a 10-year period from the date of
application, which may be renewed. Protection is not
granted for generic names, geographic names, those that
violate Spanish customs or other inappropriate trademarks.
Spanish authorities published a new Trademark law in 2001
(Law 17/2001), which came into effect in July 2002.
Applicants must designate the countries where they wish to
obtain protection. The World International Property
Organization (WIPO, headquartered in Geneva) oversees an
international system of registration. However, this system
only applies to U.S. firms with an establishment in a
country that is a party of the Agreement or the Protocol.
Business may seek a trademark valid throughout the EU. The
Office for Harmonization in the Internal Market (OHIM) for
the registration of community trademarks in the European
Union started its operations in 1996. Its headquarters are
located in
Alicante:
Oficina de Harmonizacion del Mercado Interior (Office for
Harmonization in the Internal Market)
Avenida Aguilera, 20
03080 Alicante
Tel: (34) 96-513-9100
Fax: (34) 96-513-9173
¶8. Transparency of Regulatory System
¶A. Spain modernized its commercial laws and regulations
following its 1986 entry into the EU. Its local regulatory
framework compares favorably with other major European
countries. Bureaucratic procedures have been streamlined and
much red tape has been eliminated, though permitting and
licensing processes can still suffer delays. Efficacy of
regulation at the regional level is uneven.
¶B. Quasi-independent regulatory bodies exist in several
sectors; however, they are for the most part still finding
their role and fighting to assert their independence. Making
the transition from state-owned monopolies to promoting full
and open competition has been a slow, but steady process.
¶C. The comment process for proposed rule-making changes is
not as formal as in the United States. Spain does not have
an official comment procedure for government regulations
like the U.S. system. Most new laws and regulations are
published as drafts before they go into force, but by the
time they are published, there are often limited
opportunities to change them. Government officials do seek
out stakeholder comments before finalizing significant
regulations, but the comment system is geared towards
collecting input from officially recognized industry sector
associations or consumer organizations. The general public
will not necessarily be aware of a regulation until it is
finalized and published.
¶9. Efficient Capital Markets and Portfolio Investment
¶A. Lower interest rates due to the convergence of monetary
policy following the adoption of the euro has led to a
significant lowering of interest rates in recent years.
Foreign investors do not face discrimination when seeking
local financing for projects. There is a large range of
credit instruments available through Spanish and
international financial institutions. Many large Spanish
companies rely on cross-holding arrangements and ownership
stakes by banks rather than pure loans. However, these
arrangements do not act to restrict foreign ownership.
Several of the largest Spanish companies that engage in this
practice are also traded publicly in the U.S.
¶B. Corporate scandals in the U.S. and Europe, further
integration of European capital markets and efforts to make
Spain a more attractive destination for foreign investment
have led to several new initiatives to improve the
transparency of capital markets and corporate governance.
Spanish business organizations and private economic think
tanks are pro-active on corporate governance issues. In
2003 and 2004, Spanish business leaders created a
progressive code of business practices and ethics. In 2004,
Spanish regulatory agencies and lawmakers codified the
business codes and required Spain's listed companies to
follow a rigorous set of corporate governance and
transparency rules. Spain's government views corporate
governance rules as a means of ameliorating the effects of
concentrated economic power and preventing a major corporate
scandal along the lines of Enron or Parmalat.
Due to extensive cross-ownership within a small universe of
dominant companies, Spanish corporations have traditionally
not had truly independent board members. This situation is
slowly changing, with several leading Spanish companies
introducing independent members to their boards in an effort
to improve transparency.
Hostile takeover rules and the threat of a government
"Golden Share" veto have been used to prevent takeovers of
companies. While surfacing on occasion in purely Spanish
transactions, these defenses are most often used when the
acquiring company was partially or fully owned by other
governments, with the Spanish government and securities
regulators acting to prevent what they interpret as another
government taking over a privatized Spanish company. A
European court of Justice decision has ruled such practices
illegal. The Spanish Cabinet approved on November 25, 2005
a draft bill scrapping the "Golden Share" rule whereby the
government had to approve the sale of more then 10% of the
shares in strategically important companies such as
Telefonica, Endesa, Iberia and Repsol. The government
intends to submit this bill urgently to parliament in order
to ensure Spanish law is consistent with the court ruling.
¶C. The domestic Spanish banking system is regarded as
healthy, with four banks dominating the market. Spanish
regulators have recently focused attention on these banks'
exposure to non-performing Latin American assets, and have
required full provisions against this exposure. In 2004, new
Spanish gross investment abroad was USD 44 billion, showing
a 93.02 percent increase from the 2003 annual level. During
the first six months of 2005, Spanish authorities recorded
USD 2.6 billion in new foreign direct investment, a decrease
of 42.09 percent compared with investment in the first
semester of 2004. (Note: Statistics on Spanish overseas
investments and foreign investments in Spain for the second
semester of 2004 will be available in May or June of 2005.)
The drop in Spanish overseas investment reflects, in part,
fewer attractive opportunities for Spanish companies in
Latin America as many of the major privatizations there have
already taken place.
¶10. Political Violence
¶A. The Government of Spain is involved in a long-running
campaign against Basque Fatherland and Liberty (ETA), a
terrorist organization founded in 1959 and dedicated to
promoting Basque independence. ETA regularly targets
Spanish government officials, members of the military and
security forces, journalists, and members of the Popular
Party and Socialist Party for assassination. U.S. citizens
and U.S. companies have not been ETA targets. In recent
years, the Spanish government has secured greater security
cooperation from French authorities on the ETA threat.
ETA has killed over 40 persons since January 2000 and about
850 persons since its founding. The last lethal ETA attack
took place in 2003 when two police officers were murdered.
Its main methods are car bombs and assassinations with
firearms. ETA operatives extort "revolutionary taxes" from
businesspersons and professionals living in the Basque
region, sometimes bombing their property to intimidate them
into paying extortion demands. ETA supporters also engage in
street violence and vandalism against government facilities,
economic targets (particularly banks), and the homes and
property of persons opposed to ETA's cause. In 2004, the
GOS arrested several important high-ranking ETA members and
two top ETA leaders were arrested in France. ETA responded
by detonating small bombs in Madrid and other cities, but
most observers believe the organization has been greatly
weakened by the 2004 arrests.
¶B. On March 11, 2004, Islamic terrorists killed 191 people
on trains headed for Madrid's central Atocha train station.
Several foreign nationals died in the attack, although there
were no American citizen casualties. Islamic extremists
remain active in Spain and if there are other attacks, U.S.
citizens/property could be hurt/damaged, although, so far,
U.S. citizens and companies in Spain have not been direct
Islamic terrorist targets.
¶11. Corruption
¶A. Giving or accepting a bribe is a criminal act. Under the
Spanish civil code, section 1255, corporations and
individuals are prohibited from deducting bribes from
domestic tax computations.
¶B. Spain has a wide variety of laws, regulations, and
penalties dealing with corruption. The legal regime has
both civil and criminal sanctions for corruption, bribery,
financial malfeasance, etc. The Spanish legal regime is
hampered, however, by the fact that only natural persons, as
opposed to legal persons, can be held criminally liable for
the actions of a company. Furthermore, civil and
administrative proceedings cannot begin until there is a
finding of criminal liability against a natural person.
Although the Ministry of Justice has initiated an amendment
process to provide for sanctions of legal persons, it has
not yet become law.
¶C. Spain is a signatory of the OECD Convention on Combating
Bribery, and Spanish officials attach importance to
combating corruption. The government is working to amend
domestic law to make the Convention a more useful
investigative and prosecutorial tool.
¶D. The General State Prosecutor is authorized to investigate
and prosecute corruption cases involving funds in excess of
roughly USD $500,000. The Office of the Anti-Corruption
Prosecutor, a subordinate unit of the General State
Prosecutor, has 15-20 prosecutors in Madrid, Barcelona, and
Valencia who are tasked with investigating and prosecuting
domestic and international bribery allegations. There is
also the "Audiencia Nacional," a corps of magistrates given
broad discretion to investigate and prosecute alleged
instances of Spanish businesspeople bribing foreign
officials.
¶E. Spain enforces anti-corruption laws on a generally
uniform basis. Public officials are probably subjected to
more scrutiny than private individuals, but several wealthy
and well-connected business executives have been
successfully prosecuted for corruption. There is no obvious
bias for or against foreign investors. U.S. firms have not
identified corruption as an obstacle to investment in Spain.
¶F. Conversations with representatives of the Spanish legal
community indicate that the Convention is increasingly being
taken into account in the drafting of contracts. Spanish
companies, both domestic and multinational, are insisting
that clauses protecting them against requests for bribes be
inserted into business contracts. Tax evasion, particularly
by those who work in cash-based sectors has reportedly been
heavy.
11.B Bilateral Investment Agreements
¶A. Spain has concluded bilateral investment agreements with
Hungary (1989), Bolivia (1990), the Czech Republic (1990),
Russia (1990), Argentina (1991), Chile (1991), Tunisia
(1991), China (1992), Egypt (1992), Poland (1992), Uruguay
(1992), Paraguay (1993), Philippines (1993), Algeria (1994),
Honduras (1994), Pakistan (1994), Kazakhstan (1994), Peru
(1994), Cuba (1994), Nicaragua (1994), Lithuania (1994),
Bulgaria (1995), The Dominican Republic (1995), El Salvador
(1995), Gabon (1995), Latvia (1995), Malaysia (1995),
Romania (1995), Indonesia (1995), Venezuela (1995), Mexico
(1995), Turkey (1995), Lebanon (1996), Ecuador (1996), Costa
Rica (1997), Croatia (1997), Estonia (1997), India (1997),
Panama (1997), Morocco (1997), Slovenia (1998), South Africa
(1998), Ukraine (1998), the Kingdom of Jordan (1999),
Trinidad and Tobago (1999), the Bolivian Republic (2001),
Jamaica (2002), the Islamic Republic of Iran (2002), the
Federal Republic of Yugoslavia (2002), Bosnia and
Herzegovina (2002), Namibia (2003), Albania (2003), and
Uzbekistan (2003), Syria (2003)
¶B. Spain and the United States have a Friendship, Navigation
and Commerce (FCN) Treaty and a Bilateral Taxation Treaty
(1990). Spanish officials have indicated that they would
like to keep the FCN, despite indications in 2004 that the
EU Commission wanted Member States to terminate bilateral
FCN agreements.
11.C OPIC and Other Investment Insurance Programs
¶A. As Spain is a member of the European Union, OPIC
insurance is not applicable. Various EU directives, as
adopted into Spanish law, adequately protect the rights of
foreign investors. Spain is a member of the World Bank's
Multilateral Investment Guarantee Agency (MIGA).
11.D Labor
¶A. Employment estimates for 2005 show that there are about
20.9 million Spaniards in the work force. This figure is
expected to climb to 21.1 million for 2006. Meanwhile,
unemployment continued its decrease from the 1994 high of
24.2 percent down to 8.42 percent in third quarter of 2005.
Unemployment for women continues to be substantially higher
than the male average, at 11.19 percent compared to 6.49
percent. Spain faces a shortage of high-tech workers for
its IT sector, and of unskilled workers for its fishing and
agricultural industries.
¶B. Labor market reforms in 1994 and 1997 eased Spain's well-
known labor market rigidities but did not fundamentally
change the difficult labor situation. The result is that
one third of all employed Spaniards are classified as
temporary hires. Spain's new socialist government promised
to reform labor laws as part of its electoral program. The
government would like to move people from short-term
contracts to regular employment status, but so far
inducements to employers to make this happen have not been
implemented. The government recognizes that labor market
reform is essential to increasing productivity, which Spain
needs to do as it faces competition from lower-wage EU
accession countries. Collective bargaining reform should be
part of this effort, but so far this has not happened
either. In early 2005, for instance, the Spanish government
approved indexing the minimum wage to inflation. The unions
supported this position and employers accepted it, albeit
unenthusiastically with some employer representatives
questioning the decision.
¶C. Collective bargaining is widespread in both the private
and public sectors. Sixty percent of the working population
is covered by collective bargaining agreements although only
a minority (generally estimated to be about 10 percent) are
actually union members. Under the Spanish system, workers
elect delegates to represent them before management every
four years. If a certain proportion of those delegates is
union-affiliated, those unions form part of the workers'
committees. Large employers generally have individual
collective agreements. In industries characterized by
smaller companies, collective agreements are often industry-
wide or regional.
¶D. The constitution guarantees the right to strike and it
has been interpreted to include the right to call general
strikes called to protest government policy.
11.E Foreign-Trade Zones/Free Ports
¶A. Both on the mainland and islands there are numerous free
trade zones (in most Spanish airports and seaports) where
manufacturing, processing, sorting, packaging, exhibiting,
sampling and other commercial operations may be undertaken
free of any Spanish duties or taxes. The largest free trade
zones are in Barcelona, Cadiz and Vigo. Others vary in size
from a simple warehouse to several square kilometers.
Spanish customs legislation allows for companies to have
their own free trade areas. Duties and taxes are payable
only on those items imported for use in Spain. These
companies have to abide by Spanish labor laws.
11.F Foreign Direct Investment Statistics
2002* 2003* 2004*
(In USD Millions)
Total new foreign
direct investment
in Spain 10,811 11,214 13,844
U.S. direct investment
in Spain 692 1,663.7 2,358.6
U.S. share of total
direct invest (%) 6.4 14.84 17.04
Total new Spanish
investment abroad 23,841 20,747 44,045
Spanish investment in U.S. 1,548.6 1,820.9 742.7
U.S. share of total
Spanish investment (%) 6.49 8.78 1.69
New Foreign Direct Investment in Spain (2003*): by country
of origin
U.S. 17.04 percent
The Netherlands 7.67 percent
Germany 3.27 percent
United Kingdom 18.09 percent
France 11.17 percent
Luxembourg 0.73 percent
Canada 1.30 percent
Italy 2.33 percent
Sweden 0.90 percent
Other EU countries 10.45 percent
New Foreign Direct Investment in Spain (2004*): by industry
sector destination
Food and Beverage 3.88 percent
Electric Energy Production 5.61 percent
Manufacturing 6.55 percent
Commerce 19.8 percent
Transportation &
Communication 4.09 percent
Banking and Insurance 14.49 percent
Real estate and services 11.62 percent
Company Management and
Share Holding 18.93 percent
Others 11.33 percent
Source: Directorate General of Trade and Investment,
Ministry of Industry, Tourism and Trade. Note (*): data are
not comparable with previous investment figures for previous
years. It is a new concept that corresponds to Registered
Gross Investment discounted: a) acquisitions of shares and
stakes in Spanish companies from other non-residents; and b)
multiple accounting for the same investment as a result of
business group restructuring in Spain.
11.G Major Foreign Investors
Foreign investment has played a significant role in
modernizing the Spanish economy over the past 35 years.
Attracted by Spain's large domestic market, export
possibilities and growth potential, foreign companies in
large numbers have set up operations. Spain's automotive
industry is almost entirely foreign-owned.
Multinationals control half of the food production
companies, a third of chemical firms and two-thirds of the
cement sector. Several foreign banks have acquired networks
from Spanish banks, and foreign firms control close to one
third of the insurance market. In 2004, Spain recorded USD
13.8 billion in new foreign direct investment, a light
increase of 0.25 percent compared with investment in 2003.
In 2004, the European Union countries were the largest
investors accounting for 55.9 percent. The non-European
OECD countries invested USD 2.6 billion, accounting for 18.9
percent. By countries, the largest investors were United
Kingdom, the United States, Mexico, France, Portugal, the
Netherlands, Germany, Italy and Switzerland.
Note: FDI numbers provided in this section do not include
portfolio investment
AGUIRRE