28 Nov, 2023 @ 16:00
1 min read

Spain’s Prime Minister Pedro Sanchez promises ‘certainty and predictability’ to multinationals and new foreign investors

Israel warns Spain and Ireland of ‘grave consequences’ after they agreed to recognise Palestine as a nation state  

SPAIN’S Prime Minister Pedro Sanchez on Tuesday promised ‘certainty and predictability’ to multinationals and new foreign investors in the country, despite the turbulent political events of this year and his fragile new coalition government. 

Speaking at the closing day of the 10th Anniversary edition of the Multinationals with Spain conference in Madrid, the Socialist Party leader argued that ‘it was worth trusting and believing’ in the Spanish economy, as it is a ‘destination of excellence for investing’. 

Present at the event were representatives of companies such as Ikea, Huawei, Google and Amazon. 

“Despite the doomsayers,” he continued, in comments reported by El Pais, “all of the forecasts are positive.”

Sanchez was referring to criticism from major business associations such as the CEOE and the ATA association of self-employed workers about the deals that the prime minister had to secure in order to be voted back into office by lawmakers in the wake of the inconclusive general election of July 23. 

The Socialists have formed a coalition government with their new junior partner, leftist alliance Sumar, but will still need the support of other, smaller groups in the Congress of Deputies in order to pass legislation. 

Most controversially, the Socialist Party agreed an amnesty law with two Catalan separatist parties, which will see anyone already prosecuted or still facing charges for their involvement in the region’s independence drive either pardoned or escape trial. In exchange he received the votes of ERC and Junts per Catalunya at a recent investiture vote, along with the support of other small groups. 

Speaking on Tuesday, however, Sanchez shrugged off criticism from business associations that such a deal would ‘undermine the separation of powers and legal security’. 

“Spain counts on the talent and the international prestige necessary to be among the major advanced countries in Europe,” he said during his speech. “We are going to grow above the European average. Despite the uncertainty, Spain shows financial and economic solidity, and all forecasts are favourable, and it is time to continue working, offering certainty and security to multinational companies.” 

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Simon Hunter

Simon Hunter has been living in Madrid since the year 2000 and has worked as a journalist and translator practically since he arrived. For 16 years he was at the English Edition of Spanish daily EL PAÍS, editing the site from 2014 to 2022, and is currently one of the Spain reporters at The Times. He is also a voice actor, and can be heard telling passengers to "mind the gap" on Spain's AVLO high-speed trains.

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