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Good morning ladies and gentlemen,
It is a real pleasure for me to be with you here today. It is also an honour to share
with you some remarks in order to open these sessions of Spain Investors Day in its third
edition, an event which has become a major venue for fostering meetings between the world's
foremost investors and our country's leading corporations. As well as congratulating the
organisers and promoters of this initiative, I would also like to warmly welcome all of
the participants. I strongly wish that over the next couple
of days all of you attending this event will be enthused by a positive and promising outlook
of our country's future economic and financial prospects. Nobody, here in the country nor
out in the global market, can ignore the hardships and difficulties that the Spanish economy
has undergone in the last few years, and the tough conditions that still so many people
--so many families- are suffering. Companies have also suffered the darn consequences of
this crisis. Most of you here come from large corporations, but think of what has happened
to so many small & medium sized ones...not a pretty story.
But I won't drag you through this any further, because we've heard it, seen it, suffered
it and complained about it for far too long. We all know that it is not over yet, but change
is indeed happening and reforms are effectively being put into place: our financial system
is doing an enormous effort to move onto the right tracks, government at all levels and
the public sector is indeed downsizing and squeezing their ability to be more efficient...and
so on. As a whole, allow me to say, we are substantially
addressing the problems, the needs for transformation in our economy. It is, of course, a huge task;
a delicate one too; one that needs the participation of all our society and institutions, both
public and private. There is much to be done. But the future is within our hands if we put
our minds and our hearts, our talent and our will, to do a better job, to regain self confidence,
to reach out and regain also the support and confidence of so many eager investors that
know very well what the real Spain is about, what we are able to achieve and how we have
demonstrated success in our recent history. The goal of the meetings and presentations
which will be held here today and tomorrow is to put a spotlight on the opportunities
that Spain currently offers, at the highest level, as an attractive investment destination.
In spite of global uncertainty, international investment flows have recovered, even topping
pre-crisis levels, showing that globalisation is a phenomenon that continues to grow, and
to open up opportunities in each of our economies for an improved use of resources.
In this sense, I imagine we all concur that global investment allows companies to internationalise
in a more lasting and sustainable way by maximising their returns and their economic efficiency.
Clearly it favours the development of new markets, while generating qualified jobs and
promoting the transfer of knowledge incorporated into the production structure. For all of
these reasons, investment is a vehicle that enables sustained growth and improved competitiveness.
Our economy faces complicated times, but which also open up major investment opportunities.
The significant effort that is being made will enable us to correct the imbalances accumulated
during previous growth cycles. In this context, the competitiveness of our production structure
is growing, helping to lay the foundations for recovery in economic growth and job creation.
This rising competitiveness and the diversification of our exports are behind our positive trade
balance, contributing to correct the external current account deficit.
Spain has strengths that make it a priority investment destination, especially in these
times, when we begin to see prospects of improvement. The Spanish market is one-quarter of the entire
Euro Zone, with 47 million consumers, receiving more than 57 million tourists annually, and
which has access to nearly 1.3 billion consumers due to its prime geographic location and special
historical and cultural ties with so many countries around the globe.
The heavy investments made in recent decades have enabled us to develop world-class infrastructures.
Our motorway system and high-speed train network are the most extensive in Europe, and we also
have a major network of ports and airports, which receive more than 200 million passengers
a year. Our telecommunications are first-rate, and
also continue to expand, with a mobile phone penetration now topping 120 lines per 100
inhabitants, and with a growth in mobile broad-band subscriptions that places Spain at the top
of the rankings, both in mobile internet quality and in access capacity.
Spain is home to global leaders in these areas, and many of them are participating in this
event. Seven of the world's top ten infrastructure companies are Spanish. In the energy sector,
we have companies that are leading operators in Latin America, and leaders in the renewable
energy sector on a worldwide scale. Spain's air navigation systems are used in three out
of every five flights on the planet. A Spanish enterprise is the number-one international
fashion retailer. Two of the world's top banks are from Spain, and two companies from our
country are among the leading insurers in their respective markets.
One of the reasons for these enterprises' success abroad is the high quality of their
human capital. Spain ranks high in human resources with higher education in the scientific and
technical fields. But we should not forget that around 80% of
Spain's private business sector is composed of small & medium sized enterprises. Many
of these also offer a new, interesting and attractive focal point for innovative investment.
It is important to note that we are seeing a new generation of young entrepreneurs, full
of ideas, talent and courage that need our support --your support- to have a proper
chance to prosper, to bring people back into having a proper job and to contribute to the
general recovery. In fact, investor confidence in Spain's economy,
despite our recent difficulties, explains why it ranks 9th worldwide in foreign investment
stock, with an annual average of more than 29.22 billion Euros in the past five years.
More than 12,800 foreign enterprises are established in our country, including
the top multinationals. For all of these reasons, we believe that
now is the best time to take advantage of the investment opportunities that are opening
up in
a country which has been able to successfully recover from previous crises, and which is
taking measures to get back on to the path of growth and stable job creation in sectors
offering the highest potential. I would like to end these remarks by conveying
my best wishes to
all of the participants, once again congratulating the promoters of this event.
I hereby declare open the 3rd edition of Spain Investors Day.
Thank you very much. �