The Exporters and Investors Club appreciates a huge business potential for Spanish companies in Africa and calls on the Government to adopt a strategy that enhances the economic and commercial relations of our country with the neighboring continent.
The president of the Club of Exporters, Antonio Bonet, who has participated today in a round table within the framework of the IMEX Madrid fair, said: “The African continent is a very attractive market for Spanish companies. It has an extraordinary potential for economic and demographic growth, it is a market close to Spain, and in which we have a good image of the country “. In addition, he highlighted that it offers interesting opportunities in key sectors of the Spanish economy, such as infrastructure, energy or agro-industry.
In view of these opportunities, the President of the Club of Exporters has urged the Government to accelerate the approval of the new Africa Plan (in which the Ministry of Foreign Affairs and Cooperation currently works) to improve the Spanish business presence in the region, especially in the sub-Saharan area.
In this regard, Antonio Bonet recalled that merchandise exports to Africa represent 6.4% of total Spanish exports, and that our country’s investment in the continent represents less than 1% of the total investment of Spain in the world.
The Exporters and Investors Club, aware of the opportunities that the African market represents for Spanish companies, has recently created a working group on Africa. This group has presented to the Ministry of Foreign Affairs a battery of proposals for the Africa Plan. In particular, the Exporters Club has proposed to intensify bilateral relations between Spain and African countries, strengthen the external network of political and commercial diplomacy and increase Spanish representation in international organizations related to Africa.
Other recommendations of the Exporters Club include improving the institutional framework for commercial relations (double taxation agreements and investment protection agreements), the promotion of financing mechanisms and greater flexibility in relation to export risk coverage. .
Merchandise exports to Africa represent 6.4% of total Spanish exports. Between January and November 2017, exports amounted to 16,227 million euros, an increase of 10% over the same period of the previous year. 67% of sales are concentrated in Morocco, Algeria and Egypt.
With respect to Spanish investment in Africa, this represents some 4400 million euros, that is, 0.93% of total Spanish investment in the world. 60% of the investment is also located in Morocco, Algeria and Egypt.