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Nadia Calviño, First Vice-Pre-
sident and Minister for the Eco-
nomy and Digitalisation affir-
med, during the second session
of SID, the government hopes to
have their labour reforms appro-
ved by Congress at the beginning
of February. “The labour market
reforms are key reforms following
the recommendations of a host of
international institutions and af-
ter years of lobbying. The chan-
ges meet the expectations of the
Spanish people and should im-
prove job quality”. The Minister
highlighted that, “it is a balanced
and forward-looking package of
reforms”.
From inside the building, the
Minister conveyed to waiting
journalists her confidence that
the vote would go ahead without
much opposition, because, “it
would be very difficult to imagine
losing a vote wherein every single
line item had already been agreed
with our coalition partners”.
In addition, she indicated that,
“thanks to the confidence of in-
ternational investors, the avera-
ge cost of funds on new opportu-
nities was negative for the first
time in history, at -0,04%. Debt
on more than 60% of such tran-
sactions was issued at negative
rates, and this has allowed for a
reduction of the average cost of
debt by  1,64% of GDP”.
On the 13th of January. Pedro
Sánchez, President of the Gover-
nment, presided over the  closing
ceremony of the  twelfth edition
of Spain Investors Day. During
his speech, the President encou-
raged foreign investors to invest
in Spain during this “historic pro-
cess” of transformation the coun-
try is undergoing, thanks to the
impact of Next Generation fun-
ding coming from the European
Union: “There has never been a
better time to invest in Spain as
now ,” he said.
In his opinion, the Next Genera-
tion funds have been the greatest
achievement in European integra-
tion this century. Delivering debt
mutualisation of different mem-
ber states. “The volume of invest-
ment that Spain shall receive in
these coming years should  repre-
sent some 93% of the entire struc-
tural funding that Spain received
between 1986 and 2020”.
Along with this mobilisation of
investment, thanks to 140 billion
euros the Government will re-
quest before June 2023 (70 billion
in cash and 70 billion in loans),
the Government has a reforming
agenda which it intends to extend
into all areas of the economy. “We
want to encourage and facilitate
to the maximum public-private
initiatives in the expenditure  of
these funds”. To do this, it will be
essential to comply with standing
laws and with PERTES, a.k.a.
Strategic Projects for Economic
Recovery and Transformation .
Pedro Sánchez sought to convey
to investors the commitment of
the Government to  ecological
and energy transitioning, as well
as the reindustrialisation of the
economy and the promotion of
digitalisation. He remarked once
more, “The European funds form
the basis of the new great econo-
mic modernisation of Spain”.
Continue in page 2
:
Pablo Hernández de Cos, the Governor of the Bank of Spain:
“The official, revised numbers on GDP growth by the INE shall 
force the Bank of Spain to modify its growth estimate; subject
to no new statistics showing  only a “slight upward revision” of
the 2021 and 2022 forecasts.
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Rodrigo Buenaventura, President of the CNMV: “Stock
markets have become one of the key markers  for modern
economies and should continue  as such.They are one of
the main drivers of the recovery and transformation of the
economy and they promote digitalisation, no doubt requiring
significant investment”.
The 44 companies participating in the SID
“The European funds are
the basis of a new great
economic modernisation of
Spain”
“Laying the foundations
for sustainable growth”
José Manuel Albares, José Manuel
Albares, Minister of Foreign Affairs, and
Cooperation with the European Union
Continue in page 2
The Spanish Minister of Foreign
Affairs and of Cooperation with
the European Union, José Ma-
nuel Albares, said during his in-
terview that, “The foundations
for sustainable growth are ex-
tant, not only from an economic
point of view but environmental
and social too. Encompassing
four key transformations- ecolo-
gical, digital, gender equality and
social and territorial cohesion”.
His speech served to underpin
the apparent strength of the Spa-
nish economy and to reinforce
Spain as the ideal location for fo-
reign direct investment.
“The Government is
strong and united in
favour of recovery”
Continue in page 3
The Minister of Industry, Trade and
Tourism, Reyes Maroto presided
over the XII edition of Spain Inves-
tors Day (SID). Opening the event
was Cecilia Bonet, President of BNP
Paribas in Spain. In her speech, Re-
yes Maroto observed, “at this time,
Spain is offering investors confiden-
ce, security, and certainty because
we have a countrywide project, cou-
pled with a recovery plan that will
activate 140 billion Euros in agreed
loans from 2021 until 2026”.
Reyes Maroto, Minister of Industry,
Trade and Tourism
Xiana Margarida Méndez, Secretary of
State for Trade and President of ICEX
Continue in page 2
The Secretary of State for Trade and
President of ICEX, Xiana Margari-
da Méndez, participated in the first
day closing of SID, expressing her
gratitude, “to all the companies at-
tending, especially to those that are
coming from abroad in these very
challenging times”. In her opinion,
the effort is worth it because Spain
Investors Day, “is a unique opportu-
nity to bring together a vibrant and
important part of the Spanish eco-
nomy”.
“In Spain we are clearly starting to
see a steady recovery trend,” she
assured us. “Spanish exports are
recovering. From January to Oc-
tober 2021 our exports have grown
by 21.1%, compared to the same pe-
riod in 2020”. And so for that positi-
ve trend to continue, “investors are 
more necessary than ever”.
“Spain recovers
steadily, with record
exports”
“Spain is and shall continue to be a very
attractive location for international investment”
Pedro Sánchez, the President of the Government
“Labour market reforms are key, after
pressure from international institutions”
Nadia Calviño, First Vice-President and Spain’s Minister for the Economy and Digitalisation
Pedro Sánchez speaks to attendees at the closing ceremony.
Nadia Calviño spoke with investors and answered their questions on the second day.
Third Vice-President of the Government of
Spain and Minister for Ecological Change
and Population, Teresa Ribera Rodríguez,
participated in the first session of the SID
declaring that  “The transformation we
have put in motion requires a massive de-
ployment of funds and the  full commitment
of investors, not only because this is the
mission of our generation, but something
that makes sense, makes business sense
and makes a profit. When properly mana-
ged, the public sector can direct, but nothing
can be done without investment and the full
support of citizens”.
Teresa Ribera reminded us that, “We are
an open economy. One of the most open in
the world, with companies that are used to
adapting, integrating or incorporating new
partners”. In this sense she said that, “In-
vestors who really mean it are welcome, but
those who come at it from a different pers-
pective will be disappointed from both an
economic and social standpoint.”. Fortuna-
tely such people are still a minority, “for this
is serious business”.
Introducing the Minister was Mr José Bo-
gas, CEO of Endesa, who highlighted that,
“the forecasts from the main agencies show
that it will be necessary to electrify at least
50% of our processes by 2050 if we are to
meet the goal of net zero emissions. This
means that by 2050, we will need 24,000 te-
rawatts-per hour of additional clean energy
production. This means installing renewa-
bles on a global scale more than five times
that of  2019. And Spain has to be a key
country in reaching this goal”.
Continue in page 3
“This requires a massive
mobilisation of funds and the
full commitment of investors”
Teresa Ribera, Third Vice-President of the Government of Spain and
Minister for Ecological Change and Population
Strategic partners making
SID possible are BNP
Paribas and BNP Paribas
Exane. The Forum is
sponsored by DELOITTE,
ENDESA, CECABANK,
PRISA, AON y BME. Other
entities supporting the
meeting are ICEX e ICO,
as well as LINKLATERS,
EQUIPO ECONÓMICO and
COFIDES. Spain Investors
Day is an ESTUDIO DE
COMUNICACIÓN company.
Sponsors
Continue in page 2
2021 © ESTUDIO DE COMUNICACIÓN www.spaininvestorsday.com
The Vice-President of Economic Affairs
stressed that, “Spain is a country wel-
coming foreign investment”. In her opi-
nion, “foreign investment has been key
in the development of our country, for
our financial stability and for indus-
trialisation throughout the democratic
period. Therefore, we must ensure sta-
bility and protect the strategic interests
of our country. In the meantime, we
must ensure that we guarantee stabi-
lity and protect our country’s strategic
interests.  The existence of such proces-
ses is not unique; on the other hand,
most European countries have pro-
cesses to ensure we protect essential
public interests in our own strategic
sectors. I think our law is very balan-
ced. We have been quickly approving
non-problematic investments”.
In Nadia Calviño’s opinion, “thanks to
the trust of international investors, the
average cost of new  financing was ne-
gative for the first time in history; more
than 60% of fundings were issued at
negative rates, which has reduced the
average cost of debt to 1.64% of Gross
Domestic Product (GDP)”.
The Minister also stressed that, “with
more than 135 billion euros pledged as
credit to companies, I would like to pay
tribute to the work of the Official Credit
Institute (ICO) in ensuring the smooth
deployment of credit into the real eco-
nomy, with more than 3.5 million wor-
kers covered by short-term work plans
at the worst time of the pandemic”.
Regarding the different economic pro-
jections, the First Vice-President stres-
sed that, “it is extremely difficult to
make progress in the ever-changing
circumstances brought on by the pan-
demic”.
“Foreign investment has been key in the development of our country” 
Nadia Calviño, First Vice-President and Minister for Economic Affairs and Digital Transformation
From left to right: José Gimenez (Managing Partner of Linklaters), José María Méndez
(Managing Director of Cecabank), José Luis Curbelo (Chairman and CEO of Cofides),
Ricardo Martínez Rico (Chairman of Equipo Económico), José D. Bogas (CEO of Endesa),
Ladislao Azcona (Chairman of Estudio de Comunicación), Fernando Ruiz (Chairman of
Deloitte), David Jiménez Blanco (Chairman of the Madrid Stock Exchange), Nadia Cal-
viño (First Vice-President and Minister for Economic Affairs and Digitalisation ), José
Carlos García de Quevedo (President of ICO), Benito Berceruelo (President of Spain
Investors Day), Jacabo Hornedo (CEO of AON Spain), Cecilia Boned (President of BNP
Paribas in Spain), Joseph Oughourlian (President of Prisa). 
“Spanish trade flows reached an all-ti-
me high and demonstrate  global com-
petitiveness”
The Secretary of State and Presi-
dent of ICEX announced to the par-
ticipants that, “Spanish trade flows
have not only exceeded pre-pande-
mic levels, but reached an historical
high for the period, as a sign of the
growing global competitiveness of
Spanish companies in a greater num-
ber of countries and their extraordi-
nary capacity for resistance. The geo-
graphical diversification of Spanish
exports has also reached an all-time
high, and now we see 38 percent of
total exports going to non-European
countries and, in addition, Spani-
sh companies are increasingly more
competitive in a growing number of
sectors, not only goods but services
too”.
In the opinion of Xiana Méndez,
“Spain is visibly changing the mix of
exports toward increased diversifica-
tion, toward a greater value added”.
In this context she stressed that,
“there are top Spanish companies
established throughout the world
with cutting-edge technologies in
many sectors, from infrastructure to
renewable energies, from medicines
and pharmaceuticals to the automo-
bile industry, agribusiness and fas-
hion tourism”.
Many of our companies, she recalled,
are world leaders in their various
sectors of activity and underpinning
strong Spanish capabilities, such as
in cutting-edge technology, business
know-how,  international experience,
bringing outstanding talent, especia-
lly in recent years. “Spain is proving
to be enormously attractive for inter-
national investors. The country has
enjoyed a prodigious decade, both
in terms of record figures, and the
high quality of projects we received
in 2021”. And she announced that
Spain comes  third among the lar-
gest recipients of greenfield projects
in the world, with some 700 projects.
“In fact, in 2020 the direct invest-
ment flows to Spain and startups
vastly outnumbered three billion eu-
ros which tripled the already record
number in 2019, before the pande-
mic”.
She concluded her speech highligh-
ting three ideas: the good health of
the Spanish economy abroad, the
recovery of the Spanish economy al-
ready underway and how the sector
abroad continues to be a fundamen-
tal engine of the Spanish economy.
And she assured the attendees that,
“Spain seeks to attract foreign direct
investment with purpose and positi-
ve impact, and with sustainability as
the overarching motive”.
The President of the Government
highlighted the role of FDI - Fo-
reign Direct Investment  to “pro-
gress” the Spanish economy and
he highlighted that Spain, “is and
will continue to be an attractive
place for foreign direct invest-
ment. Spain ranks number nine
for openness, according to the in-
dex for foreign direct investment
report produced by the Organi-
zation for Economic Co-operation
and Development (OECD).
The Chief Executive wanted to
remind attendees that in 2019,
before the COVID-19 pandemic,
productive investment in Spain
amounted to some 480 billion eu-
ros, equivalent to 40% of annual
GDP. “Spain is the twelfth largest
world economy by amount of capi-
tal received and the fourteenth by
issued stock”. In 2020, the flow of
global foreign direct investment
fell by 42%, which worsened to
71% within the Union European
(EU). However, foreign direct in-
vestment that had Spain  as a des-
tination amounted  to 4.9%”, the
President stated.
In the opinion of the President,
this last piece of data, “shows that
foreign investors know and appre-
ciate the enormous potential of the
Spanish economy, notwithstan-
ding the unprecedented times we
are living in”, a vision that is only
going to be “strengthened” by the
“positive economic horizon to whe-
re we’re headed”.
Regarding the economic crisis
caused by the pandemic, Pedro
Sánchez defended the strategy of
massive vaccinations followed by
his government: “The decision by
Spain of vaccinating, vaccinating,
and vaccinating, as a manner of
protecting, and reinvigorating
our economy, I think has been a
collective success, a countrywide
success. 59.9% of the population
have already received the booster
dose”.
“Never before has it been so
worthwhile to invest in Spain”
Pedro Sánchez, President of the Government
The Secretary of State for Trade delivered her speech before the President of the Government.
José Manuel Albares wanted to send
international investors and the top
executives of the 44 listed Spani-
sh companies participating in SID
a clear message of his faith in the
transformation being carried out by
the Spanish government:
“I would like to invite you to partici-
pate in Spain’s future, which is pro-
mising”. 
In this regard, he recalled
that, “in these months we have made
great progress in the implemen-
tation of programme of reforms”,
specifically mentioning “the Strate-
gic Projects for Economic Recovery
and Transformation (PERTES) that
we have approved in strategic sec-
tors for our country, such as electric
vehicles, renewable energies, cut-
ting-edge health services, and there
are others that are under evaluation,
such as the aerospace sector”. 
In this regard, the Minister emphasi-
sed that, “Spain is the world’s fourte-
enth largest exporter of commercial
services and the eighteenth largest
exporter of goods; the weight of ex-
ports of goods and services to  GDP is
34% and the degree of openness is at
67%. And we currently have almost
200,000 exporting companies, 55,000
of which are regular exporters; in the
case of IBEX companies, they are
developing the importance of the fo-
reign sector even more notably, now
representing some  66% of their bu-
siness”. 
He recalled how  in Spain we have
already returned to pre-pandemic le-
vels of employment, with the highest
job growth since 2021. “Over the past
year, we have created almost 800,000
jobs. And with this I want to convey
to you my belief in the opportuni-
ties that our country offers 
at this
time 
and, above all, how much the
future of Spain offers, which is really
promising”.
“I would like to invite you to participa-
te in Spain’s future- which is promising” 
José Manuel Albares, Minister for Foreign Affairs, and Cooperation with the European Union
From the front page 
José Manuel Albares  conveyed a message of reassurance to  international investors. 
Pedro Sánchez invited investors to bet on Spain.
Héctor Flórez, Managing Partner and future
President of Deloitte: “After two years of pandemic,
the Spanish economy is at a crucial point in setting 
its own future. Because despite  the undeniable
recovery already underway, we must also continue
to make progress on increasing our productivity and
create a new, less crisis sensitive environment. We
have a unique opportunity to grow, and it is necessary
to take advantage of this and  start a process of
reindustrialisation of the country. Next Gen funds can
help us transform our economy, turn our country into a
reference point for investment and regain our position
as one of the growth leaders in Europe. To do this, we
need to join forces to create a suitable climate that
favors investment and leave a promising legacy for
future generations”.
Xiana Margarida Méndez, SecretaryofStatefortradeandPresidentofICEX
One of them, moderated by Fernando Ruiz, President
of the SERES Foundation, analysed the importance of
a social approach in companies. The CEO of Endesa,
José D. Bogas; the President of the Instituto de Cré-
dito oficial (ICO), José Carlos García de Quevedo; the
President of Mapfre, Antonio Huertas; and the CEO
of CaixaBank, Gonzalo Gortázar.
Another roundtable included prominent economists
and its main focus of debate was the evolution of the
economy in the context of the current crisis. It was
moderated by Cristina Galindo, Head of the Economy
section at El País. Also gathered together were, Fré-
dérick Pretet, Head Economist of BNP Paribas Exane;
Enrique Gutiérrez, partner at Deloitte; Raymond To-
rres, Director of Macroeconomic Analysis of Funcas;
Ricardo Martinez Rico, President and CEO of Equipo
Económico; and Jose Louis Curbelo, President and
CEO of Cofides.
The third roundtable focused the debate on energy
and new technology transitions. Moderated by Louis
Choya, managing director of BNP Paribas, along with
Rafael Mateo, CEO of Acciona Energía; Jorge Barre-
do, General Director of  Renewable energies of Na-
turgy and Luca Passa, general financial manager of
Endesa.
Finally, the round table debate on  real estate took
place withCarmina Ganyet, general director of Inmo-
biliaria Colonial; Miguel Ollero, CEO of Merlin Pro-
perties and David Martinez, CEO of Aedas Homes. It
was moderated by Borja Ortega, CEO of BNP Paribas
Real Estate.
Round Tables: FourroundtablestookplaceoneachofthetwodaysofSID.
After highlighting the importance of SID as an
essential platform for promoting investment
andeconomicgrowthinSpain,theCEOofAON
insurancecompany,JacoboHornedo,reminded
attendees that, “2020 was the year of the pan-
demic, 2021 has been the year of recovery and
weallhopethat2022willbetheyearofgrowth”.
Additionally, he pleaded for the highest growth
possible, “as it is a crucial year in which a lot is
at stake and in which very important decisions
havetobetakenoncrucialissuessuchasEuro-
pean fu nds, labour reform, the withdrawal of
stimuli,pensionreformandtaxation”.
He added that, “we have to address the risks in
thebestpossibleway,andturnthesechallenges
into opportunities. Our determination in 2022
willshapethefutureoftheyearstocome”.
“We all hope that 2022 will be  the year of growth”
Jacobo Hornedo, CEO of AON Spain
From the front page 
From the front page
From the front page 
“Spain is the twelfth largest world
economy by capital deployed”
12th
Edition
12th and 13th January 2022
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2021 © ESTUDIO DE COMUNICACIÓN www.spaininvestorsday.com
During her intervention in the dia-
logue with investors, Teresa Ribera
summed up the objective of her Mi-
nistry for this term : “We are under-
going a great transformation in the
Spanish energy sector, securing our
goals; sometimes the paths are clear,
and other times they become a  little
more difficult. We know that we need
to achieve at least 74% renewable
energy by 2030 and 42% end user
decarbonised energy by 2032. The
transformation will affect the way
energy is produced and consumed,re-
sulting in 100% renewables, more
multidirectional, accessible, flexible
a new energy sector”.
According to the Third Vice-Presi-
dent, the energy transition in Europe
must not and will not slow down, des-
pite high energy prices which could
jeopardise the competitiveness of
the European industry. She showed
herself, before the gathered interna-
tional investors, as a real defender of
legal and regulatory certainty for the
energy sector. 
Minister Ribera also mentioned the
effects of the COVID-19 pandemic
and natural disasters as a cause of
the  high and unstable energy prices:
“Spain has suffered in the pandemic,
like other  countries, but all the ins-
titutions over the world have tried to
avoid any kind of economic and social
turbulence in the global economic si-
tuation”, she said. “Along with this,
meteorological disasters or social di-
fficulties highlight the gap that needs
reinforcing in different levels of socie-
ty, following  the dramatic crisis we
have lived through these last two
years, and concerns about health”.
In this regard, she recalled how this
was already a key conclusion at the
World Economic Forum in Davos.
“We are triggering a great transformation in the Spa-
nish energy system”
Teresa Ribera, Third Vice-President and Minister for Ecological Transition and Population 
From the front page 
The Minister of Industry, Commerce and Tourism
asserted that the Government is strong and united
behind a real  recovery in the global economy: “We
are a Government that works with facts, and we
have deployed a safety net which has allowed us
to deliver a  sustained and fair recovery, deploying
investment projects and reforms that improve the
quality of life for people and business alike ”.
The Minister stressed that, “Spain, nowadays is
an attractive country for foreign investors”, and,
against certain accusations from opposition par-
ties, reassured us that the Government is following
a rigorous and fair criteria for  the distribution of
the Next Generation funds coming from the Euro-
pean Union: “We have been working diligently ,
building a framework for industrial projects with
clear evaluation criteria  and project approval pro-
cesses”.
During her speech, the Minister emphasized that,
“over the last 12 SID conferences, we have been
able to show  Spain Investors Day as  an essential
annual event for a growing number of internatio-
nal investors who wish to invest in Spain”. Despi-
te the uncertainties related to the pandemic and
many other international factors, such as the glo-
bal supply chain squeeze or the rise in energy pri-
ces, forecasts for 2022 point to sustained economic
growth nd improved employment in Spain”.
“Spain offers confidence, security and
certainty to investors”
Reyes Maroto, Minister of Industry, Commerce and Tourism, presided over the inauguration of the SID
Teresa Ribera assured that Spain is one of the most open economies in the world.
Stock markets must be a key tool to drive economic recovery
The Chairman of the Spanish National Securities Market
Commission (CNMV), Rodrigo Buenaventura, delivered
a speech at the SID analysing  the strategic impact of the
securities market in economic recovery: “The securities
market has become one of the fundamental pillars in  mo-
dern economies and must continue so. They are one of the
main tools to drive the recovery and transformation of the
economy and digitalisation, which require significant in-
vestment”.
In the context of the economic crisis generated by the pan-
demic, the CNMV Chairman stressed that, “the European
markets have shown their attractiveness, in a difficult en-
vironment, as the fastest and most efficient way to manage
crisis situations by giving certainty  in  asset structures”. He
explainedtotheinvestorsandentrepreneursinattendance
that, “in Spain we have a stable, efficient, deep and attrac-
tive market for international investors and listing on the
Spanish stock exchange is equivalent to listing on any other
European stock exchange”. And he stressed that Spanish
companies have to become larger in order to be more com-
petitive: “We must explain the success stories of our large
companies so that medium-sized companies follow in their
footsteps”.
In this sense, he called for a joint effort: “The legislator, the
supervisors and the regulator must make a great effort, in-
crease business culture in the market, offer advice to com-
panies on financing, encourage retail investment”. Among
the pending issues for the Spanish economy to promote
greater confidence and security, he called for the elimina-
tionofbarriers,suchastheanti-takeovershieldforSpanish
companies - which the government has just extended until
December 2022 - and the promotion of more favourable
taxation for companies, among other points raised.
Rodrigo Buenaventura asked the Executive to remove barriers to
investment.
The Bank of Spain forecasts the recovery will continue to be
positive over  the next three years
The Governor of the Bank of Spain, Pablo Hernández de
Cos, acknowledged during his speech at the SID that the
economy is weighed down by the COVID-19 pandemic
and this Omicron variant, but that, “the Bank of Spain’s
forecasts anticipate  the recovery will continue positi-
vely over the next three years”, and even more so with
“the boost provided by the EU’s Next Generation funds.
The use of European funds is a major factor in economic
recovery”.
The head of the central bank  announced that, “the latest
revision of the official GDP data by the INE will force
the Bank of Spain to modify -once again- its growth fo-
recasts; and if there are no new statistical changes, the
BankofSpainpredicts  a‘slightupwardrevision’ofgrow-
th forecasts for 2021 and 2022”.
Mr. de Cos took advantage of the forum to make this
message public, which is seen as a positive sign for the
Spanish economy. And he pointed out  the possibility
that, with this new data, it may be possible to return to
pre-pandemic levels by  the end of this year or at the be-
ginning of next year.
According to the Governor, “we are at one of the mo-
ments of greatest need to reallocate resources to busi-
nesses and  carry out important structural reforms”. In
this regard, he stressed that, “we continue to maintain
significant flexibility in monetary policy and do not ex-
pect interest rate hikes in 2022”. Furthermore, he noted
these reforms should place the necessary emphasis on
designing an appropriate fiscal plan.
The Governor of the Banco de España participated telephonically 
from his  office.
Cecilia Boned, Chairwoman of BNP Paribas in Spain, praised
the fact that Spain has set out a comprehensive green transition
agenda, “including a very ambitious sustainable development pro-
gram”, which “has created a favourable backdrop for investment in
sustainable energy, an area in which Spain shows clear leadership.
We were the second largest European market in renewable ener-
gy M&A deals in 2021, we have the largest solar infrastructure in
Europealongwith  oneofthelargestwindgeneratingcapabilities”.
“The SID is particularly prominent this year with  the arrival of the
NextGenerationfunds.Theobjective-shesaid-istoboostSpain’s
attractiveness as an investment destination for the future”.
“The markets help attract new capital
funds into Spain”
The President of the Spanish Stock
Exchanges and Markets (BME), Jos
Dijsselhof, explained - online - the  con-
tributions  made by BME and SIX in
promoting Spain as a destination for
investment. “Our stock markets con-
tinue to generate  growth. Last year
more than 80 capital extensions were
made in the Spanish Stock Exchange,
which represented €19.800 million,
34.5% more than in 2020. Likewise, he
reported that capital investment and fi-
nancial inflows channeled through the
stock market toward Spanish compa-
nies accounted for  22.7 billion Euros
in 2021, 42.4% more than the previous
year”.
José D. Bogas, CEO of Endesa, explained to the
attendees how his company promotes transforma-
tion towards a circular economic model and how
they have managed to reduce net emissions by 70%
since 2015, according to the Paris Agreement. “In
2022 we will be a vertically integrated company
with fewer emissions in the region”, he stated. For
Mr. Bogas, sustainability is key, and more so every
day, “with the social motivations of companies, with
inclusion and ensuring no one is left behind”. In his
opinion, “to achieve a circular economy for the sus-
tainability of the planet, it is essential to reuse the
materials that we consume in the world”.
Pablo Hernández de Cos, Governor of the Banco de España
Rodrigo Buenaventura, Chairman of the CNMV
Jos Dijsselhof, President of BME, (Group SIX)
From the front page
Paseo de la Castellana, 257 - 4º
28046 - Madrid - T. 91 576 52 50
2021 © ESTUDIO DE COMUNICACIÓN www.spaininvestorsday.com
Owned and powered by:
Collaborating institutions:
Sponsors:
Strategic partners:
SID 2022:
face-to-face and online
“This year we have had forty-four lis-
ted companies conducting more than
600 one-to-one interviews with 200
international investors from four-
teen countries. The most represented
countries have been the United King-
dom, United States and France,” said
the President of the SID and CEO of
Estudio de Comunicación, Benito Ber-
ceruelo, during the closing ceremony.
In his opinion, Spain is a part of the
big stock markets that attract inves-
tors. “In fact, more than 50% of the
ownership of companies in the Spani-
sh stock market are in the hands of
the international investor”.
During this edition, the SID has re-
gistered to more than 50 national and
international media, which has resul-
ted in a significant media impact.
The SID has maintained its hybrid
format to face limitations derived
from the health situation and turn
those limitations into opportuni-
ties by adding an online format to
the face-to-face meetings. Investors
have had the opportunity to choose
between attending  in Madrid or fo-
llowing the presentations and holding
online meetings from their countries
of origin.
Once again, this SID edition increa-
sed the attention on Social Networks,
which have echoed the different in-
terventions and messages.
Nearly 1,000 users joined the conver-
sation generating more than 2,700
mentions, 20,000 interactions and a
reach of one million users.
THE KEY ANNUAL EVENT OF THE
SPANISH ECONOMY
This XII edition consolidated  Spain Investors Day as the key
business and economic forum in our country, in which, at the
beginning of the fiscal year, senior managers of listed companies
meet with representatives of the Government, regulators and
supervisors, to analyse the economic situation and understand
future  intentions. JoséD.Bogas,CEOofEndesa,speakswithTeresaRibera,ThirdVice-President
oftheGovernmentofSpain,duringthefirstlunch.
BeatrizCorredor,PresidentofRedEléctrica. JosepOliu,PresidentofBancoSabadell,greetsJoséMaríaMéndez,
GeneralManagerofCecabank.
UponarrivalattheForum,thePresidentoftheGovernment
greetsthemanagingpartnerofLinklaters,JoséGimenez,and
thePresidentofPrisa,JosephOughourlian.
JoseLuisBoned,Presidentofthe
ChamberofSpain.
LadislaoAzcona,PresidentofEstudiodeComu-
nicación,andtheMinisterofForeignAffairs.
AntonioHuertas,PresidentofMapfre,andGonzalo
Gortázar,CEOofCaixaBank.
BenitoBerceruelo,CEOofEstudiodeComunicación,and
thePresidentoftheGovernmentofSpain.
MulhamA.Albakree,directoroftheSaudiArabianPublic
InvestmentFund(PIF),andXianaMéndez,SecretaryofStatefor
CommerceandPresidentofICEX.
RafaelSuñol,PresidentofAirtificial. FranciscoRiberas,PresidentofGestamp,
andAlbertoSarricolea,HeadofCorporate
CoverageIberiaenBNPParibas.
CeciliaBoned,PresidentofBNPParibasinSpain,andJoséCarlos
GarcíadeQuevedo,presidentofICO.
HéctorFlórez,managingpartnerandfuturePresidentofDeloitte,
NadiaCalviño,FirstVice-President,andFernandoRuiz,PresidentofDeloitte.
MinisterReyesMarotoandCeciliaBoned,Presidentof
BNPParibasinSpain.
JacoboHornedo,CEOofAON,talkswiththe
MinisterofForeignAffairs.
ÁngelesSantamaría,CEOofIberdrola
Spain.
RicardoMartínezRico,PresidentofEquipoEconómico;
LadislaoAzcona,PresidentofEstudiodeComunicación,andthe
MinisterofForeignAffairs.
CharoGómez,partneratEstudiodeComunicación,and
JoséLuisGonzálezBesada,communicationsdirectorof
ElCorteInglés.
EnriquedeLeyva,Founding
PartneratMagnumCapital.
JoseLuisCurbelo,PresidentofCOFIDES,speaks
withManueldelaRocha,GeneralSecretaryof
EconomicAffairsofthePresidencyofGovernment.
RosauroVaro,FirstVice-PresidentofPrisa,JaimeSiles,LarsBespolka
andNicolasVillén,directorsoftheIMF.
AntonioLlardén,PresidentofENAGÁS,and
CarlosDelclaux,PresidentofVidrala.
AntonioMaríaÁvila,executive
directorofSpanishAssociationof
PublishersGuilds.
SalvadorRuizGallud,PartneratEquipoEconómico,and
AlejandroOrtiz,PartneratLinklaters.
ElisaGarcia,generaldirectorofICEX,andRicardoMartínezRico,
PresidentofEquipoEconómico.
LuisSancho,HeadofCorporateandInvestmentBankingatBNPParibas,José
Gimenez,managingpartnerofLinklaters,andJacoboHornedo,CEOofAon.
JuanCarlosUreta,PresidentofRenta4,withJacoboHornedo,CEOof
AON,duringlunch.
DavidJiménez-Blanco,Presidentof
MadridStockExchange.
MarcMurtra,PresidentofIndra,andMauriciLucena,President
ofAENA,speakwiththePresidentoftheGovernment.
RodrigoMadrazo,GeneralDirectorof
COFIDES,withMinisterReyesMaroto.

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12th edition

  • 1. Nadia Calviño, First Vice-Pre- sident and Minister for the Eco- nomy and Digitalisation affir- med, during the second session of SID, the government hopes to have their labour reforms appro- ved by Congress at the beginning of February. “The labour market reforms are key reforms following the recommendations of a host of international institutions and af- ter years of lobbying. The chan- ges meet the expectations of the Spanish people and should im- prove job quality”. The Minister highlighted that, “it is a balanced and forward-looking package of reforms”. From inside the building, the Minister conveyed to waiting journalists her confidence that the vote would go ahead without much opposition, because, “it would be very difficult to imagine losing a vote wherein every single line item had already been agreed with our coalition partners”. In addition, she indicated that, “thanks to the confidence of in- ternational investors, the avera- ge cost of funds on new opportu- nities was negative for the first time in history, at -0,04%. Debt on more than 60% of such tran- sactions was issued at negative rates, and this has allowed for a reduction of the average cost of debt by  1,64% of GDP”. On the 13th of January. Pedro Sánchez, President of the Gover- nment, presided over the  closing ceremony of the  twelfth edition of Spain Investors Day. During his speech, the President encou- raged foreign investors to invest in Spain during this “historic pro- cess” of transformation the coun- try is undergoing, thanks to the impact of Next Generation fun- ding coming from the European Union: “There has never been a better time to invest in Spain as now ,” he said. In his opinion, the Next Genera- tion funds have been the greatest achievement in European integra- tion this century. Delivering debt mutualisation of different mem- ber states. “The volume of invest- ment that Spain shall receive in these coming years should  repre- sent some 93% of the entire struc- tural funding that Spain received between 1986 and 2020”. Along with this mobilisation of investment, thanks to 140 billion euros the Government will re- quest before June 2023 (70 billion in cash and 70 billion in loans), the Government has a reforming agenda which it intends to extend into all areas of the economy. “We want to encourage and facilitate to the maximum public-private initiatives in the expenditure  of these funds”. To do this, it will be essential to comply with standing laws and with PERTES, a.k.a. Strategic Projects for Economic Recovery and Transformation . Pedro Sánchez sought to convey to investors the commitment of the Government to  ecological and energy transitioning, as well as the reindustrialisation of the economy and the promotion of digitalisation. He remarked once more, “The European funds form the basis of the new great econo- mic modernisation of Spain”. Continue in page 2 : Pablo Hernández de Cos, the Governor of the Bank of Spain: “The official, revised numbers on GDP growth by the INE shall  force the Bank of Spain to modify its growth estimate; subject to no new statistics showing  only a “slight upward revision” of the 2021 and 2022 forecasts. AN ESTUDIO DE COMUNICACIÓN COMPANY 12th Edition • 12 - 13 January 2022 2021 © ESTUDIO DE COMUNICACIÓN www.spaininvestorsday.com ACCIONA | ACCIONA ENERGÍA | ACERINOX | AENA | APPLUS SERVICES | ATLANTICA SUSTAINABLE INFRASTRUCTURE | ATRESMEDIA | AUDAX RENOVABLES | BANKINTER | CAF | CAIXABANK | CATALANA OCCIDENTE | CIE AUTOMOTIVE | EBRO FOODS EDREAMS ODIGEO | ENAGÁS | ENCE | ENDESA | FERROVIAL | FLUIDRA | GESTAMP | GRUPO ACS | IBERDROLA | INDRA | INMOBILIARIA COLONIAL | INTERNATIONAL AIRLINES GROUP | LABORATORIOS ROVI | MAPFRE | MEDIASET ESPAÑA MELIÁ HOTELS | MERLIN PROPERTIES | NEINOR HOMES | PRISA | PROSEGUR | PROSEGUR CASH | RED ELÉCTRICA DE ESPAÑA | REIG JOFRE | REPSOL | SACYR | TÉCNICAS REUNIDAS | TELEFÓNICA | UNICAJA BANCO | VIDRALA | VOCENTO Rodrigo Buenaventura, President of the CNMV: “Stock markets have become one of the key markers  for modern economies and should continue  as such.They are one of the main drivers of the recovery and transformation of the economy and they promote digitalisation, no doubt requiring significant investment”. The 44 companies participating in the SID “The European funds are the basis of a new great economic modernisation of Spain” “Laying the foundations for sustainable growth” José Manuel Albares, José Manuel Albares, Minister of Foreign Affairs, and Cooperation with the European Union Continue in page 2 The Spanish Minister of Foreign Affairs and of Cooperation with the European Union, José Ma- nuel Albares, said during his in- terview that, “The foundations for sustainable growth are ex- tant, not only from an economic point of view but environmental and social too. Encompassing four key transformations- ecolo- gical, digital, gender equality and social and territorial cohesion”. His speech served to underpin the apparent strength of the Spa- nish economy and to reinforce Spain as the ideal location for fo- reign direct investment. “The Government is strong and united in favour of recovery” Continue in page 3 The Minister of Industry, Trade and Tourism, Reyes Maroto presided over the XII edition of Spain Inves- tors Day (SID). Opening the event was Cecilia Bonet, President of BNP Paribas in Spain. In her speech, Re- yes Maroto observed, “at this time, Spain is offering investors confiden- ce, security, and certainty because we have a countrywide project, cou- pled with a recovery plan that will activate 140 billion Euros in agreed loans from 2021 until 2026”. Reyes Maroto, Minister of Industry, Trade and Tourism Xiana Margarida Méndez, Secretary of State for Trade and President of ICEX Continue in page 2 The Secretary of State for Trade and President of ICEX, Xiana Margari- da Méndez, participated in the first day closing of SID, expressing her gratitude, “to all the companies at- tending, especially to those that are coming from abroad in these very challenging times”. In her opinion, the effort is worth it because Spain Investors Day, “is a unique opportu- nity to bring together a vibrant and important part of the Spanish eco- nomy”. “In Spain we are clearly starting to see a steady recovery trend,” she assured us. “Spanish exports are recovering. From January to Oc- tober 2021 our exports have grown by 21.1%, compared to the same pe- riod in 2020”. And so for that positi- ve trend to continue, “investors are  more necessary than ever”. “Spain recovers steadily, with record exports” “Spain is and shall continue to be a very attractive location for international investment” Pedro Sánchez, the President of the Government “Labour market reforms are key, after pressure from international institutions” Nadia Calviño, First Vice-President and Spain’s Minister for the Economy and Digitalisation Pedro Sánchez speaks to attendees at the closing ceremony. Nadia Calviño spoke with investors and answered their questions on the second day. Third Vice-President of the Government of Spain and Minister for Ecological Change and Population, Teresa Ribera Rodríguez, participated in the first session of the SID declaring that  “The transformation we have put in motion requires a massive de- ployment of funds and the  full commitment of investors, not only because this is the mission of our generation, but something that makes sense, makes business sense and makes a profit. When properly mana- ged, the public sector can direct, but nothing can be done without investment and the full support of citizens”. Teresa Ribera reminded us that, “We are an open economy. One of the most open in the world, with companies that are used to adapting, integrating or incorporating new partners”. In this sense she said that, “In- vestors who really mean it are welcome, but those who come at it from a different pers- pective will be disappointed from both an economic and social standpoint.”. Fortuna- tely such people are still a minority, “for this is serious business”. Introducing the Minister was Mr José Bo- gas, CEO of Endesa, who highlighted that, “the forecasts from the main agencies show that it will be necessary to electrify at least 50% of our processes by 2050 if we are to meet the goal of net zero emissions. This means that by 2050, we will need 24,000 te- rawatts-per hour of additional clean energy production. This means installing renewa- bles on a global scale more than five times that of  2019. And Spain has to be a key country in reaching this goal”. Continue in page 3 “This requires a massive mobilisation of funds and the full commitment of investors” Teresa Ribera, Third Vice-President of the Government of Spain and Minister for Ecological Change and Population Strategic partners making SID possible are BNP Paribas and BNP Paribas Exane. The Forum is sponsored by DELOITTE, ENDESA, CECABANK, PRISA, AON y BME. Other entities supporting the meeting are ICEX e ICO, as well as LINKLATERS, EQUIPO ECONÓMICO and COFIDES. Spain Investors Day is an ESTUDIO DE COMUNICACIÓN company. Sponsors Continue in page 2
  • 2. 2021 © ESTUDIO DE COMUNICACIÓN www.spaininvestorsday.com The Vice-President of Economic Affairs stressed that, “Spain is a country wel- coming foreign investment”. In her opi- nion, “foreign investment has been key in the development of our country, for our financial stability and for indus- trialisation throughout the democratic period. Therefore, we must ensure sta- bility and protect the strategic interests of our country. In the meantime, we must ensure that we guarantee stabi- lity and protect our country’s strategic interests.  The existence of such proces- ses is not unique; on the other hand, most European countries have pro- cesses to ensure we protect essential public interests in our own strategic sectors. I think our law is very balan- ced. We have been quickly approving non-problematic investments”. In Nadia Calviño’s opinion, “thanks to the trust of international investors, the average cost of new  financing was ne- gative for the first time in history; more than 60% of fundings were issued at negative rates, which has reduced the average cost of debt to 1.64% of Gross Domestic Product (GDP)”. The Minister also stressed that, “with more than 135 billion euros pledged as credit to companies, I would like to pay tribute to the work of the Official Credit Institute (ICO) in ensuring the smooth deployment of credit into the real eco- nomy, with more than 3.5 million wor- kers covered by short-term work plans at the worst time of the pandemic”. Regarding the different economic pro- jections, the First Vice-President stres- sed that, “it is extremely difficult to make progress in the ever-changing circumstances brought on by the pan- demic”. “Foreign investment has been key in the development of our country”  Nadia Calviño, First Vice-President and Minister for Economic Affairs and Digital Transformation From left to right: José Gimenez (Managing Partner of Linklaters), José María Méndez (Managing Director of Cecabank), José Luis Curbelo (Chairman and CEO of Cofides), Ricardo Martínez Rico (Chairman of Equipo Económico), José D. Bogas (CEO of Endesa), Ladislao Azcona (Chairman of Estudio de Comunicación), Fernando Ruiz (Chairman of Deloitte), David Jiménez Blanco (Chairman of the Madrid Stock Exchange), Nadia Cal- viño (First Vice-President and Minister for Economic Affairs and Digitalisation ), José Carlos García de Quevedo (President of ICO), Benito Berceruelo (President of Spain Investors Day), Jacabo Hornedo (CEO of AON Spain), Cecilia Boned (President of BNP Paribas in Spain), Joseph Oughourlian (President of Prisa).  “Spanish trade flows reached an all-ti- me high and demonstrate  global com- petitiveness” The Secretary of State and Presi- dent of ICEX announced to the par- ticipants that, “Spanish trade flows have not only exceeded pre-pande- mic levels, but reached an historical high for the period, as a sign of the growing global competitiveness of Spanish companies in a greater num- ber of countries and their extraordi- nary capacity for resistance. The geo- graphical diversification of Spanish exports has also reached an all-time high, and now we see 38 percent of total exports going to non-European countries and, in addition, Spani- sh companies are increasingly more competitive in a growing number of sectors, not only goods but services too”. In the opinion of Xiana Méndez, “Spain is visibly changing the mix of exports toward increased diversifica- tion, toward a greater value added”. In this context she stressed that, “there are top Spanish companies established throughout the world with cutting-edge technologies in many sectors, from infrastructure to renewable energies, from medicines and pharmaceuticals to the automo- bile industry, agribusiness and fas- hion tourism”. Many of our companies, she recalled, are world leaders in their various sectors of activity and underpinning strong Spanish capabilities, such as in cutting-edge technology, business know-how,  international experience, bringing outstanding talent, especia- lly in recent years. “Spain is proving to be enormously attractive for inter- national investors. The country has enjoyed a prodigious decade, both in terms of record figures, and the high quality of projects we received in 2021”. And she announced that Spain comes  third among the lar- gest recipients of greenfield projects in the world, with some 700 projects. “In fact, in 2020 the direct invest- ment flows to Spain and startups vastly outnumbered three billion eu- ros which tripled the already record number in 2019, before the pande- mic”. She concluded her speech highligh- ting three ideas: the good health of the Spanish economy abroad, the recovery of the Spanish economy al- ready underway and how the sector abroad continues to be a fundamen- tal engine of the Spanish economy. And she assured the attendees that, “Spain seeks to attract foreign direct investment with purpose and positi- ve impact, and with sustainability as the overarching motive”. The President of the Government highlighted the role of FDI - Fo- reign Direct Investment  to “pro- gress” the Spanish economy and he highlighted that Spain, “is and will continue to be an attractive place for foreign direct invest- ment. Spain ranks number nine for openness, according to the in- dex for foreign direct investment report produced by the Organi- zation for Economic Co-operation and Development (OECD). The Chief Executive wanted to remind attendees that in 2019, before the COVID-19 pandemic, productive investment in Spain amounted to some 480 billion eu- ros, equivalent to 40% of annual GDP. “Spain is the twelfth largest world economy by amount of capi- tal received and the fourteenth by issued stock”. In 2020, the flow of global foreign direct investment fell by 42%, which worsened to 71% within the Union European (EU). However, foreign direct in- vestment that had Spain  as a des- tination amounted  to 4.9%”, the President stated. In the opinion of the President, this last piece of data, “shows that foreign investors know and appre- ciate the enormous potential of the Spanish economy, notwithstan- ding the unprecedented times we are living in”, a vision that is only going to be “strengthened” by the “positive economic horizon to whe- re we’re headed”. Regarding the economic crisis caused by the pandemic, Pedro Sánchez defended the strategy of massive vaccinations followed by his government: “The decision by Spain of vaccinating, vaccinating, and vaccinating, as a manner of protecting, and reinvigorating our economy, I think has been a collective success, a countrywide success. 59.9% of the population have already received the booster dose”. “Never before has it been so worthwhile to invest in Spain” Pedro Sánchez, President of the Government The Secretary of State for Trade delivered her speech before the President of the Government. José Manuel Albares wanted to send international investors and the top executives of the 44 listed Spani- sh companies participating in SID a clear message of his faith in the transformation being carried out by the Spanish government: “I would like to invite you to partici- pate in Spain’s future, which is pro- mising”.  In this regard, he recalled that, “in these months we have made great progress in the implemen- tation of programme of reforms”, specifically mentioning “the Strate- gic Projects for Economic Recovery and Transformation (PERTES) that we have approved in strategic sec- tors for our country, such as electric vehicles, renewable energies, cut- ting-edge health services, and there are others that are under evaluation, such as the aerospace sector”.  In this regard, the Minister emphasi- sed that, “Spain is the world’s fourte- enth largest exporter of commercial services and the eighteenth largest exporter of goods; the weight of ex- ports of goods and services to  GDP is 34% and the degree of openness is at 67%. And we currently have almost 200,000 exporting companies, 55,000 of which are regular exporters; in the case of IBEX companies, they are developing the importance of the fo- reign sector even more notably, now representing some  66% of their bu- siness”.  He recalled how  in Spain we have already returned to pre-pandemic le- vels of employment, with the highest job growth since 2021. “Over the past year, we have created almost 800,000 jobs. And with this I want to convey to you my belief in the opportuni- ties that our country offers  at this time  and, above all, how much the future of Spain offers, which is really promising”. “I would like to invite you to participa- te in Spain’s future- which is promising”  José Manuel Albares, Minister for Foreign Affairs, and Cooperation with the European Union From the front page  José Manuel Albares  conveyed a message of reassurance to  international investors.  Pedro Sánchez invited investors to bet on Spain. Héctor Flórez, Managing Partner and future President of Deloitte: “After two years of pandemic, the Spanish economy is at a crucial point in setting  its own future. Because despite  the undeniable recovery already underway, we must also continue to make progress on increasing our productivity and create a new, less crisis sensitive environment. We have a unique opportunity to grow, and it is necessary to take advantage of this and  start a process of reindustrialisation of the country. Next Gen funds can help us transform our economy, turn our country into a reference point for investment and regain our position as one of the growth leaders in Europe. To do this, we need to join forces to create a suitable climate that favors investment and leave a promising legacy for future generations”. Xiana Margarida Méndez, SecretaryofStatefortradeandPresidentofICEX One of them, moderated by Fernando Ruiz, President of the SERES Foundation, analysed the importance of a social approach in companies. The CEO of Endesa, José D. Bogas; the President of the Instituto de Cré- dito oficial (ICO), José Carlos García de Quevedo; the President of Mapfre, Antonio Huertas; and the CEO of CaixaBank, Gonzalo Gortázar. Another roundtable included prominent economists and its main focus of debate was the evolution of the economy in the context of the current crisis. It was moderated by Cristina Galindo, Head of the Economy section at El País. Also gathered together were, Fré- dérick Pretet, Head Economist of BNP Paribas Exane; Enrique Gutiérrez, partner at Deloitte; Raymond To- rres, Director of Macroeconomic Analysis of Funcas; Ricardo Martinez Rico, President and CEO of Equipo Económico; and Jose Louis Curbelo, President and CEO of Cofides. The third roundtable focused the debate on energy and new technology transitions. Moderated by Louis Choya, managing director of BNP Paribas, along with Rafael Mateo, CEO of Acciona Energía; Jorge Barre- do, General Director of  Renewable energies of Na- turgy and Luca Passa, general financial manager of Endesa. Finally, the round table debate on  real estate took place withCarmina Ganyet, general director of Inmo- biliaria Colonial; Miguel Ollero, CEO of Merlin Pro- perties and David Martinez, CEO of Aedas Homes. It was moderated by Borja Ortega, CEO of BNP Paribas Real Estate. Round Tables: FourroundtablestookplaceoneachofthetwodaysofSID. After highlighting the importance of SID as an essential platform for promoting investment andeconomicgrowthinSpain,theCEOofAON insurancecompany,JacoboHornedo,reminded attendees that, “2020 was the year of the pan- demic, 2021 has been the year of recovery and weallhopethat2022willbetheyearofgrowth”. Additionally, he pleaded for the highest growth possible, “as it is a crucial year in which a lot is at stake and in which very important decisions havetobetakenoncrucialissuessuchasEuro- pean fu nds, labour reform, the withdrawal of stimuli,pensionreformandtaxation”. He added that, “we have to address the risks in thebestpossibleway,andturnthesechallenges into opportunities. Our determination in 2022 willshapethefutureoftheyearstocome”. “We all hope that 2022 will be  the year of growth” Jacobo Hornedo, CEO of AON Spain From the front page  From the front page From the front page  “Spain is the twelfth largest world economy by capital deployed”
  • 3. 12th Edition 12th and 13th January 2022 www.spaininvestorsday.com Owned and powered by: Sponsors: Strategic partners: Collaborating institutions: 2021 © ESTUDIO DE COMUNICACIÓN www.spaininvestorsday.com During her intervention in the dia- logue with investors, Teresa Ribera summed up the objective of her Mi- nistry for this term : “We are under- going a great transformation in the Spanish energy sector, securing our goals; sometimes the paths are clear, and other times they become a  little more difficult. We know that we need to achieve at least 74% renewable energy by 2030 and 42% end user decarbonised energy by 2032. The transformation will affect the way energy is produced and consumed,re- sulting in 100% renewables, more multidirectional, accessible, flexible a new energy sector”. According to the Third Vice-Presi- dent, the energy transition in Europe must not and will not slow down, des- pite high energy prices which could jeopardise the competitiveness of the European industry. She showed herself, before the gathered interna- tional investors, as a real defender of legal and regulatory certainty for the energy sector.  Minister Ribera also mentioned the effects of the COVID-19 pandemic and natural disasters as a cause of the  high and unstable energy prices: “Spain has suffered in the pandemic, like other  countries, but all the ins- titutions over the world have tried to avoid any kind of economic and social turbulence in the global economic si- tuation”, she said. “Along with this, meteorological disasters or social di- fficulties highlight the gap that needs reinforcing in different levels of socie- ty, following  the dramatic crisis we have lived through these last two years, and concerns about health”. In this regard, she recalled how this was already a key conclusion at the World Economic Forum in Davos. “We are triggering a great transformation in the Spa- nish energy system” Teresa Ribera, Third Vice-President and Minister for Ecological Transition and Population  From the front page  The Minister of Industry, Commerce and Tourism asserted that the Government is strong and united behind a real  recovery in the global economy: “We are a Government that works with facts, and we have deployed a safety net which has allowed us to deliver a  sustained and fair recovery, deploying investment projects and reforms that improve the quality of life for people and business alike ”. The Minister stressed that, “Spain, nowadays is an attractive country for foreign investors”, and, against certain accusations from opposition par- ties, reassured us that the Government is following a rigorous and fair criteria for  the distribution of the Next Generation funds coming from the Euro- pean Union: “We have been working diligently , building a framework for industrial projects with clear evaluation criteria  and project approval pro- cesses”. During her speech, the Minister emphasized that, “over the last 12 SID conferences, we have been able to show  Spain Investors Day as  an essential annual event for a growing number of internatio- nal investors who wish to invest in Spain”. Despi- te the uncertainties related to the pandemic and many other international factors, such as the glo- bal supply chain squeeze or the rise in energy pri- ces, forecasts for 2022 point to sustained economic growth nd improved employment in Spain”. “Spain offers confidence, security and certainty to investors” Reyes Maroto, Minister of Industry, Commerce and Tourism, presided over the inauguration of the SID Teresa Ribera assured that Spain is one of the most open economies in the world. Stock markets must be a key tool to drive economic recovery The Chairman of the Spanish National Securities Market Commission (CNMV), Rodrigo Buenaventura, delivered a speech at the SID analysing  the strategic impact of the securities market in economic recovery: “The securities market has become one of the fundamental pillars in  mo- dern economies and must continue so. They are one of the main tools to drive the recovery and transformation of the economy and digitalisation, which require significant in- vestment”. In the context of the economic crisis generated by the pan- demic, the CNMV Chairman stressed that, “the European markets have shown their attractiveness, in a difficult en- vironment, as the fastest and most efficient way to manage crisis situations by giving certainty  in  asset structures”. He explainedtotheinvestorsandentrepreneursinattendance that, “in Spain we have a stable, efficient, deep and attrac- tive market for international investors and listing on the Spanish stock exchange is equivalent to listing on any other European stock exchange”. And he stressed that Spanish companies have to become larger in order to be more com- petitive: “We must explain the success stories of our large companies so that medium-sized companies follow in their footsteps”. In this sense, he called for a joint effort: “The legislator, the supervisors and the regulator must make a great effort, in- crease business culture in the market, offer advice to com- panies on financing, encourage retail investment”. Among the pending issues for the Spanish economy to promote greater confidence and security, he called for the elimina- tionofbarriers,suchastheanti-takeovershieldforSpanish companies - which the government has just extended until December 2022 - and the promotion of more favourable taxation for companies, among other points raised. Rodrigo Buenaventura asked the Executive to remove barriers to investment. The Bank of Spain forecasts the recovery will continue to be positive over  the next three years The Governor of the Bank of Spain, Pablo Hernández de Cos, acknowledged during his speech at the SID that the economy is weighed down by the COVID-19 pandemic and this Omicron variant, but that, “the Bank of Spain’s forecasts anticipate  the recovery will continue positi- vely over the next three years”, and even more so with “the boost provided by the EU’s Next Generation funds. The use of European funds is a major factor in economic recovery”. The head of the central bank  announced that, “the latest revision of the official GDP data by the INE will force the Bank of Spain to modify -once again- its growth fo- recasts; and if there are no new statistical changes, the BankofSpainpredicts  a‘slightupwardrevision’ofgrow- th forecasts for 2021 and 2022”. Mr. de Cos took advantage of the forum to make this message public, which is seen as a positive sign for the Spanish economy. And he pointed out  the possibility that, with this new data, it may be possible to return to pre-pandemic levels by  the end of this year or at the be- ginning of next year. According to the Governor, “we are at one of the mo- ments of greatest need to reallocate resources to busi- nesses and  carry out important structural reforms”. In this regard, he stressed that, “we continue to maintain significant flexibility in monetary policy and do not ex- pect interest rate hikes in 2022”. Furthermore, he noted these reforms should place the necessary emphasis on designing an appropriate fiscal plan. The Governor of the Banco de España participated telephonically  from his  office. Cecilia Boned, Chairwoman of BNP Paribas in Spain, praised the fact that Spain has set out a comprehensive green transition agenda, “including a very ambitious sustainable development pro- gram”, which “has created a favourable backdrop for investment in sustainable energy, an area in which Spain shows clear leadership. We were the second largest European market in renewable ener- gy M&A deals in 2021, we have the largest solar infrastructure in Europealongwith  oneofthelargestwindgeneratingcapabilities”. “The SID is particularly prominent this year with  the arrival of the NextGenerationfunds.Theobjective-shesaid-istoboostSpain’s attractiveness as an investment destination for the future”. “The markets help attract new capital funds into Spain” The President of the Spanish Stock Exchanges and Markets (BME), Jos Dijsselhof, explained - online - the  con- tributions  made by BME and SIX in promoting Spain as a destination for investment. “Our stock markets con- tinue to generate  growth. Last year more than 80 capital extensions were made in the Spanish Stock Exchange, which represented €19.800 million, 34.5% more than in 2020. Likewise, he reported that capital investment and fi- nancial inflows channeled through the stock market toward Spanish compa- nies accounted for  22.7 billion Euros in 2021, 42.4% more than the previous year”. José D. Bogas, CEO of Endesa, explained to the attendees how his company promotes transforma- tion towards a circular economic model and how they have managed to reduce net emissions by 70% since 2015, according to the Paris Agreement. “In 2022 we will be a vertically integrated company with fewer emissions in the region”, he stated. For Mr. Bogas, sustainability is key, and more so every day, “with the social motivations of companies, with inclusion and ensuring no one is left behind”. In his opinion, “to achieve a circular economy for the sus- tainability of the planet, it is essential to reuse the materials that we consume in the world”. Pablo Hernández de Cos, Governor of the Banco de España Rodrigo Buenaventura, Chairman of the CNMV Jos Dijsselhof, President of BME, (Group SIX) From the front page
  • 4. Paseo de la Castellana, 257 - 4º 28046 - Madrid - T. 91 576 52 50 2021 © ESTUDIO DE COMUNICACIÓN www.spaininvestorsday.com Owned and powered by: Collaborating institutions: Sponsors: Strategic partners: SID 2022: face-to-face and online “This year we have had forty-four lis- ted companies conducting more than 600 one-to-one interviews with 200 international investors from four- teen countries. The most represented countries have been the United King- dom, United States and France,” said the President of the SID and CEO of Estudio de Comunicación, Benito Ber- ceruelo, during the closing ceremony. In his opinion, Spain is a part of the big stock markets that attract inves- tors. “In fact, more than 50% of the ownership of companies in the Spani- sh stock market are in the hands of the international investor”. During this edition, the SID has re- gistered to more than 50 national and international media, which has resul- ted in a significant media impact. The SID has maintained its hybrid format to face limitations derived from the health situation and turn those limitations into opportuni- ties by adding an online format to the face-to-face meetings. Investors have had the opportunity to choose between attending  in Madrid or fo- llowing the presentations and holding online meetings from their countries of origin. Once again, this SID edition increa- sed the attention on Social Networks, which have echoed the different in- terventions and messages. Nearly 1,000 users joined the conver- sation generating more than 2,700 mentions, 20,000 interactions and a reach of one million users. THE KEY ANNUAL EVENT OF THE SPANISH ECONOMY This XII edition consolidated  Spain Investors Day as the key business and economic forum in our country, in which, at the beginning of the fiscal year, senior managers of listed companies meet with representatives of the Government, regulators and supervisors, to analyse the economic situation and understand future  intentions. JoséD.Bogas,CEOofEndesa,speakswithTeresaRibera,ThirdVice-President oftheGovernmentofSpain,duringthefirstlunch. BeatrizCorredor,PresidentofRedEléctrica. JosepOliu,PresidentofBancoSabadell,greetsJoséMaríaMéndez, GeneralManagerofCecabank. UponarrivalattheForum,thePresidentoftheGovernment greetsthemanagingpartnerofLinklaters,JoséGimenez,and thePresidentofPrisa,JosephOughourlian. JoseLuisBoned,Presidentofthe ChamberofSpain. LadislaoAzcona,PresidentofEstudiodeComu- nicación,andtheMinisterofForeignAffairs. AntonioHuertas,PresidentofMapfre,andGonzalo Gortázar,CEOofCaixaBank. BenitoBerceruelo,CEOofEstudiodeComunicación,and thePresidentoftheGovernmentofSpain. MulhamA.Albakree,directoroftheSaudiArabianPublic InvestmentFund(PIF),andXianaMéndez,SecretaryofStatefor CommerceandPresidentofICEX. RafaelSuñol,PresidentofAirtificial. FranciscoRiberas,PresidentofGestamp, andAlbertoSarricolea,HeadofCorporate CoverageIberiaenBNPParibas. CeciliaBoned,PresidentofBNPParibasinSpain,andJoséCarlos GarcíadeQuevedo,presidentofICO. HéctorFlórez,managingpartnerandfuturePresidentofDeloitte, NadiaCalviño,FirstVice-President,andFernandoRuiz,PresidentofDeloitte. MinisterReyesMarotoandCeciliaBoned,Presidentof BNPParibasinSpain. JacoboHornedo,CEOofAON,talkswiththe MinisterofForeignAffairs. ÁngelesSantamaría,CEOofIberdrola Spain. RicardoMartínezRico,PresidentofEquipoEconómico; LadislaoAzcona,PresidentofEstudiodeComunicación,andthe MinisterofForeignAffairs. CharoGómez,partneratEstudiodeComunicación,and JoséLuisGonzálezBesada,communicationsdirectorof ElCorteInglés. EnriquedeLeyva,Founding PartneratMagnumCapital. JoseLuisCurbelo,PresidentofCOFIDES,speaks withManueldelaRocha,GeneralSecretaryof EconomicAffairsofthePresidencyofGovernment. RosauroVaro,FirstVice-PresidentofPrisa,JaimeSiles,LarsBespolka andNicolasVillén,directorsoftheIMF. AntonioLlardén,PresidentofENAGÁS,and CarlosDelclaux,PresidentofVidrala. AntonioMaríaÁvila,executive directorofSpanishAssociationof PublishersGuilds. SalvadorRuizGallud,PartneratEquipoEconómico,and AlejandroOrtiz,PartneratLinklaters. ElisaGarcia,generaldirectorofICEX,andRicardoMartínezRico, PresidentofEquipoEconómico. LuisSancho,HeadofCorporateandInvestmentBankingatBNPParibas,José Gimenez,managingpartnerofLinklaters,andJacoboHornedo,CEOofAon. JuanCarlosUreta,PresidentofRenta4,withJacoboHornedo,CEOof AON,duringlunch. DavidJiménez-Blanco,Presidentof MadridStockExchange. MarcMurtra,PresidentofIndra,andMauriciLucena,President ofAENA,speakwiththePresidentoftheGovernment. RodrigoMadrazo,GeneralDirectorof COFIDES,withMinisterReyesMaroto.