On Tuesday the Minster of Economy and Territory, Jordi Alcobé, and the Economic Coordinator, Neus Soriano, presented a report on foreign investment made between the introduction of the new legislation on July 19 last year and -08- 31 this year. In the first year of its implementation 414 applications for direct foreign investment have been approved, with projects amounting to a planned total of 29,448,275 euros.

In addition, 132 jobs have been created, including 91 in paid employment and 41 self-employed, all registered with Social Security.

279 of these 415 investments worth 21,565,836 euros have already been concluded, whilst to date 93 new businesses worth 9,429,717 euros have been created. 12 applications have been turned down as a response to unfavourable reports from the Unit of Financial Intelligence (UIF), whilst 28 applications are currently being processed.

Alcobé described the volume of foreign investment in the first year of the new law as “a sucess” and was optimistic that investment would continue to flow in. He pointed out that the number of investments already authorized meant the opening of new business in the immediate future.
65,78% of investments came from Spain whilst those from France accounted for 15,4%. The remaining investments came from Russia, Great Britain and Germany, amongst others. In terms of initial investment Spain also led, with 20,339,375 euros, followed by France, 4,082,656 euros, Great Britain 565,930 euros and Russia, 147,027 euros, amongst others.

With regard to the type of investment the service sector received the most investment with a total of 171 investments (41%) whilst the commercial sector (retail and wholesale) received 138 (33,2%). Of the remaining sectors, property investment was the largest, with 37 authorizations (8,92%).

As for new businesses per sector 46,2% are in the service sector, whilst 34,4% are in the commercial sector (wholesale and retail) and 5,4% are in manufacturing, implementation and production.