Economic diplomacy is one of the main instruments of Spanish foreign action and a political priority for the defence of Spain's economic interests and those of Spanish companies overseas. Economic globalisation makes it essential for the State to provide economic operators with all the instruments at its disposal so that, within the framework of an open economy, sustained growth and job creation can be achieved. Boosting the internationalisation of Spanish companies and attracting productive foreign investment has become a fundamental part of diplomacy, generating activity and employment.
Economic diplomacy, conducted in close coordination with the Spanish public authorities with competence in the area, seeks to collaborate in the defence and promotion of Spain’s economic interests and improve Spain’s image overseas through decisive support for the internationalisation of the Spanish economy and Spanish companies. In short, the aim, along with other official bodies, is to help support and consolidate the economic recovery and job creation in order to increase exports, foreign investment and tourism, and to facilitate greater access to financing.
![José Manuel Albares, Minister of Foreign Affairs, European Union and Cooperation, with the Emir of Qatar, during his official vi]()
José Manuel Albares, Minister of Foreign Affairs, European Union and Cooperation, with the Emir of Qatar, during his official visit to the country in September 2021. Photo: NOLSOM-MAUC
Economic diplomacy is becoming an increasingly important element of foreign policy. Within the framework of increasingly intense international competition, economic diplomacy enriches the focus of more traditional and familiar diplomatic activities, strengthening the role of economic and trade relations, which have become a central element of diplomacy in the 21st Century.
The Spanish economy is highly internationalised, with exports of goods and services accounting for around a third of GDP. Over 65% of the turnover of IBEX 35 companies is generated overseas, in some cases approaching 100%. This process of international expansion of large companies has been as a key driving force for others, leading some medium-sized enterprises to strengthen their presence abroad by expanding countries with high growth potential. While a whole generation of medium-sized enterprises and some small companies have now embarked on their own process of overseas expansion, there is still much work to be done. In this respect, economic diplomacy plays a key role. Accordingly, the support offered the sector by the Spanish Foreign Network, as well as its contribution in facilitating the expansion and establishment of Spanish companies overseas and in attracting foreign investment, is essential and seeks to enhance the country's image and increase the competitiveness of the Spanish economy and its companies.
![Minister José Manuel Albares in the company of Spanish entrepreneurs, at a working lunch at the Palacio de Viana, in September 2021. Photo: NOLSOM-MAUC]()
Minister José Manuel Albares in the company of Spanish entrepreneurs, at a working lunch at the Palacio de Viana, in September 2021. Photo: NOLSOM-MAUC
All Embassies, Consulates General, Permanent Representations, Economic and Commercial Offices, Business Centres and Tourist Offices are a gateway for our companies abroad. Our diplomats, in coordination with economic and trade advisers, play a key role in the international expansion of Spanish companies through their knowledge of both the political reality and the economic and trade reality of the country in which they are accredited. Their overseas promotion of our economic interests and the interests of Spanish companies is based on solid foundations of excellence and leadership across a broad range of sectors that are not sufficiently known.
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