Spanish investment in Italy exceeds 17.300 billion euros and is consolidating in strategic sectors.

Spanish Investment Abroad

Spanish direct investment in Italy reached €17.300 billion in 2024, a 2,3% increase, generating more than 81.000 jobs. The Barometer presented in Rome by the Spanish Chamber of Commerce and the Embassy highlights the consolidation of Spanish companies in key sectors such as telecommunications, finance, and logistics.

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The long-term commitment of Spanish companies to Italy is strengthening, exceeding €17.300 billion in investment stock and generating more than 81.750 jobs in 2024. This robust growth, of 2,3% compared to the previous year, consolidates the transalpine country as a structural destination for Spanish foreign business, according to the III Barometer on the investment climate and prospects presented in Rome.

The event, organized by the Cámara de Comercio de España, the Cámara de Comercio de España en Italia and Embajada de España en ItaliaThe event was attended by the Minister of Business and Made in Italy, Adolfo Ursoand served to analyze the depth of bilateral economic relations. During the presentation, Inmaculada Riera, general director of the Cámara de Comercio de EspañaHe stressed that «Italia It is consolidating itself as a structural destination for Spanish investment, where our companies not only maintain a solid presence, but also reinforce their long-term commitment through productive projects, highly integrated into the local economic fabric.".

Riera added that, despite a complex international environment, The Spanish company continues to invest in Italia as a strategic market, with prospects for growth and the generation of alliances that strengthen competitive positioning in Europa.

Along the same lines, the Secretary of State for Trade, Amparo López SenovillaHe emphasized that bilateral relations "They are going through a moment of particular intensity and strength, based on a close economic and business relationship, and a shared vision on the main challenges and opportunities of Europa»For his part, the ambassador of España en Italia, Miguel Fernández-PalaciosHe stated that constant collaboration between companies and institutions allows to strengthen economic ties and promote projects of common interest.

Sector analysis: Telecommunications, finance and logistics lead investment

The study, prepared by Analistas Financieros Internacionales (AFIThe report confirms that telecommunications accounts for the largest share of investment, exceeding €5.200 billion. This is followed by financial services, insurance, and pension funds, which together account for over €4.000 billion, and the warehousing and logistics sector, with more than €1.000 billion. Although with a smaller volume, around €140 million, the electronics and IT manufacturing sector also stands out for its significant contribution to overall Spanish investment.

Source: III Barometer on climate and prospects for Spanish investment in Italy.

Stock of Spanish FDI in Italy by Sector (2024)	Investment Volume (Millions of €)
Telecommunications	> 5.200
Financial Services, Insurance and Pension Funds	> 4.000
Warehousing and Logistics	> 1.000
Electronic Manufacturing and Computing	~ 140

Regarding the most recent flows, gross direct investment in 2025 amounted to €486 million. After divestments of €31 million, net investment reached €454 million, exceeding the €372 million of the previous year. The sectors that attracted the most capital were storage and logistics (163 million), energy supply (104 million), the chemical industry (48 million) and insurance and pension funds (46 million).

Integration and future prospects

The Barometer reveals the high degree of integration of Spanish subsidiaries. 52% use local suppliers for more than half of their value chain, and 82% believe that collaborations with Italian companies have strengthened their competitive positioning. According to Diego Vizcaíno Delgado, managing partner of Applied Economics at AFI, Italia It remains a very attractive destination, accessed mainly through subsidiaries (75%). Forecasts are optimistic: most companies expect to increase their business volume and 89% expect to strengthen their presence in the country over the next five years.

The president of the Cámara de Comercio de España en Italia, Luigi Patìmo, concluded that the institution "It is much more than a network of relationships: it is a strategic partner capable of helping Spanish companies understand the market, access the opportunities it offers and develop lasting investments."The meeting also included two roundtables with top-level executives such as Pierroberto Folgiero (Fincantieri), Ricardo Domínguez García-Baquero (Navantia), Silvia Marangoni (Almirall), Claudina Farré Cases (CaixaBank) and Federico Protto (Cellnex).

Key points and frequently asked questions about Spanish investment in Italy

How does this consolidation in Italy affect Spanish exporting SMEs?

The strong presence of large Spanish companies in Italia It creates a multiplier effect for SMEs. By integrating into the local production fabric, these corporations open up new opportunities in the supply chain for smaller Spanish suppliers, facilitating their entry and consolidation in a mature and competitive market.

Which sectors offer the greatest growth opportunities for new investments in Italy?

Although telecommunications and finance lead the stock, recent 2025 flows indicate remarkable dynamism in logistics, energy, chemical industry and insuranceThese sectors, linked to the reconfiguration of European supply chains and the energy transition, present a high potential for new Spanish investments.

What are the main competitive advantages of collaborating with Italian partners?

According to the report, the main advantage is the strengthening competitive positioning (indicated by 82% of companies). Furthermore, 59% of companies state that these alliances facilitate access to new customers and markets, demonstrating that local collaboration is key to success in Italia.