British investment in Catalonia is rising with 936 companies established, a 20% increase since 2019

British companies occupy fourth place in the ranking of countries of origin of multinational subsidiaries established in Catalonia, with a total of 936 (a 20% increase compared to 2019). Of the foreign investment projects attracted by the government in 2023, those from the United Kingdom are in third place with 9% of the total (behind the United States and France). This is one of the main conclusions of a study by ACCIÓ-Catalonia Trade & Investment, the Business Competitiveness Agency of the Ministry of Business and Labour.

This was announced yesterday by the Secretary for Business and Competitiveness and ACCIÓ-Catalonia Trade & Investment's CEO, Jaume Baró, at a summit with forty British and Catalan companies organized in collaboration with the British Consulate General in Barcelona. The event was held in the framework of the 37th America's Cup, which the Catalan capital is hosting this month as part of the agreements to ensure the event's impact in the region.

“Catalan and British companies continue to benefit from the excellent opportunities offered by both markets”

Chris Barton, British Government Head of International Trade in Europe (HM's Trade Commissioner for Europe)

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According to the Secretary of Business and Competitiveness and ACCIÓ-Catalonia Trade & Investment's CEO, "It is not by chance that we have met with British companies because the United Kingdom is a strategic country for Catalonia, our main trading partner outside the European Union". Moreover, "in the last five years it has been one of the main investors in Catalonia, the third in terms of investment volume and the fourth in terms of the number of projects; investments that are the best example of how the United Kingdom finds in Catalonia a reliable partner with many assets, such as a geo-strategic position and an industrial-based and highly internationalized economy", he stressed. At the same time, Baró stressed "the government's will to continue increasing these figures", both from Catalonia and through the ACCIÓ-Catalonia Trade & Investment network of foreign trade and investment offices, one of which is in London.

The event was also attended by the Consul General in Barcelona, Lloyd Milen, and the British Government's Head of International Trade in Europe (His Majesty's Trade Commissioner for Europe), Chris Barton. According to Barton, "Catalan and British companies continue to benefit from the excellent opportunities offered by both markets. Trade between Catalonia and the United Kingdom in 2023 was more than 7,000 million euros in goods, with an increase in exports from the United Kingdom to Catalonia of 55% compared to 2021", he said. Barton stressed that "the new UK government is introducing reforms to make it easier than ever for businesses to grow, and we will continue to welcome Catalan companies with our arms wide open".

The study also concluded that in 2020, when Brexit came into force, Catalan exports to the United Kingdom fell by 23.5%. Still, they grew until 2023 and had already recovered the levels before the departure of the British from the EU market. Thus, the volume exported by Catalonia to the British market in 2023 is 6.7% higher than in 2019, a growth that is also higher than that of the European Union sales to the United Kingdom (4.5%) in the same period. In the first half of 2024, they also continue to increase by 14.6% more than the same period of the previous year. The United Kingdom is Catalonia's leading trading partner outside the European Union (after France, Germany, Italy, and Portugal).

Catalan companies export to the British market mainly vehicles (32.1% of the total), machinery (6.6%), and electrical appliances and equipment (6%). However, the number of Catalan companies regularly exporting to the United Kingdom also increased last year, reaching 2,237.

Commercial relations with the United States

This week, ACCIÓ-Catalonia Trade & Investment also organized another meeting of Catalan and other North American companies with the Secretary of Business and Competitiveness and the CEO of ACCIÓ-Catalonia Trade & Investment, with the support of the U.S. Consulate General in Barcelona and the presence of the new General Consul, Lia Miller.

The United States is the first destination of Catalan exports outside the European continent, with an increase of 16.6% in the first half of 2024 compared to the first six months of the previous year. Catalonia exports mainly to the United States machinery (16.7% of the total), perfumery and cosmetics (10.0%), and pharmaceutical products (7.0%). The U.S. is the second destination Catalan companies choose to open subsidiaries abroad. It is also the first country with the highest number of subsidiaries established in Catalonia (1,375) and the leading country of origin of foreign investment projects attracted by the government.