swot analysys & strategy plan: facing the global crisis
TRANSCRIPT
SWOT Analysys & Strategy Plan:Facing the global crisis
Oscar ÁlvarezEconomic Intelligence DirectorEconomic Intelligence Director
Amman, 14 January 2010
C t tContents
1.- Spain SWOT analysis and development strategy
2.- FDI SWOT analysis & Invest in Spain Strategy Plan
3.- Looking ahead3. Looking ahead
2
1. Spain SWOT analysis and d ldevelopment strategy
3
The importance of Spain in the world’s economy
• Spain has experienced sustainedRank Country
GDP, current prices. U.S. dollars (Billions) 2007
1 United States 13.808 2 J 4 382 positive growth over the last 15
years.
2 Japan 4.382 3 Germany 3.321 4 China 3.280 5 United Kingdom 2.804 6 France 2.594 7 Italy 2.105
• Spanish is the world’s eight-largesteconomy.
7 Italy 2.105 8 Spain 1.440 9 Canada 1.436
10 Brazil 1.314 11 Russia 1.290 12 India 1.101 13 1 023
Source: IMF
13 Mexico 1.023 14 Australia 909
GDP per capita in PPP terms (EU-25 index = 100)
103105
GDP per capita in PPP terms (EU-25 index = 100)
103105
• Over the last decade, the Spanisheconomy has systematically grownabove the Euro Area average, withnoticeable effects in terms of per93,9
98,8100,9
103
97,196,996,395
100
EU-25
93,9
98,8100,9
103
97,196,996,395
100
EU-25
noticeable effects in terms of percapita GDP convergence.89,1
93,091,991,0
85
90SPAIN
So rce E rostat
89,1
93,091,991,0
85
90SPAIN
So rce E rostat
4
801997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Source: Eurostat
801997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Source: Eurostat
The macroeconomic scenario: Crisis and recovery
Table 3MACROECONOMIC PROSPECTS
Chained volume indices: 2000= 100, unless otherwise indicated
1 Real GDP 3 7 1 2 -1 6 1 2 2 6
2007 (A)
2008 (F)
2009 (F)
2010 (F)
2011 (F)
Rate of change (%)
1. Real GDP 3,7 1,2 -1,6 1,2 2,6
2. Nominal GDP. Billion euro 7,0 4,7 0,0 3,3 5,0
3. Domestic private final consumptionexpenditure (*) 3,5 0,5 -1,5 0,7 1,3
4. Public administrations final consumption expenditure
4,9 5,1 2,1 1,5 1,7
expenditure
5. Gross fixed capital formation 5,3 -1,8 -9,3 -1,2 4,4
6. Changes in inventories (% of GDP) 0,2 0,2 0,2 0,2 0,2
7. Exports of goods and services 4,9 2,9 0,3 3,6 4,6
8. Imports of goods and services 6,2 0,6 -4,6 0,4 3,0
9. Final domestic demand 4,5 0,7 -3,2 0,4 2,2
10. Changes in inventories -0,1 0,0 0,0 0,0 0,0
11. External balance -0,8 0,6 1,6 0,9 0,4
(*) Includes households and NPISH (non-profit institutions serving households)
(A) Advance. (F) Forecast( ) ( )
Source: INE and Ministry of Economy and Finance.
• The main inputs for recovery in 2010: Return to normalcy in international financial markets
5
The main inputs for recovery in 2010: Return to normalcy in international financial marketsand ensuing improvement in general confidence and international trade push upconsumption, investment and net exports.
Vulnerabilities (1): An Over-sized residential construction sector
Housing investment in Spain as %GDP (1996-2008)
8,0
Housing investment and employment(annual growth rate)
20,0
4 5
5,0
5,5
6,0
6,5
7,0
7,5Spain
Euro zone (2008)
5 0
0,0
5,0
10,0
15,0
20,0
I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV
3,0
3,5
4,0
4,5
I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV I II IIIIV
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008‐25,0
‐20,0
‐15,0
‐10,0
‐5,01997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Inv. Vivienda Ocupados
Housing sector as %GDP by country
2007 2008 IV q 2008Variation pp.
(IVq 2008 ‐IVq 2007)
Spain* 7,5 6,6 6,0 ‐1,75Euro area 5,7 5,5 5,3 ‐0,36France 5,6 5,6 5,5 ‐0,18Germany 5,5 5,4 5,4 0,03Italy 4,8 4,8 4,8 ‐0,09y , , , ,United Kingdom 3,3 3,0 2,9 ‐0,35* Spain variation: Iq 2009‐IV q2007
6
The decline in the housing sector started in 2006. The international financial crisis turned into a moresevere process what could have been a smooth adjustment.
Vulnerabilities (2): A highly indebted economy…
Investment composition
30 0
Other products Housing Other construction Equipment goods
32National investment (m.a.4, %PIB) National savings (m.a.4 %PIB)
20,0
25,0
30,0
24
26
28
30
current account balance
5,0
10,0
15,0
18
20
22
24
Spain has had high investment rates for the last 10 Capital-per-worker ratio
0,0
2000 2001 2002 2003 2004 2005 2006 2007 2008
I II III IV I II III IV I II III IV I
2006 2007 2008 2009
Spain has had high investment rates for the last 10years. This was not focused exclusively on thehousing sector (e.g. investment in equipmentgoods was greater)
Capital-per-worker ratio
The large immigrant inflows spurred a rise in thecapital endowment (4 millions between 2000 and2007), so as to maintain the capital-per-worker
7
ratio.
Vulnerabilities (3): One of Europe's most opened economies
Openness index
economies …
I t (% GDP)
World exports
40,00
50,00
Importaciones (%PIB)
Exportaciones (%PIB)
Imports (% GDP)Exports (% GDP)
10,0
20,0
30,0
40,0
20,00
30,00
‐30,0
‐20,0
‐10,0
0,0
World exportsIndustrial countries
0,00
10,00
España Alemania Francia Italia Reino Unido EEUU JaponSpain Germany France Italy UK US Japan‐60,0
‐50,0
‐40,0
e f m a mjn jl a s o n d e f m a mjn jl a s o n d e f m a mjn jl a s o n d e f m
Industrial countriesOther countries
E t till ff i f th l b l i d h d li d 19% hi h h ff t d
2006 2007 2008 2009
Exports are still suffering from the global recession and have declined 19%, which has affectedgoods (-20.5%) and services (-15.9). On the other hand, imports of goods and services decrease22.3%
8
Some bold steps to fight the current crisis: The Plan-E
• Orientation #1. Supporting households:• A €14,000M fiscal stimulus package over in 2008-2009.
A t l f t t ti l d f l f l d• A two-year plan of mortgage payment partial deferrals for unemployed.
• Orientation #2. Supporting firms:• Tax reductions bonuses and deferrals expected to increase firms’ liquidity by €17 000M• Tax reductions, bonuses and deferrals expected to increase firms liquidity by €17,000M.• A special plan of government-sponsored credit facilities for SMEs endowed with
€29,000M.
• Orientation #3. Supporting employment:• Special investment fund for local entities and special fund for employment and economic
ti ti b d t d t €11 000M ill t 300 000 j breactivation, budgeted at €11,000M, will create some 300,000 new jobs.• Special additional allocation in the Central Government Budget, (€33,000M in 2009) to
boost public investment.
• Orientation #4. Supporting the financial sector:• Public-guarantees scheme for new bank-debt issues (up to €200,000M ), special fund for
9
high-quality bank-assets purchases (up to €50,000M), deposit guarantee fund has beenraised to €100,000.
Spanish financial sector is facing the crisis from a sound starting positiong p
• Spanish bank’s capital ratios remain strong.9%
10%
Bank capital (% of total assets, 2007)
3%
4%
5%
6%
7%
8%
• A retail-banking model together with a
0%
1%
2%
Italy
Spa
in
Irela
nd
U.K
.
Fran
ce
Sw
itzer
land
Ben
elux
Ger
man
y
Ssound regulatory and supervisoryframework play in favour of high solvencyratios.
S
Accumulated market-value loss (from 1/1/2008 to 27/1/2009)
Source: Bloomberg
-10%0%
Spa
in
Italy
Sw
itzer
land
U.K
.
Por
tuga
l
Nor
dics
Fran
ce
Gre
ece
Ger
man
y
Ben
elux
Irela
nd
• Market-value losses suffered by Spanishbanks remain the lowest in Europe.
-70%-60%-50%-40%-30%-20%
10
-100%-90%-80%
Source: Bloomberg
Rigorous fiscal policy over the booming years pays now:A comfortable margin for countercyclical fiscal policies
Public Debt (% GDP)Public Debt (% GDP)
802008
50
60
70%
GDP
2009
2010
20
30
40
y
%
Source: European Commission, Jan. 2009Source: European Commission, Jan. 2009
Finl
and
Spa
in
Irela
nd
U.K
.
Net
herla
nds
Aus
tria
U.S
.
Ger
man
y
Fran
ce
• Debt/GDP ratio among the lowest in advanced economies.
• Countercyclical policies over the recession will only have a limited impact on such ratio. As aresult, expected debt/GDP ratio in 2010 remains well below EU average.
11
Spain is a large player in international capital and trade markets
• In spite of the increasing degree ofinternational competition and the
Share of exports of goods and services in world trade (2001-2007, % increase)
Main goods exporters (market share 2007)
120.0
Main services exporters (market share 2007)
120.0
very high pressure from domesticdemand over the last years,Spanish services exporters havei d th i ld h i th
60.0
80.0
100.0
(200
1 =
100)
60.0
80.0
100.0
(200
1 =
100)
increased their world share in theinternational markets.
• The loss in goods markets share0.0
20.0
40.0
NL
rmany
elgium
Spain Italy
Japan
FranceCan
ada US UK
Inde
x
0.0
20.0
40.0
rmany
Spain UKBelgiu
n
Japan Italy NL US
Canada
France
Inde
x
The loss in goods markets shareis smaller than in most advancedeconomies .Source: WTO
Germ Belg S J Fr Ca
Germ S Be J Ca FrForeign Direct Investment Inflows
• The Spanish economy is an
Rank 2008
Country2007
(MM euro)2008e
(MM euros)growth %
1 U.S. 232,8 220 -5,5
2 China (China+HK) 143,4 153,1 6,8
3 France 158 114,3 -27,6
4 U K 224 109 4 51 1 • The Spanish economy is anattractive destination for foreigndirect investment.
4 U.K. 224 109,4 -51,1
5 Russia 52,5 61,7 17,6
6 Spain 53,4 57,3 7,3
7 Brazil 34,6 41,7 20,6
8 India 23 36,7 59,9
9 Sweden 21 36,5 74,3
12
Source. UNCTAD. 2008 estimated
, ,
10 Holland 99,4 29,5 -70,4
Spanish firms are in leading positions in the world markets with highest potential for growth
• Infrastructures provision and management: There are six Spanish firms in the world’s top-ten, with a 40% world market share in the transportation subsector.
• Sustainable development and renewables: Both the world’s number one wind farm operatorand the second largest wind turbine producers are Spanish. One of the top five European solarcell producers is Spanish Also Spanish firms are world leaders in desalinization technologycell producers is Spanish. Also, Spanish firms are world leaders in desalinization technology.
• Information and communication: The third-largest provider of telephone services by customerInformation and communication: The third largest provider of telephone services, by customerbase, is Spanish. Also, the second-largest European IT corporation, by market value, isSpanish.
• Banking sector: The first and third largest banks, by market capitalization, in the euro area areSpanish.
• Other sectors: Several Spanish firms rank in top positions in some traditional sectors includingOther sectors: Several Spanish firms rank in top positions in some traditional sectors, includingtourism services in which Spain is the second most visited destination in the world, componentsfor vehicles, textile industry, ceramic tiles and agricultural-food industries.
13
• Latin-America: Spanish firms are the second-largest investors and the largest investors in thisregion’s financial sector.
Looking into the future (I):It is not all about construction
Sectoral contribution to GDP growth (2003-2008, accumulated)
• Growth over the last business cyclehas been largely driven by the
14%
18%
14%
18%Industry
Construction
has been largely driven by theservices sector.
6%
10%
6%
10%Services
Agriculture
GDP
-2%
2%
03 04 05 06 07 08-2%
2%
• How will the Spanish economy will look like after this crisis? Some interesting clues: T t l l t f ll b 3 6% i D b 2008 t it b 11 7% i th R&D t 9 4% i- Total employment fell by 3.6% in December 2008, yet it rose by 11.7% in the R&D sector, 9.4% in environment-protection activities, 7.4% in health services, 5.1% in ITs, 3.7% in education and 2.5% in communication technologies.
- Total manufacturing production fell by 4.8% over the period Jan-Oct 2008. But, some sub-sectors ith hi h t h l i l t t h d iti f ith 4 5% i f th i
14
with a high technological content showed a positive performance with a 4.5% increase of their production.
Looking into the future (II):An ambitious economic-reforms program is underway
• The Spanish government is fully determined to implement a number of structural reforms aimed at furtherpromoting the efficiency and competitiveness of the Spanish economy:
Transpose of the EU Services Directive to enhance competition and reduce inflation: more than7,000 regulations will be affected with direct impact on potential GDP (+1,2%) and inflationdifferential with EMU (-0,5 pp).
New legislation on energy efficiency and renewable energy complemented with an exhaustiveplan to reduce energy consumption and to increase the weight of renewable energy up to 40% oft t l l t i it d ti i 2020total electricity production in 2020.
A plan of action to reduce administrative burdens on business with a goal of a 30% red tapereduction by 2012.
• Banking sector: The first and third largest banks, by market capitalization, in the euro area areSpanish.
reduction by 2012.
A plan to promote the residential rental market through reforms of the Civil Justice Law, UrbanRental Law and authorization for REITS. Also, special effort is being devoted to refurbishment-related activities, including tax improvements and a RENOVE plan for buildings and touristfacilities.
An integral program to increase competitiveness and efficiency in transport networks: New
15
An integral program to increase competitiveness and efficiency in transport networks: NewPorts Act, partial privatization of airports management, intensification in the use of rail freight.
Looking into the future (III):Long-run growth fundamentals remain solid
• Spain’s funding needs over the lastyears have been devoted to sustainhistorical high rates of investment
Investment in equipment (average growth, 1995-2008, %)
810
Investment in equipment (average growth, 1995-2008, %)
8108
10
historical high rates of investmentin equipment.
• The country’s degree of0246
0246
0246
capitalisation is now deeper thanever.
• Working age population in Spain is
0 Germ
any
Netherland
Finland
Austria
EU
-15
Denm
ark
UK
Italy
France
Spain
0 Germ
any
Netherland
Finland
Austria
EU
-15
Denm
ark
UK
Italy
France
Spain
0 Germ
any
Netherland
Finland
Austria
EU
-15
Denm
ark
UK
Italy
France
Spain
• Working-age population in Spain iswell above other European countries.
• High potential for further increases in
s
Source: Eurostat
ss
Source: Eurostat
Working-age population (15-64 y-o; % total po.)
Female participation in labor force (% of total female po.)
• High potential for further increases inworking population since femaleparticipation is still relatively low.
67
68
69
70
50
55
60
65
63
64
65
66
30
35
40
45
Spain EU-15 • Consistently, potential GDP growthis estimated in the range 2 5 – 3%
16
63
SpainIre
land NLEU27 Greece
Germany UK
ItalyBelg
iumFrance
301997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
Source: European Commission
is estimated in the range 2,5 – 3%.
2. FDI SWOT Analysis & Invest in Spain Strategy Plan
17
SWOT ANALYSISWEAKNESSES THREATSWEAKNESSES THREATS
■ Low productivity of the work factor, which affects unitary labourcosts.
■ Insufficient Total Productivity of the Factors■ Low competitiveness-price of Spanish companies because of the
inflation differential
■ Relocation of manufacturing sectors■ Intense international competition in capturing investments.■ Evermore competitive developing countries in the provision of value-
added services.■ Poor definition and confusion regarding the Administration’s policies
■ Impositions on companies that exceeds the EU-15 Average in med-term.
■ Weakness of the Spain-Brand■ R&D spend per GDP below EU-15 average and loss of innovations
indicator positions.■ Rigidity of the labour market
■ Poor definition and confusion regarding the Administration s policies that affect the investor
■ Slowness in adapting to changes in trends that influence foreign investment (costs, relocation, outsourcing)
■ Insufficient collaboration Universities-companies■ Fragmented image overseas across 17 regions■ Excessive bureaucracy in all of the establishment process due to the
diversification of intermediaries (State, regions, local)■ Long bureaucratic dealings to obtain visas for non-EU citizens
STRENGTHS OPPORTUNITIESSTRENGTHS OPPORTUNITIES
■ Growth of GDP and GDP percentage above European average■ Growth of population and employment rate above European
average.■ Political and economic stability. Minimum risk-country■ Natural Resources: sea coasts sun wind
■ Existence of international flows of investment in functions andsectors in which Spain is competitive
■ Platform for accessing the Latin American and North African markets■ Cultural proximity to Arab countries■ Public support for R&D above the EU-15 average■ Natural Resources: sea, coasts, sun, wind
■ Geo-strategic position with Latin America and Northern Africa■ Spanish language■ Qualified labour at a competitive price■ Fiscal pressure below the EU 15 average■ Attractive fiscal regime for FSHCs.
Positive image: people climate quality of life
■ Public support for R&D above the EU-15 average■ Creativity and dynamism of companies■ Collective of foreign retirees with a high purchasing power■ Size and growth of the purchasing power of the collective of
immigrants■ Deregulation of markets (transport and TDT)■ Existence of a network of SMEs with technological capabilities
18
■ Positive image: people, climate, quality of life■ Quality of life
■ Existence of a network of SMEs with technological capabilities.■ Capturing of risk capital funds■ Judicial security in the matter of intellectual copyright■ Excellent research centres
STRATEGY PLAN
Scope & Objectives
To analyze the competitive position of Spain as an FDI recipient (SWOTAnalysis)Analysis).
To define a strategy that develops a proactive policy to attract and promote To define a strategy that develops a proactive policy to attract and promoteinvestment (prioritizing sectors, markets, target groups, and so forth).
To define the Invest in Spain model and its positioning.
Determine Invest in Spain’ Plans for the period 2008 – 2010.
STRATEGY PLAN 2008-2010
Attracting FDI
Identify & attract foreign investment that creates
Provide high added value services to foreign investors already established in Spain
Maintenance & Reinvestment
investment that creates employment and wealth
y p(maintaining and fostering their activities).
Promote the image of Spain as
Image of Spain
Establishing a friendly business environment in
Business Environment
Promote the image of Spain as an attractive FDI destination
Spain by addressing all the factors that positively influence FDI inflows into Spain
Plan stratégique2006-2009
COOPERATION WITH REGIONAL IPAs
… other public or private institutions that could be Spanish or from somewhere else.
STRATEGY PLAN
Attracting FDI Imagen de EspañaMaintenance & Reinvestment
Image of Spain Business Environment
STRATEGY PLAN
Regions Regions RegionsRegions
The regions are invited to participate in all our activities and Plans.
Invest in Spain works under the principles of NEUTRALITY and TRANSPARENCY with the regions and p p p gfor that reason we have developed an internal online tool (INTERACTU@) which allows us to manage all the relations with the regions:
• All the projects that Invest in Spain receives are published through INTERACTU@ in order to make it possible for the Regions to present their offers.
• We can track the projects during all their phases (from the consultation itself to the investment, reinvestment or even disinvestment) and also have knowledge of all the operational costsrelated to them.
• This enables us to manage all our events and the participation of the interested regions.
• All our data bases and relevant reports are distributed through this tool and hence are at the disposal of all the regions.
FILTERS USED TO IDENTIFY STRATEGIC SECTORS/ACTIVITIES (I)
Filter 2 Filter 3Filter 1
/ ( )
Relevance of the sector to international FDI
* Current
Quality of the investment
* Technology
Importance to Spain
* GDP Current Worldwide FDI flows relating to each sector* Future forecasts for worldwide FDI
Technology transfer and know-how* Quality of employment* V l tilit f
GDP* Current FDI in Spain* Perspectives for growth
for worldwide FDI flows
* Volatility of investments* Business for local companies* Increase in exports
25
FILTERS USED TO IDENTIFY STRATEGIC SECTORS/ACTIVITIES (II)
Filter 5 Filter 6Filter 4
/ ( )
Filter 5Opportunities per sub-sector within pre-selected sectors
Filter 6Invest in Spain’s power to act
Filter 4Attractiveness of Spain for different types of investment
* Structuring by sub-sectors and identification of specific
* Prioritisation* Infrastructure* Workforce* Market* Economy specific
opportunities on the basis of interviews with sectorial experts
Economy* Labour related* Fiscal* Subsidies* Land* C lt* Culture* R&D* Regulation* Stability
26
STRATEGIC SECTORS/ACTIVITIES
FunctionsSectors
Group 1
ICT Energy (renewable a priority) Healthcare and pharmaceuticals,
biotechnology
Headquarters R&D
Environment
Aeronautical Automotive Logistics Agro-alimentary Industry Tourism (maintenance) Real estate (economic activities)
Group 2 Shared service centres (Contact Centres,
others)
( )
Top 100 investment companies abroadRest Top 100 investment companies abroad
On the basis of these sectors Invest in Spain analyses the specific business opportunities in accordance with the following example
RENEWABLE ENERGIES (Example)
On the basis of these sectors,, Invest in Spain analyses the specific business opportunities in accordance with the following example
Components (multiplier boxes, bearings)
Wind Energy
Used to generate energy Energetic cultivation
Manufacturing and operation of equipment (new building codes)
Solar thermal
Wave / tidal and currentsMarine energiesg
Bio-fuels (Biodiesel technology) Methods of Biomass combustion
Biomassenergies
Biogas (operation) Masking use of hydro-electrics
(operation)Others
Manufacturing of silicon waffles Development of silicon substitutes
Solar/photo-voltaic
Technologies for the production, storage, distribution and usage of hydrogen (Fuel batteries and combustion engines
Hydrogen
DEFINITION & PRIORITISATION OF MARKETS
Invest in Spain has a specific commercial network that specialises in seeking investment projects that support the SpanishTrade Offices network abroad. Different factors have been taken into account for the selection of priority markets:
1 Th t f FDI1. The recent cross of FDIstock/flow in Spain (countrieswith the greatest presence instocks and which are relevant torecent flows in investmentsectors)sectors).
2. The greater role being taken bysome emerging countries inissuing FDI.
3 The relative presence of3. The relative presence ofinternational agencies identifiedwith improved practices.
It is aimed to have 20 branches in17 countries, prioritised into fourgroups.
More than one branch in U.S.A. and China, due to their size.
The list of priority markets is reviewed on an annual basis, bearing in mind our target sectors.
3. Looking ahead
Looking Ahead(1): The challenge of changing the productive structure
In this new period special emphasis should be placed on the idea that growth
productive structure
In this new period, special emphasis should be placed on the idea that growthmust be sustainable over the long term in at least three dimensions:
• A model based on innovation in the broad sense so as to successfully• A model based on innovation in the broad sense so as to successfullyaddress the phenomenon of globalisation.
• An environmentally-sustainable low-carbon model so as to successfullydd th h ll f li t haddress the challenge of climate change.
• A socially-sustainable model that responds successfully to the challengeof ageing while guaranteeing quality full employment, equal opportunities,and social cohesion.
To achieve this, once the international financial crisis is over, the constructionsector (labour-intensive) must be replaced by a different sector (more intensive inhuman, technological and capital intensive)
31
Looking ahead (2): Sectors that will lead the future model
Some sectors (social and health, technology and green) are currently growing, even though we are facing the worst crisis in the last 60 years.
13 37617.829
24.06870.052
EducaciónActividades sanitarias
Administración Pública y defensa; Seguridad Soc. oblig.Actividades de servicios sociales sin alojamiento
9.4419.6059.72711.158
12.82913.376
Fabricación de productos informáticos, electró. ópticosActividades administrativas de oficina y activ. Aux. empresas
Asistencia en establecimientos residencialesProgramación, consultoría y otras activ. , InformáticasOtras actividades profesionales, científicas y técnicas
Educación
1 0751.750
3.9065.717
7.5138.862
Actividades auxiliares a los servicios financieros y segurSilvicultura y explotación forestal
Servicios de informaciónInvestigación y desarrolloServicios de alojamiento
Fabricación de material y equipo eléctrico
2082525846167651.075
Recogida y tratamiento de aguas residualesActividades de organizaciones y organ. Extraterritoriales
Actividades veterinariasActividades postales y de correos
Actividades de los hogares como empleadoActividades auxiliares a los servicios financieros y segur.
236124141
0 10.000 20.000 30.000 40.000 50.000 60.000 70.000 80.000
Extracción de crudo de petróleo y gas naturalActividades de apoyo a las industrias extractivas
Actividades de descontaminación y otrosExtracción de minerales metálicos
32
Looking Ahead (3): Changing the productive structure requires a consensus among all agents
Changing an economic structure is a long and costly process that requires
requires a consensus among all agents
Changing an economic structure is a long and costly process, that requiressignificant adjustments, and must be supported by all parties: Social Dialogue,Parliament and Regional Governments.
The first step in this direction was the set of policies announced by theGovernment :
• Elimination of the mortgage tax deduction (with an exemption for those if anincome below a certain level).
• Creation of a 5.000 million Euro fund to finance projects consistent with thedesired productive structure.
• Creation of a new 20.000 Euro ICO credit line to support private investmentin sectors that are a priority in the new model.
33
Thank you for your attention.