March 2014

Investment and Business Opportunitiesfor Chinese Investors in Spain

March 2014


“La Nueva Ley de Emprendedores y su Trascendencia en China”


1. Economic Policy and Structural Reforms: Setting the Foundations for Sustainable Growth

2


33

EMU Integration Spanish Economy Policy Transformation of Spain´s Growth Model

Single Monetary Policy

Fiscal Coordination

Structural Reform:BANKING UNION

Fiscal Consolidation

Structural Reforms for

Competitiveness

Restructuring the Financial Sector

Economic Growth & Employment

External Sector Contribution to

Growth

Correction of Past Imbalances

Setting the Foundations for Sustainable Growth

COMMITMENT CONFIDENCE COMPETITIVENESS


4

Business Friendly Oriented Structural Reforms

Of special interest to Foreign companies

Competitive Labor Costs

Domestic and International Market Acces

Resident and Work Permits

Labor market reform.

Index, 2005=100; Source: Eurostat February 2014

InvestmentIncentives

Economic Regional Incentives, R&D and Funding mechanisms and Tax relief

Ensuring Market unity regulation at national and E.U. level.

Law on visa and work permits and flexible application to foreign investors.

2007 2008 2009 2010 2011 201295.0

100.0105.0110.0115.0120.0125.0

UNIT LABOR COST EVOLUTION, 2007-2012

Spain Germany FranceItaly United Kingdom

Public Sector Reform

Fiscal consolidation at all levels of Administration

Provisioning system redressed and restructuring process.

Financial System Reform


5

Labour cost in Spain is below the EU-27 average and Labor Productivity is growing

Labour cost & Productivity

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

-3.0

-2.0

-1.0

0.0

1.0

2.0

3.0

4.0

LABOR PRODUCTIVITY% change on previous period

EU 27Spain

Source: Eurostat October 2013; Data: % change on previous period

Sweden

Belgium

Denmark

France

Luxe

mbourg

Netherl

ands

Finlan

d

German

y

Austria

Irelan

dIta

lyEU 27

United

King

dom

Spain

Chiprus

Greece

Sloven

ia

Portug

alMalt

a

Czech

Rep

ublic

Slovak

ia

Estonia

Hunga

ry

Poland

Latvi

a

Lithu

ania

Roman

ia

Bulgari

a05

1015202530354045 41.9 40.4 39.5

34.9 34.431.3 31.1 31 30.5

27.4 27.223.5 21.9 20.9

16.7 15.5 14.5 12.3 12 10.7 8.6 8.6 7.9 7.2 6.2 5.8 4.5 3.7

Cost per Hour Private Sectorunit € / hour

Source: Destatis (Federal Statistical Office Germany)


6

New specific framework for qualified immigration and investors

It is based on an agile and specialized system for visa and authorization concessions.

THE PROCEDURES

10 days for visas and 20 days for authorizationsA single authorization for living and working in

SpainValid for the whole of Spain

The family will be able to apply at the same time

GENERAL REQUIREMENTS

Not being in an illegal situation in SpainBeing 18 years old or older

Not having criminal recordsPublic or private health insurance in Spain

Enough economic resources.

VISA AND AUTHORIZATION CONCESSIONS FOR

Investors Entrepreneurs

Highly qualified professionalsScientists and researchers

Intra-corporate transferred employees

Freedom to live in Spain: Granted residence and work permits authorization


2. Spain: a Global Platform for International Business & Investment

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8

Spain, key figures

RK Country Billion $ RK $ RK Millions RK Exports RK Imports RK Exports RK Imports RK Billions RK Millions RK Billions RK Billions1 United States 15.684,8 11 49.922 3 314,2 2 1.545,7 1 2.335,4 1 613,8 1 405,9 1 126,2 2 67,0 1 39.319,8 1 5.191,12 China 8.227,0 86 6.076 1 1.354,0 1 2.048,7 2 1.818,1 5 190,0 3 281,0 4 50,0 3 57,7 6 832,9 13 509,03 Japan 5.964,0 13 46.735 10 127,6 4 798,6 4 885,8 7 139,8 5 173,6 21 14,6 33 8,4 24 205,4 7 1.054,94 Germany 3.400,6 21 41.513 16 81,9 3 1.407,1 3 1.167,4 3 254,5 2 285,2 7 38,1 7 30,4 7 716,3 3 1.547,25 France 2.608,7 22 41.140 22 63,4 6 568,9 6 673,7 4 208,2 6 171,0 3 53,7 1 83,0 4 1.095,0 4 1.496,86 UK 2.440,5 23 38.588 23 63,2 11 474,5 5 680,4 2 278,2 4 175,7 8 36,4 8 29,3 3 1.321,4 2 1.808,27 Brazil 2.396,0 58 12.078 5 198,4 22 242,6 22 233,3 29 38,1 17 77,8 39 6,6 42 5,7 8 702,2 19 232,88 Russia 2.022,0 48 14.247 9 141,9 8 529,3 16 335,4 22 58,4 14 102,1 28 11,2 9 25,7 15 508,9 15 413,29 Italy 2.014,1 26 33.115 24 60,8 9 500,7 11 485,9 14 104,3 13 104,7 6 41,2 5 46,4 17 356,9 12 565,1

10 India 1.824,8 142 1.492 2 1.223,2 19 294,2 10 489,4 6 147,6 7 125,1 17 18,0 39 6,6 21 226,3 29 118,211 Canada 1.819,1 9 52.232 36 34,8 12 454,8 12 474,9 17 77,5 11 105,2 18 17,4 17 16,3 11 637,0 10 715,112 Australia 1.541,8 5 67.722 51 22,8 21 256,7 19 260,9 23 52,7 18 65,3 10 31,5 40 6,1 13 610,5 14 424,513 Spain 1.352,1 28 29.289 29 46,2 20 293,9 17 332,2 8 139,5 16 89,8 2 55,9 4 57,7 12 634,5 11 627,214 Mexico 1.177,1 66 10.247 11 114,9 16 370,8 14 380,5 42 16,0 34 25,2 25 12,7 13 23,4 18 315,0 27 137,715 Korea 1.155,9 34 23.113 26 50,0 7 547,9 9 519,6 13 109,1 12 105,1 22 14,2 24 11,1 31 147,2 24 196,416 Indonesia 878,2 113 3.592 4 244,5 26 188,5 27 190,2 36 22,4 30 34,4 35 8,3 34 8,0 23 205,7 51 11,617 Turkey 794,5 63 10.609 18 74,9 32 152,5 21 236,5 28 42,1 38 18,8 12 25,7 6 35,7 27 181,1 43 30,518 Netherlands 773,1 14 46.142 60 16,8 5 655,7 7 590,7 10 126,5 9 115,2 23 13,9 22 11,7 14 573,0 9 975,619 Saudi Arabia 727,3 30 25.085 46 29,0 15 388,4 30 144,1 48 10,1 23 49,2 36 7,4 20 13,7 25 199,0 40 34,420 Switzerland 632,4 4 79.033 91 8,0 25 225,9 24 197,5 16 87,6 25 44,0 19 16,6 32 8,6 10 665,6 6 1.129,421 Iran 548,9 77 7.211 17 76,1 39 104,0 52 56,5 - - - - - - -

W2- 58 37,3 71 3,3

22 Sweden 526,2 8 55.158 84 9,5 28 172,4 29 162,2 18 75,9 21 54,8 20 15,4 25 10,9 16 376,2 16 406,923 Norway 501,1 3 99.461 114 5,0 30 161,0 36 87,1 24 50,3 24 49,2 44 5,4 n.a. n.a. 26 191,1 22 216,124 Poland 487,7 57 12.538 33 38,9 27 183,4 26 196,0 30 38,0 31 31,7 30 10,9 19 14,8 20 230,6 35 57,525 Belgium 484,7 18 43.686 72 11,1 13 446,5 13 434,8 15 93,5 15 90,1 27 11,4 36 7,5 5 1.011,0 8 1.037,826 Argentina 475,0 61 11.576 32 41,0 46 80,9 45 68,5 44 14,4 39 17,6 45 4,9 43 5,6 38 110,7 41 32,927 Taiwan 474,0 39 20.328 50 23,3 18 301,2 18 270,5 26 48,7 27 42,2 26 11,7 37 7,3 51 59,4 21 226,128 Austria 398,6 12 47.083 89 8,5 29 166,4 28 178,3 21 61,0 26 43,2 16 18,9 11 24,2 29 158,1 23 215,429 South Africa 384,3 74 7.507 25 51,2 44 87,3 32 122,8 43 14,8 41 17,1 32 10,0 29 9,2 32 139,0 31 82,430 Venezuela 382,4 53 12.956 43 29,5 41 97,3 49 60,0 86 1,9 40 17,1 84 0,8 89 0,7 55 49,1 46 20,9

Inward Outward

Source: WEF 2013; IMF(April 2013 edition); WTO 2012 Data; UNCTAD (WIR 2013) 2012 Data; World Tourism Organization (Highlights, 2013 Edition.) 2012 Data.GDP per capita: (29) Cyprus, (27) Israel. Population: (28) Colombia, (30) Ukraine. FDI Inward: (2) Hong Kong, (9) Singapore. FDI Outward: (5) Hong Kong.Tourism Income: (5) Macao, (9) Hong Kong, (11) Thailand. Tourist Nº: (10) Malaysia, (12) Hong Kong.

Spain in the World

GDP GDP per capita

Population Trade in Goods. Billions $

Trade in Services. Billions $

Tourism FDI Stock. Billions $Income $ Tourist Nº


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Spain, strong and sustainable external sector performance

A competitive combination: technology, innovation, productivity and lower Unit Labor Cost have lead to a competitiveness based expansion of exports during the last three years.

Source: Eurostat, 2013.

Export of good and services, 2005-2013


Source: UNCTAD, 2013

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Source: UNCTAD, WIR, 2013

Leading economies Inward FDI, USD Millions

Leading economies Outward FDI, USD Millions

Position of China and Spain in terms of foreign investment

EconomyOutward FDI stock 2012 Share 2012

1 United States 5,191,116 22.0%2 United Kingdom 1,808,167 7.7%3 Germany 1,547,185 6.6%4 France 1,496,795 6.3%5 Hong Kong 1,309,849 5.6%6 Switzerland 1,129,376 4.8%7 Japan 1,054,928 4.5%8 Belgium 1,037,782 4.4%9 Netherlands 975,552 4.1%

10 Canada 715,053 3.0%11 Spain 627,212 2.7%12 Italy 565,085 2.4%13 China 509,001 2.2%14 Australia 424,450 1.8% Other countries 5,201,198 22.0%

TOTAL 23,592,750 100%

Economy Inward FDI Stock2012 Share 2012

1 United States 3,931,976 17.2%2 Hong Kong 1,422,375 6.2%3 United Kingdom 1,321,352 5.8%4 France 1,094,961 4.8%5 Belgium 1,010,967 4.4%6 China 832,882 3.7%7 Germany 716,344 3.1%8 Brazil 702,208 3.1%9 Singapore 682,396 3.0%

10 Switzerland 665,596 2.9%11 Canada 636,972 2.8%12 Spain 634,539 2.8%13 Australia 610,517 2.7%14 Netherlands 572,986 2.5% Other countries 7,976,627 35.0%

TOTAL 22,812,698 100%


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Spain is the world’s 1st or 2nd largest investor in Latin America among European countries.

Spain: Top- Outward FDI Stock by country EUR Millions

Spanish Ministry of Economy and Competitiveness, 2013

Spain: Investment in Latin America

2010 2011 % TOTAL1 BRAZIL 55.792 68.264 15%2 UNITED KINGDOM 57.422 51.672 16%3 USA 44.271 49.636 12%4 NETHERLANDS 17.232 27.221 5%5 LUXEMBOURG 29.219 26.215 8%6 MEXICO 27.207 26.073 7%7 PORTUGAL 25.042 21.974 7%8 GERMANY 18.675 20.552 5%9 ARGENTINA 16.400 15.761 4%

10 SWITZERLAND 21.236 14.861 6%11 FRANCE 15.790 14.828 4%12 CHILE 12.229 11.612 3%13 BELGIUM 7.632 7.964 2%14 IRELAND 7.949 6.634 2%15 COLOMBIA 6.219 6.177 2%16 VENEZUELA 4.224 4.949 1%

TOTAL 366.539 441.825 100%


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Spanish companies are among leading companies in the world:

3 out of every 5 flights world-wide are controlled using Spanish air navigation systems.

Telefonica is one of the largest telecommunications companies in the world (by market capitalization and number of customers).

Santander Bank is the 2nd in the euro zone (by stock market capitalization) and BBVA now operates in 40 countries.

IBERDROLA is the 4th largest utility company in the world (by market capitalization).

In 2012, 6 of world’s top 10 concession companies are Spanish and held 36% of the world´s infrastructure concessions.

The Al Shoula Group, a Spanish-Saudi consortium, will manage the high-speed train between La Mecca – Medina.


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Foreign Investment Openness

Source: OECD’s FDI Restrictiveness Index 2013

Spain is 9th most open country to Foreign Investment according to OECD’s FDI Restrictiveness Index

Open=0Closed=1


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Domestic and EU Market Access

Domestic market of over 46 million consumers: Spain has a GDP per capita (PPP) above the EU-27 average

Spain grants free access to the world´s largest market, the European Union: more than 500 million consumers.

Advantages to operate in EU:

Intra-European duty free market. The free movement of goods &

services, capital and persons. Single currency: EURO.

BYD signed an agreement with the Basque group Bergé on the distribution of BYD’s products in Spain.Barcelona became the first European city to have a

pure electric 12 meters bus.

Capacity for consumption of goods

Source: IMF 2014.

Country GDP Million per capitaRK USD

1 United States 10 51,703.952 China 89 6,071.473 Japan 12 46,706.724 Germany 21 41,865.525 France 22 41,223.316 United Kingdom 23 39,160.587 Brazil 62 11,358.548 Russia 48 14,302.099 Italy 27 33,115.01

10 India 142 1,500.7611 Canada 8 52,299.7612 Australia 5 67,304.4713 Spain 28 28,670.0914 Mexico 67 10,058.5015 Korea 35 22,588.92


SPAIN: International platform for doing business in MENA region, Africa and Latin America

Spain has superb relationships with the North- African and Mediterranean countries and geographic proximity.

The best European platform for doing business with Latin America.

Agreements for Protection and Promotion of Reciprocal I nvestments

Agreements to Avoid Double Taxation

Euro-Mediterranean Association Agreements Agreements for

Protection and Promotion of Reciprocal Investments

Agreements to Avoid Double Taxation

The general manager of Cosco, Yang Lei, highlights the use of the geographical position of Spain and the language as a

platform for doing business in South America and North Africa .


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Over 12,800 foreign companies are currently located in Spain across all economic sectors . 70 of the FORBES Top 100 companies have branches in Spain. 90 out of 100 top R& D Companies according to Thomson Reuters has a subsidiary in Spain


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Companies of USA, Italy, France, UK, and Germany are the largest investors in Spain.

Most Chinese companies in Spain have partnerships with major Spanish companies.

There is mainly representation of Chinese companies in: electronics, wholesale trade, support activities for transportation and manufacture of machinery and equipment

Spain: Inward FDI by country Stock EUR Millions

Country1 USA 75,0742 ITALY 49,0383 FRANCE 37,6334 UNITED KINGDOM 35,0015 GERMANY 29,1426 MEXICO 22,8357 LUXEMBOURG 20,1688 PORTUGAL 17,5969 NETHERLANDS 16,844

10 SWITZERLAND 10,24811 BRAZIL 7,60112 UN.AR.EMIRATES 5,22113 SWEDEN 4,69014 CANADA 4,24215 JAPAN 3,00516 BELGIUM 2,35617 COLOMBIA 2,32718 ISRAEL 1,29719 DENMARK 1,136

49 CHINA 168

65 HONG_KONG 33 Rest of World 31,884 TOTAL 377,540

Spanish Ministry of Economy and Competitiveness, 2013


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Source: FDI Markets: fDI Report 2013, Global Greenfield Investment Trends. Financial Times 2013

Greenfield Projects in Spain, by sector


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Greenfield Investment Trends in Spain by sectorFrom China 2003 – 2013 (X)

Source: FDI MARKETS, 2013. Mill. USD

Source: FDI MARKETS, 2013. Mill. USD

From Hong Kong 2003 – 2013 (X)

Industry Sector Projects Capex Jobs Companies1Electronic Components 9 335 273 82Communications 5 57 245 23Metals 5 14 72 54Textiles 3 13 67 3

5Alternative/Renewable energy 3 387 128 1

6Financial Services 3 84 70 2

7Industrial Machinery, Equipment & Tools 2 27 198 2

8Business Services 2 8 170 29Chemicals 2 52 70 2

10Consumer Electronics 1 14 139 111Medical Devices 1 1 7 112Minerals 1 3 16 113Plastics 1 21 45 1

Total 38 1,016 1,500 29

Industry Sector Projects Capex Jobs Companies

1Textiles 9 41 702 3

2Transportation 4 1,029 1,708 3

3Warehousing & Storage 4 2,717 5,410 4

4Hotels & Tourism 3 177 391 1

5Consumer Products 2 84 460 2

6Metals 1 1 10 1

7Business Machines & Equipment 1 6 60 1

Total 24 4,054 8,741 14


Business Opportunities in Spain

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Automotive

Aerospace

ICT

Chemicals

Biotechnology

Industrial Machinery

Environment & Natural Resouces

Nearshore Services,SSC, BPO, etc.

Tourism

Real Estate

Agrofood

Transport & Logistic


Business opportunities: REAL ESTATE

Why Spain for Real Estate

Source: Ministry of Public Works, 2014.

THE REAL ESTATE STOCK DISTRIBUTION(Number of Housing and % by Region, 2012)

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Good value for money offer: The stock reduction The price adjustment

Strong Legal and Institutional Framework New measures Growing Rental Market Increasing Foreign Investment

Professionals

Individuals Spain, a major player in Tourism (2nd Worldwide Tourist Destination by Revenues) Outstanding Connections: International Airports, top High-Speed Train (AVE) and 3rd

largest worldwide High-Speed Network Excellent gastronomy, culture and climate.



PRICE ADJUSTMENT


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Nominal Housing Price Adjustment Since Peak in Each Province (%)

1st Q2012 1st Q2013

2008 2009 2010 2011 2012 2013-20

-15

-10

-5

0

5

10

General New dwellingSecond-hand dwelling

Source: National Statistics Institute

Nominal Housing Prices Adjustment by type of residence (Year-on-year growth rates)



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INCREASING FOREIGN INVESTMENT Number of Foreigners’ Home Transactions

Foreign demand is starting to react to price signals: After dropping 35% in 2009, the acquisition by non residents rose by 8% between 2011 and 2012.

Foreigners’ Home Purchases (%)


Source: Association of Property and Mercantile Registrars of Spain, 2014. Source: BNP Paribas, 2013.

Total Real Estate Investment VolumeSpain

Estimate

2009 2010 2011 2012 20130%2%4%6%8%

10%12%

4.24% 4.45%6.04%

8.12%

11.15%

24.520

30.117 32.303

40.231

2.392 2.416 2.546 3.607

-

5.000

10.000

15.000

20.000

25.000

30.000

35.000

40.000

45.000

2009 2010 2011 2012

Resident Foreigners Non-Resident Foreigners



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3rd destination worldwide in number of international meetings (source: International Congress and Convention Association, ICCA)

Leading European destination in Tourism (source: Eurostat)

Top global leisure travel destination: 60.3 million tourists in 2013

2nd country in the world in terms of UNESCO World Heritage Sites (42 sites)

2nd country in Europe in natural areas (14 national parks ,126 nature reserves) and natural spaces declared UNESCO Biosphere Reserves (42, behind only the United States with 47)

2nd country, behind the United States, in receiving foreign golf tourists (431 courses and more than 1 million)

2nd country in Europe in number of hotel rooms (3.2 million, more than 50% of which are superior category (4 and 5 stars); and 15,000 rural tourism establishments)

Business opportunities: TOURISM


April 2013

NH Hotels has given the Chinese group HNA entry as a shareholder with a 20% by subscribing to a capital increase

The strategic agreement provides the framework to create a joint venture between the two groups for the primary purpose of developing the hotel business in China, one of the fastest growing markets in the world, while NH Hoteles will diversify its operations.

On top of that, the aim is to increase the flow of Asian customers in NH Hoteles, diversifying the type of users per country.

December 2012

Chinese Real Estate developer Greenland group signed a strategic agreement with the Spanish hospitality group Meliá.

Greenland Group will exchange hotel assets with its Spanish partner, getting the Hotel TRYP Ambassador in Madrid and the Melia in Barcelona. The two hotels are valued at $242 million.

Its first result was the announcement of the “Qube” Meliá hotel in the city of Frankfurt

Business opportunities: TOURISM Success stories


November 2009

The HK Mandarin Oriental Hotel Group opened a luxury hotel in Barcelona in November 2009.

The hotel has taken full advantage of the luxury tourism visiting Spain, with an average room price above 5,000 HK$

Business opportunities: TOURISM Success stories


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Business Schools

Source: Financial Times 2013

IE Business School holds the No. 1 position in the 2013 Financial Times ranking of European business schools

2013 Rank

3 year average

rankSchool name Country

1 1 HEC Paris France1 3 IE Business School Spain3 3 London Business School UK3 5 Esade Business School Spain5 4 Insead France/Singapore6 5 Iese Business School Spain7 9 University of St Gallen Switzerland8 9 SDA Bocconi Italy9 7 IMD Switzerland

10 9 Rotterdam School of Management, Erasmus University Netherlands

11 11 ESCP Europe France/UK/Germany/Spain/Italy

12 11 University of Oxford: Saïd UK13 16 EMLyon Business School France14 14 Essec Business School France/Singapore15 15 Vlerick Business School Belgium16 16 Imperial College Business School UK17 25 Edhec Business School France18 16 City University: Cass UK / UAE19 17 Cranfield School of Management UK20 23 Tilburg University, TiasNimbas Netherlands

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Business Schools

Source: Financial Times 2014

Spanish Business Schools have three MBA programs among the top 25 in the worldGlobal MBA ranking 2014

2014 Rank School name Country1 Harvard Business School USA2 Stanford Graduate School of Business USA3 London Business School UK4 University of Pennsylvania: Wharton USA5 Columbia Business School USA6 Insead France/Singapore7 Iese Business School Spain8 MIT:Sloan USA9 University of Chicago: Booth USA

10 Yale School of Management USA11 University of California at Berkeley: Haas USA12 IMD Switzerland13 IE Business School Spain14 Hong Kong UST Business School China15 Northwesterm University: Kellog USA16 University of Cambridge: Judge UK17 Duke University: Fuqua USA17 New York University: Stern USA17 Ceibs China20 Dartmouth College:Tuck USA21 HEC Paris France22 Esade Business School Spain

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6. ICEX-Invest in Spain

Orense 58, 3rd floor28020 Madrid SPAINT (+34) 91 503 58 00E-mail: [email protected]

ICEX / Invest in Spain your partner in Spain

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mailto:[email protected]


Objectives & activities To promote, attract and maintain foreign direct investment in Spain

To be the benchmark for foreign investors and the meeting point between companies and institutions in the State, Regional and Local levels engaged in promoting and attracting investments

About us…

INVEST IN SPAIN is the Directorate in charge of attracting foreign direct investment in ICEX-Spain Trade & Investment, an official enterprise of the Secretary of State for Trade - Ministry of Economy and Competitiveness.

Attracting new projects of foreign investment by focusing on countries, sectors and businesses that involve greater growth potential for Spain Promoting a business climate and facilitating doing business in Spain Transmitting an image of Spain as an internationalized country associated with highly competitive human and technological resources

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Provides advice about the most appropriate way (quickest and least bureaucratic) to obtain the permits for highly qualified employees, technical staff, scientists, families, ...

Advice about how to open a branch, create or acquire a company ... Assessment regarding transactions that involve immigration issues

for foreigners without residence in Spain Act as the institutional contact for companies vis-à-vis all Spanish

bodies with powers, such as the Spanish Embassy and Consulates, Ministry of Employment , Home Office and Regional Immigration Offices

Services of special interest : Immigration Department

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6. ICEX-Invest in Spain

Orense 58, 3rd floor28020 Madrid SPAINT (+34) 91 503 58 00E-mail: [email protected]

ICEX / Invest in Spain your partner in Spain

32

mailto:[email protected]

March 2014

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Transcript of March 2014