|
|
|
Pilar Marínez, Goverment
Councillor in charge of Ecomonic Affairs
|
 |
|
Nuevos Ministerios Metro
station
|
|
Courtesy Patronato de Turismo
|
"Any analyst will tell you that Madrid is
the city in Europe that has made the most progress
in recent years as a business center and we intend
to continue to strengthen the factors that have
contributed to this development. Madrid has a strategic
geographic position. We're the nexus of three continents;
we're two hours flight from London and Paris, and
are linked to rest of Europe by a network of fast
highways. We Madrilenos are not frightened of change,
we're a melting pot that attracts talented and highly
qualified professionals and workers. We embrace
innovation, and excellence and knowledge, and unlike
other cities we are non-conformists and self-critical,
and that keeps us alert." So says Pilar Martinez,
city councillor responsible for economic development.
Her statement reflects the spirit and determination
behind Madrid's remarkable economic success story.
Late last year Standard & Poor's said Madrid
enjoyed a dynamic and diversified economy that was
the economic focus of the country. Moreover, the
"European Cities Monitor 2003," by the
international real estate firm of Cushman &
Wakefield Healey and Baker, based on 501 interviews
with top executives, said Madrid was third in Europe
after London and Paris as the location for corporate
head offices.
There is no question that Madrid has become the
gateway to Southern Europe for North Africa, Latin
America and the United States.Its links with North
Africa are historic and cultural; more so its ties
with Latin American countries, with whom Spain also
shares a common language. A recent example of the
Spanish-Latin American -- or Iberohispanic -- connection
has been the creation in Madrid of LATIBEX, a stock
exchange service for Latin American countries trading
in euros. Madrid's links with the United States,
on the other hand, are ties of friendship and cooperation.
Of the total new foreign investment in Spain last
year, 73 percent came to Madrid. A number of factors
make the city particularly attractive: its thriving
economy, its excellent level of financial and other
services, and its accessibility. An added plus is
the quality of life.
Madrid's economy is growing at a faster rate than
that of Spain. Economists project a growth of 3
percent of Spain's Gross National Product in 2004
-- but for the city of Madrid it's 3.5 percent.
Unemployment is 9 percent nationally, but 5 percent
in Madrid. "At the moment, we have a problem
finding people to fill certain jobs," commented
a leading Madrid business executive.
Incidentally, while 9 percent unemployment is high,
economists say it partly reflects the growing number
of women who want to enter the work force for the
first time as social attitudes change.
Life in Madrid is politically, economically and
socially stable. This stability is transmitted to
the business sector. The growth of the hi-tech sector
has created four new Scientific and Technological
Parks on the outskirts of the city where services
and amenities are available. Preferred foreign investors
are hi-tech and environmental technology companies
(water treatment plants, for example), centers for
storing and distributing spare parts, and tourism
and travel, and the Scientific and Technological
Parks were designed on a large scale to provide
space for new industries.
Banking is geared to servicing industrial and business
clients. Madrid commercial and retail banks -- excluding
savings banks --started 2002 (the most recent figures
available) with deposits of 100 million euros ($125
million) compared to 68.5 million in 1999 -- and
over 2,000 branches in an around the city.
A highly trained labor force, many to college degree
level, is available to investors. Among its other
features Madrid is a university town with seven
public universities and eight private ones, plus
some of Spain's best research facilities. Three
of the universities -- the Complutense, the Universidad
Autonoma, and Carlos III University are ranked high
among European institutions of higher learning.
Geographically, Madrid is situated almost in the
very center of the country. High speed trains connect
it to every corner of Spain in a matter of three
hours, with the service extending into France and
Portugal. A network of highways dovetails with French
autoroutes, providing fast road access to Paris
and northern Europe.
Barajas International Airport is an important entry
point into Europe for travellers from Latin America
and the United States. Last year, the airport handled
36 million passengers, 19 million from overseas
and the other 17 million on domestic flights (up
from 14.8 million in 1999). Completion of two new
terminals in March will expand the airport's capacity
by 75 percent.
Meanwhile, Madrid's modern metro system spans the
city and last year was used by 543,000 people. Ideal
for getting around the metropolitan area, it can
also get you to Barajas in 12 minutes.
Spain's capital has a wide range of hotels in keeping
with the number and quality of its facilities for
trade shows, exhibitions and conferences. The city
has more than 55,000 beds, half of which are in
four- and five-star establishments, plus first class
installations and services. And the number of hotels
continues to grow. By the end of this year 35 new
hotels are expected to have opened their doors in
and around Madrid, adding another 7,200 to the number
of rooms.
Madrid hotels tend to be geared to servicing business
clients. Top end establishments have business centers
and e-mail facilities are ubiquitous.
Current strategy calls for attracting new investors
from new European Union members from Eastern Europe,
notably Poland and the Czech Republic, and from
the United States. In May a delegation of around
30 Madrid Spanish business executives will go to
Miami in search of business deals and joint ventures
with U.S. companies.
Miami is considered promising ground because so
many Hispanics from South and Central American are
settled there."The plan is to try to use the
excellent bi-lateral relations with the United States
to establish relations with individual states,"
said the business executive quoted earlier. "There
is a lot of work to do because there's a lack of
knowledge about Spain in the United States."
Over 70 percent of the five million tourists who
annually visit Madrid do so for professional reasons
-- at least the first time, but the city has a high
return rate. This emphasis partly reflects Madrid's
success in the Meeting Tourism market. Madrid hosts
more than 3,000 meetings of all kinds and sizes
each year not counting the trade shows. Overall
attendance is over half a million people. The Campo
de Naciones, the leading convention center, can
seat 7,000 people, and includes an 800-plus room
hotel.
Madrid's all out effort in the meetings market
was recognized in 1998 when the city was ranked
top international conference destination in professional
classifications. Since then, Madrid has remained
one of the top three or four (depending on the year)
international conference destinations, and is undoubtedly
the top destination nationally.
Conventions and conferences are such an important
feature of Madrid's tourist traffic that the city
opera house, the Teatro Real, offers special rooms
for incentive gatherings and meetings, with or without
refreshments. Adds a new meaning to singing for
one's supper.
|
