Image via WikipediaAmbassador Alan D. Solomont, our U.S. ambassador to Spain has taken to the Huffington Post to tout our economic relationship with Spain writing that “Unbeknownst to many, Spain is the second fastest growing source of foreign direct investment in our country, second only to Singapore.” He also took pains to point out that Spanish direct investments in the U.S. supports an estimated 69,000 American jobs.
Among the most important connection between the United States and Spain is our economic relationship. Spain is the sixth largest economy in Europe, with 12% of Europe’s GDP, and also the 11th largest investor in the U.S. Unbeknownst to many, Spain is the second fastest growing source of foreign direct investment in our country, second only to Singapore.
Over the last three years, direct investment by Spanish companies in the United States increased from $12,000 million to $47,500 million supporting an estimated 69,000 jobs and that number has only increased. But that is only a drop in the bucket compared to 2.3 million Spanish-speaking-owned businesses that generated almost $350,000 million in sales last year and employed a quarter of a million workers. These businesses represent a potential bridge into the U.S. market, but the biggest Spanish-speaking companies in the U.S. produce and export goods only to Latin America. I would like to see them turn their eyes to Spain, both as a market and potential partner for expansion.
The United States business presence in Spain is strong as well. Over 650 U. S. firms in Spain employ more than 300,000 workers, and these firms alone represent seven percent of Spain’s GDP. But I think we can use our historical ties to leverage the Spanish-speaking community in the United States to do even better.
Continue reading, Historic Ties and Tools for the Future.