By @hebe_schmidt, from Madrid. After the Brexit, Madrid aspires to become the City’s european and competes with Paris, Frankfurt, Dublin and Milan to attract companies and investment that discusses to leave London to follow in the community area.
The vote in favour of the Brexit, the 23rd of June, led to many investment banks question their stay in the City of london. In this framework, the president of the Community of Madrid, Cristina Cifuentes, introduced this Sunday, the initiative #ThinkMadrid or “Think Madrid”, with the goal of attracting to the capital madrid to the multinationals, startups and finance companies are willing to leave London.
Cifuentes, one of the stronger women of the Spanish Partido Popular and best valued, it was seconded by the representatives of the chambers of commerce, workers ‘ unions and social agents.
“See you at the Brexit an opportunity to grow,” said Cifuentes, and invited investors and institutions to “think of the Community of Madrid” as best destination to locate their headquarters. Then he outlined the competitive advantages that position the region of Madrid as one of the best areas of the European Union to replace the City of london.
According to Cifuentes, “an estimated economic impact of € 60,000 for every person who desplazase the Community of Madrid”.
The Community of Madrid is very well positioned and stands out in almost all of the criteria on which investors base the decision to move, according to a study commissioned to the consulting firm Ernst & Young, which prepared the report “Think Madrid” presented this Sunday at the Casa de Correos in the central plaza of the Sun.
cheaper and better. The real estate consultants Aguirre Newman, puts the city of Madrid as one of the sites best positioned to accommodate the City’s financial given the current stock available and the areas of collateral in expansion. Madrid currently has 200,000 square meters immediately available in prime areas, to add another 1.8 million square meters to develop in areas that are well communicated.
And the rental prices of the offices are lower in Madrid than in the rest of the european capitals: while in Madrid stood at around 26 euros per square meter in the prime zone, in Paris amounted to 62.3 euros per square meter; in Dublin, from 52.7 euros, in Milan and 39.1 euros in Frankfurt to 38 euros.
The study “Think Madrid” proposed to streamline processes in municipal regulations and to improve the taxation of corporate and impatriados. In the Community of Madrid are located-to 4,000 multinational companies that accounted for 54.1% of foreign investment in Spain in the period of 2011-2015.
Cost of living. Another of the factors that play in favour of Madrid is its economic future. Spain is the second european country with the highest projection of growth of the GDP, according to forecasts from the International Monetary Fund. Spain has a projected cumulative growth of GDP of 8.7% until 2019 and will grow more than in Germany (5.8 per Cent), France (5,7%) and Italy (4,2%). Only it is prefaced by Ireland with 14.6 per cent.
Madrid also has a cost of living lower than Paris, Dublin, Frankfurt and Milan, according to the study, and a high quality of life, since it has a Metro network of almost 300 kilometers; leisure spaces, a network of sports centres, municipal, gastronomic and cultural offer; a model of education that is competitive, one of the best public health systems of Europe and the world, and the safest city in Europe after Vienna, in addition to qualified professionals.
Benefits for Latin america. in Respect of what aspects could benefit the investments Latin america the fact that Madrid is becoming a City of european, Cifuentes, in dialogue with AméricaEconomía.com he stressed that in addition to the language that we share, “without a doubt, that it would create opportunities for investment in Latin america, given that Spain is the natural market of Latin america and the gateway to Europe; and we understand that a more dynamic market will benefit all.”
“The central issue is that when considering financial investments and productive real, having a financial center near you is very important when attracting capital for such investments”, said Daniel Lacalle, an economist with Spanish based in London since 2004 and which was signed by the government of the Community of Madrid (CAM) as the Curator of Madrid to manage the project “Think Madrid” with companies, investment funds, and startups in London, and to invite them to move their residences to the capital of spain.
For John, Paul Lazarus, president of the Business Confederation of Madrid (CEIM), the fact that Madrid could become the new City in europe “would generate lots of business opportunities for Latin america”.
“There are many Latin american companies already have headquarters in London, and the have not’s, if you come here you feel like at home in Spain, which oficiaría as a gateway to the rest of Europe and north Africa; in a market resizing would have more and better business opportunities".
Angel Garrido, secretary-general of the CEIM, she added, “the poles of investment to generate synergies and redinamizan the market. There is an intense flow of investments between Spain and various countries in the region that could benefit from the displacement of a part of the international financial market in Madrid”; and “even, it will also be beneficial for Spanish companies based in Latin america, due to a hub of financial activity would generate numerous funding opportunities and provide more avenues of business”.
asked about the case of argentina, Guillermo Hirschfeld, Advisor to Investment of the embassy of Argentina to the Kingdom of Spain, expressed the view that “any increase in the economic activity of Spanish will have a positive impact on the flow of trade and investments between Spain and Argentina, because with growing financial market, with the incorporation of new actors, emerging new opportunities to boost Spanish investment in the world, especially in Argentina, a partner of history.”
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