Some twenty companies, members of the Monaco Economic Board, have set their sights on Madrid to develop their activities in Spain. During a two-day mission, they were able to assess its potential and establish valuable initial contacts.
The mission took place from 13th to 15th October under the direction of H.E. Mrs Catherine Fautrier-Rousseau, Monaco’s Ambassador to Spain. The high point was an economic forum which took place on the premises of the Confederación Española de Organizaciones Empresariales (CEOE).
On this occasion, first-rate speakers gave a fascinating overview of the specificities of the Spanish economy and of its capital in particular. Amongst other things, it was revealed that the Autonomous Community of Madrid has the highest GDP and GDP/capita in the country and that in 2021 it will have attracted 72% of the foreign investment in Spain. The 4th largest economy in the European Union is also an essential platform for trade with Latin America, and most of the companies in this region have their European headquarters there.
Madrid and Monaco develop even closer links
The economic rapprochement between Monaco and Spain then took shape with the signing of a memorandum of understanding between the MEB and the CEOE, followed by a networking session during which the members of the Monegasque delegation were able to exchange business cards with important local economic decision-makers. Other more informal events organised during the mission opened up other doors to the Spanish market.
Furthermore, the MEB, which is in charge of coordinating the public and private entities that contribute to Monaco’s international reputation, is always keen to link its trips to other events linked to the Principality, in a synchronised manner. Thus, this economic mission took place in parallel with the trip by H.S.H. Prince Albert II to Spain, on the occasion of the celebration of the centenary of the death of Prince Albert I. Prince Albert I had forged numerous links with Spain, as was mentioned during the conference in which the delegation participated alongside the Prince.
A closeness between two countries that is receptive to be strengthened
Thus, the reception of a delegation of Spanish entrepreneurs is being studied for 2023. Many sectors of activity are ready and likely to increase bilateral economic exchanges. In short, this is certainly the beginning of a fruitful collaboration that is receptive to further development.