Forty-eight R&D projects by foreign companies will be eligible for grants from ICEX Invest in Spain's investment program16 April 2020
The call, whose period of submissions has just closed, has received projects involving an investment of 14.4 million and associated direct employment of over 350 jobs
The deadline for grant applications in the program of investment by foreign companies in R&D activities closed last March 12 with a 10% increase in the number of applications since 2019. A total of 48 projects were received, representing an investment of almost 14.5 million euros and potentially mobilizing overobs in the regions of Extremadura, Canary Islands, Castile-La Mancha, Murcia and Galicia.
The projects belong to sectors with a high technology content, including particularly biotechnology and health sciences, the telecommunications and industrial sector, and the energy and environmental sector.
As can be seen on the map, the source of the venture capital is primarily Western economies (Europe and North America), which account for 75% of the investment projects. This group includes some of the largest investment companies and subsidiaries of multinationals.
30% of the projects are from recently established companies or companies that are currently in the process of becoming incorporated. The rest are companies already established in Spain that attract new R&D projects, allowing them to position their Spanish subsidiary as a leader in this technology within its corporate group.
About the investment program for foreign companies involved in R&D activities
This program of subsidies is co-financed by the European Regional Development Fund (ERDF) within the multiregion OP for Spain (2014-2020). It is aimed at companies that have a foreign stake in their capital of at least 10% and are planning to carry out an R&D project in Spain. The regions that still have funds available are Extremadura, Canary Islands, Castile-La Mancha, Murcia and Galicia.
Since the launch of the program over 230 companies have benefited from these grants, which have mobilized an investment of 88 million euros, and over 2,200 associated jobs. The program's impact has been noted in a report by Ernst & Young, which highlights that 80% of beneficiary companies increased their turnover after receiving the grant. The projects subsidized by this program are already generating income for over 70% of the companies surveyed.