Japan is the main Asian investor in Spain, as evidenced by the 9.2 billion euros it injected into the Spanish economy between 2010 and 2023. 7 billion of this was invested between 2018 and 2023. This is how the Business Climate: Japanese companies in Spain report, which has been prepared by the Japan-Spain Business Circle (CEJE), describes the situation.

The figures given in the report are over 30% higher than investment in Spain by China, as was made clear at its presentation in Madrid last March. While China surpassed Japan’s investments between 2013 and 2017 (3.475 billion versus 1.825 billion), from 2019 onwards, Japan took the lead and more than doubled its neighbour's investments.

Spain actually received 2.968 billion euros worth of Japanese investment  between 2019 and 2023, compared to 1.297 billion from China, 655 million from South Korea, 97 million from Taiwan and 87 million from India. However, the study emphasises the failure to perceive this reality, both among company directors themselves and by the media, who continue to see China as the main investor in Spain.

Ten years of growth
The presence of Japanese companies in Spain has increased by 70% over the last decade, and by the end of 2024 there were already close to 400 of them, including those with corporate headquarters and those with equity stakes in Spanish companies. Investments have mainly gone to strategic sectors, such as the chemical industry, automotive industry and renewable energy, as well as IT. The chemical industry led Japanese investment between 1993 and 2022, after which the energy industry took over.

Growth is set to continue, judging by the forecasts of the Japanese companies' own management. 67%of respondents see their companies' performance over the past year as positive, 70% expect business prospects to improve in the short term, and nine out of ten expect their investments in the coming years to be maintained or increased.

Stability and favourable business environment
The values that company directors believe contribute to attracting Japanese investment and strengthening economic ties between the two countries include stability and a favourable business environment in Spain.

The Japanese Ambassador to Spain, Takahiro Nakamae, took part in the presentation and emphasised the strength of bilateral economic relations and the importance of continuing to promote business cooperation.

^{Photo: CEJE}