Spain is a strategic market for 95% of Italian companies established there, compared to 90% the previous year, according to the second barometer on the climate and prospects for Italian investment in Spain, prepared by the Italian Chamber of Commerce and Industry in Spain (CCIS), in collaboration with Analistas Financieros Internacionales (Afi) and with the support of the Italian Embassy in Madrid.

Among the 50 or so companies involved in the survey, 71% believe that Spain is a strategic platform for accessing regions like Latin America, Portugal and North Africa. 57% also highlighted the solid commercial relationship that their Italian parent company maintains with the Spanish market. These factors undoubtedly influence the forecast for 71% of these companies to increase their investments in the Spanish market this year, compared to 49.1% the previous year.

FDI in civil engineering at all-time high
Foreign Direct Investment (FDI) inflows from Italy in 2024 reached 987 million euros, over three times higher than in 2023. The industry that attracted the most investment was Civil Engineering, which reached an all-time high of 404 million euros, 41% of the total. The employment impact of this FDI is estimated to generate and maintain over 107,400 full-time jobs in the Spanish market in 2023, according to the most recent available data. 65,000 of these jobs are direct jobs and the rest indirect.

Despite the complex geopolitical context, transalpine firms have improved their prospects for growth in Spain in 2025. 80% are convinced that they will increase their turnover this year, compared to 65% in 2024, and 53% (compared to 43% last year) are confident that they will be able to increase their workforce.

Business climate
The business climate in Spain has undoubtedly improved for these companies. 78% rate this environment positively, with a score of 3.2 out of 5. While 59% consider that there has been no change in the business climate, 22% believe that it has strengthened. Quality of life is, for the second year in a row, the most highly rated aspect, with 4.2 points out of 5, ahead of expatriate integration (3.9 points).

46% of the participating companies believe that the improvement in investment prospects is closely linked to the fact that Italy and Spain share common interests within the EU. It is an external factor, the increase in geopolitical tensions, which is seen as the main threat to Italian companies’ business in Spain. In fact, Italian companies’ investment in Spain has so far remained solid despite international geopolitical uncertainty.

^{Photo: Italian Chamber of Commerce and Industry in Spain}