2nd Edition of the Barometer on the Context and Outlook of Spanish Investment in Italy

In 2023, the stock of Spanish Foreign Direct Investment (FDI) in Italy increased by 8.5%, reaching €16.906 billion, leading to the creation of over 77,000 jobs, with an annual growth close to 8%. This places the Italian economy 12th among the recipient countries of Spanish FDI, representing 2.7% of Spain’s total foreign investment stock. These findings are part of the second edition of the “Barometer on the Context and Prospects of Spanish Investment in Italy”, prepared by Analistas Financieros Internacionales (AFI) and launched today by the Spanish Chamber of Commerce in Italy, the Spanish Chamber of Commerce, and the Embassy of Spain in Italy.

The event was attended, among others, by the Italian Minister of Enterprises and Made in Italy, Adolfo Urso; the Undersecretary of State for Foreign Affairs and International Cooperation, Maria Tripodi; the Spanish Minister of Agriculture, Fisheries and Food, Luis Planas Puchades; the Spanish Deputy Minister of Trade, Amparo López Senovilla; the Ambassador of Spain to Italy, Miguel Fernández-Palacios; the President of the Spanish Chamber of Commerce, José Luis Bonet; and the President of the Spanish Chamber of Commerce in Italy, Luigi Patìmo.

The event opened with a dialogue between Javier Martínez Ojinaga, CEO of Construcciones y Auxiliar de Ferrocarriles S.A. (CAF), and Roberto Sommella, Director of Milano Finanza.

The panel discussion “Investing in Italy: The Experience of Spanish Companies” featured:

• Bruno Chiari, CEO of A4 Holding
• Giovanni Arcoleo, Country Manager Italy of Acciona Energía
• Erminio Polito, CEO of Minsait Italy (Indra Group)
• Roberta Neri, President of Retelit

In 2023, Spanish FDI flows to Italy grew by approximately 60% year-on-year, while in 2024 the growth rate moderated, with a 15.4% decrease, totaling €461 million. Since 1993, Italy has accumulated €28.743 billion in gross Spanish FDI flows, equal to 2.7% of Spain’s total foreign investments. According to Bank of Italy data, Spain ranks sixth among countries with the largest FDI flows into Italy, with $10.538 billion between 2013 and 2023.

Historically, Spanish FDI in Italy has been distributed across various sectors, including:

• Telecommunications (14.3% of the total)
• Energy supply (11.1%)
• Insurance, reinsurance, and pension funds (10.9%)
• Wholesale trade (10%)

In particular, the Telecommunications sector accounted for 31.4% of Spanish FDI in Italy in 2023, totaling €5.302 billion, while the computer and electronics manufacturing sector also attracted significant interest, with Italy confirmed as the top destination, accounting for 29% of the total stock in 2023. In 2024, FDI flows were mainly concentrated in:

• Energy supply, which received €165 million (35.8% of the total)
• Paper industry, with €151 million (32.8%)

Minister Luis Planas emphasized the importance of this report, which he described as

“an indispensable guide for directing business decisions and public policies between the two countries.”

He also highlighted the significance of Spain’s agri-food sector:

“Our agri-food companies not only export products to Italy, but also innovation, sustainability, and added value. In the current European context, where food security and the circular economy are priorities, this cooperation is more necessary than ever.”

Planas recalled that Spain is the fourth-largest agri-food exporter in Europe and seventh worldwide. In 2024, exports from the sector exceeded €75 billion, of which approximately €8 billion were destined for Italy, consolidating it as the third most important market. Moreover, Spanish investments in Italy’s food industry exceeded €650 million in 2023.

Amparo López Senovilla, Spanish Deputy Minister of Trade, stated:

“As this second barometer shows, Spain is decisively betting on Italy as a strategic investment partner. Spanish companies have confidence in this market and view it as a long-term opportunity. Furthermore, as European partners, we share a common vision for the EU project, and together we will face major shared challenges, from strengthening our economic security to promoting a bold and forward-looking European trade policy.”

Ambassador Miguel Fernández-Palacios added:

“The Barometer we are presenting today highlights the excellent relations between both countries and their companies, confirming the synergy between the Spanish and Italian business sectors.”

Luigi Patìmo, President of the Spanish Chamber of Commerce in Italy, stated:

“The Chamber’s goal is to support Spanish companies in accelerating their investments in Italy, assisting them in all strategic phases and promoting their continuous growth in a climate of trust.”

José Luis Bonet, President of the Spanish Chamber of Commerce, emphasized the commitment of Spanish companies to Italy, as reflected in the Barometer results, and encouraged:

“Strengthening the economic and trade relations between both countries to face the uncertainties and challenges of the international scene.”

The study reveals that over 60% of surveyed companies believe that the recent evolution of the image of the Spanish business community in Italy has had a positive impact on their activity, and more than 50% expect to increase their workforce and execute new investment projects in Italy, mainly in Lazio and Lombardy. The existence of a favorable ecosystem for digitalization is considered the main strength of the Italian business climate, with a score of 3.6 out of 5.

In addition to their activity in the Italian market, 59% of companies also value the access to third markets thanks to relationships with Italian firms, generating business opportunities particularly in other European countries. A large majority (95%) of Spanish companies surveyed consider the Italian market strategic, and 85% plan to remain in the country for at least the next five years.