Galicia attracts 60 percent of all Chinese investments in Spain

CCTV News

Galicia attracts 60 percent of all Chinese investments in Spain

Despite the absence of a government in Spain for almost a year, the country’s economy looks set to grow by some three percent in 2016. One of the reasons for the upturn is an increase in overseas investors.

And the region that has attracted a sizable slice of that is not Madrid or Barcelona but the sleepy area of Galicia as CCTV’s Dan Williams now reports.

Galicia attracts 60 percent of all Chinese investments in Spain

Galicia attracts 60 percent of all Chinese investments in Spain

Despite the absence of a government in Spain for almost a year, the country's economy looks set to grow by some three percent in 2016. One of the reasons for the upturn is an increase in overseas investors. And the region that has attracted a sizable slice of that is not Madrid or Barcelona but the sleepy area of Galicia as CCTV's Dan Williams now reports.

Millions of tourists travel to Galicia in northwest Spain each year to marvel at the history and its rugged beauty.

But the region has also increasingly attracted overseas investors.

Over the last five years, Galicia has become the number one location for Chinese investments in Spain accounting for 60 percent of all Chinese investments in the country.

“We are growing, both in Spain and in Galicia. We have different very attractive sectors. For a Chinese company, I think we can play a very interesting role, because we are in the middle of many potential deals that you can operate in the future,” Javier Aguilera, Managing Director of the Galician Institute for Economic Promotion said.

One of those deals the purchase of this heavy equipment manufactured by CITIC Heavy Industries.

The new owners invested more than $43 million in the company to upgrade the facilities allowing it to compete on the global stage

So far, most of the Chinese investments in Galicia has been in the heavy industry and shipping sectors. But those closer business ties appear to have already had an impact in other areas.

The IESIDE Business School in Vigo which is a port city in Galicia. Now, it has arrangements with two Beijing Universities. Many there believe business between Galicia and China is set for further growth.

And many tourists leave Galicia marveling at the sights and sounds of the area. Others hope the magic will continue for the long haul.