Yzabelle Bostyn
A NEW study has revealed the best place in Spain for foreigners to set up a business and it’s on the Costa del Sol.
The sixth Business Climate and Foreign Investment Barometer asked companies based in Spain how good business was in their area.
Malaga, one of the biggest cities in Andalucia, came out on top with 51% of foreign owned companies saying business had been ‘good’ in the past year.
Notably, expat entrepreneurs were more optimistic than their Spanish counterparts, only 42% of which shared their enthusiasm.
Over half of foreign owned businesses, or 53%, said their profits had grown in 2023, leading 46% to provide more employment opportunities.
Some 65% revealed that exports played a big role in their profits, while 42% cited greater investment.
The Costa del Sol city is chosen by 75% of foreign businesses for its geographic location.
Meanwhile 81% highlighted their financial confidence in the city.
Some 72% cited local infrastructure, recognising that this is a big draw for new employees.
Additionally, 51% of the businesses mentioned the high quality of life in Malaga and almost 100% agreed that this attracted talent to their companies.
When asked what could be done to attract further investment in the city, businesses highlighted the need for more housing, a reduction in bureaucracy, better promotion and technological investments.
In 2022, Malaga represented 0.5% of Spain’s foreign business and 6.75% in the region of Andalucia.
That year, foreign businesses invested €85 million in the city.
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