Despite the falling pound to euro exchange rate and the UK’s decision to leave the EU, exports from Spain to the UK reached a record high of €19 billion last year.
Spanish nationals have some €60 billion stock of investments in the UK, making it the second favourite country for Spanish foreign investment.
A number of businesses and investors have sworn allegiance to the UK since Brexit; multinational electric utility company Iberdrola will continue investments in Scottish Power and various other projects it has in the UK, reports The Olive Press.
Despite Santander’s UK business experiencing net profit loss of 14.7%, due to the weak pound, it has not said it will decrease investments in the country; the UK business accounts for 23% of total group net profit. Ana Botin, who set up Santander’s business in the UK has said she is ‘as committed as always’ to the UK market.
Banco Sabadell chairman Josep Oliu also repeated the same sentiments saying the UK market could be “a risk in the short term,” however “the trend will be positive in the medium and long-term.”
Spain’s robust economic recovery is a major draw for foreign investments, as well as its improving property market and strong tourist sector; one in four Brits holidayed in Spain last year, making them the largest contributors to the €77 billion the country made from tourism.
Information source from: The Olive Press
Tags: Invest in Spain, Spanish exports