Former minister suggests attracting Spanish investment

The economic, social and political stability and the ample flow of liquidity in European countries like Spain can become another opportunity to attract new investments to the country.

Cristóbal Montoro, former Minister of Finance and Economy, congressman for Spain and the European Community, it seems that it is time to take advantage of the liquidity that exists in the European economy and the fact that this is the first time that the world has not been affected due to economic imbalances.

“We are in recovery without the pandemic having ended”said the Spanish economist in an interview for Listín Diario, where he expressed his hope that science would provide new vaccines and treatments for the health case that affects the world.

He argued that Spain has investments in the world, in Europe and in Latin America, as well as important ties that it did not have 25 years ago and that must be put into value. Montoro explained that it is important to have the capacity to generate trust, legal stability for investment, and improvement of public services, such as the reading points in this health crisis and in his opinion, the Government of the Dominican Republic is doing it.

There is stability, openness and conditions for the wealth of the autonomous business sector and from outside to be used.

He stressed that Spain has the capacity to finance and the Dominican Republic has the opportunity to attract these investments. Spain exhibits projections below expectations, but it is recovering and has financing reserves, “we just have to wait for the floodgates to open.” He said.

Minister Montoro visits the country as part of the work carried out by the Center for Public Policy Analysis to promote the exchange of ideas and take advantage of the experiences of personalities such as the economist.

Economic structure

Former Minister Montoro explained the challenge that Spain was so affected by the pandemic and this is because it has a vulnerable economic structure, with a large number of autonomous people and where SMEs are numerous in all areas of the economy. Of 47 million inhabitants, there are 3.2 million who are self-employed in SMEs, in addition to the service sector, tourism, transport and leisure and hospitality being of great importance.In 2019, Spain received more than 84 million tourists, with a large participation in employment, in the economy, he indicated.

He stressed that the great difference between this crisis and others is that the institutions have reacted and the effectiveness of the measures with high liquidity is observed. He recalled how extensive the intervention of central banks has been, and that liquidity has to be channeled into investments , and new expectations as an opportunity towards sectors with potential growth in the countries.

“The Dominican Republic has a high potential to attract that liquidity, that financing,” said the Spanish economist and politician, who understands that the economy can and should grow by creating jobs and achieving distribution of economic growth so that it reaches the people.

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The Spanish expert highlighted the relations and economic ties of Spain and the Dominican Republic, nations that maintain a common language, and whose cultures are similar, in addition to sharing their way of seeing life, in relation to other European nations.

Profile

Cristóbal Montoro is a native Spanish politician from Jaén. Doctor in Economic Sciences. He was elected deputy in 1993 for Madrid and in 1999 he became part of the Executive Committee of the Popular Party. He was Secretary of State for the Economy (1996-2000) in the Government of Rodrigo Rato. He was Minister of Finance in the Government of José María Aznar (from 2000 to 2004), at a time when Spain joined the euro in 1999. He was the author of economic liberalization plans.

In 2004 he became an MEP. In 2008 he was again a deputy for Madrid. In 2011 he was Minister of Finance and Public Administration in the Government of Mariano Rajoy. In 2016 he held the Ministry of Finance and Public Functions until 2018.

Suggest taking advantage of the country’s geographic position

The Dominican Republic has an important geographical position in the Caribbean, which should be taken advantage of, according to the Spanish economist and politician Cristóbal Montoro, who in turn stressed the importance of promoting Public-Private Partnerships.

Montoro is visiting the country and although he has come other times, he values ​​the growth and stability that this economy exhibits.

Speaking slowly and precisely, the doctor in economics and Minister of Finance and Economy of three governments of Spain stated that his intention is not to extrapolate the Spanish experience to this country, but he assures that he wished he could and would be able to be useful from the accumulated experience.

Business

The economist and politician stressed that Spain has long been committed to large business investments in the world, in Europe and especially in Latin America, “Where the presence of Spanish investment is very high and also in the Dominican Republic.”

In 1996, Spanish investments paid an over-cost for financing, which disappeared with the entry of Spain into the Euro zone, whose situation allowed a reduction in the public deficit, and inflation, based on the public policies employed, explained Montoro. The measures have made it easier for companies to internationalize, he said.

According to a report from the Department of Commercial Intelligence of the Ministry of Industry and Commerce and MSMEs (MICM), Spain is the third investor in the Dominican Republic, preceded by the United States and Mexico. Spanish investments in the country are 65.6% in the tourism sector, 18.2% in real estate, 15.5% in energy and 0.8% in the free zone sector.

 

 

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