Pedro Sánchez highlights in Davos the structural reforms carried out by Spain and which represent the greatest transformation of the economy in decades

 

The president of the Government, Pedro Sánchez, has intervened in the Country Strategy Dialogue, within the framework of the World Economic Forum which, under the motto "Cooperation in a fragmented world", It is held in Davos from January 16 to 20. During this event, a closed-door dialogue space between leaders and executives of large companies that those responsible for the Forum have offered exclusively to 8 senior leaders, President Sánchez has presented the strategic lines of economic growth in Spain.

 

Before a select group of CEOs and other senior business officials, the President of the Government has addressed different aspects of the Spanish economy, such as macroeconomic outlook for Spain, the reforms implemented by the Government to promote growth, sustainability and the green agenda, or the state of execution of investments committed to the Recovery, Transformation and Resilience Plan.

 

Regarding the macroeconomic perspectives, Pedro Sánchez recalled the five packages of measures approved by the Government throughout 2022 to protect from the impact of the war in Ukraine to homes, SMEs and specific sectors. In this regard, the President of the Government has reiterated that the economic performance in Spain has been boosted by these measures, and has highlighted the impact they have had on the Spanish economy tools such as the Iberian mechanism.

 

Pedro Sánchez has stressed that growth in 2022 exceeded 5%, recalling that last December, the inflation rate in Spain (5,5%) was the lowest of the entire UE. Likewise, the President of the Government has addressed the forecasts of the main international organizations, indicating that they all agree that Spain's growth should exceed the average rates of advanced economies in 2023, and inflation will continue to fall until it is 2 points below that of the Eurozone. Regarding employment, President Sánchez has highlighted that Spain has been able to weather the global economic storm, since our country grew by almost half a million jobs last year, and he recalled that the unemployment rate today registers the rate lowest in the last 15 years.

 

During his speech, President Sánchez also addressed the policies implemented to promote economic growth. In this sense, he has highlighted the far-reaching reforms implemented in the last three years, such as those related to the labor market, the circular economy, renewable energies, vocational training or those related to the growth and expansion of companies. These policies have helped boost productive investments, as well as the retention and attraction of talent to Spain, contributing to the greatest transformation of the Spanish economy in decades. In short, he has reiterated, the application of these reforms is generating a structural transformation and, consequently, the accelerated modernization of the Spanish economy.

 

Regarding the ecological transition, President Sánchez has highlighted that Spain is today recognized as a global leader in this matter, after having turned the green agenda into one of the main pillars of the Government's policies.

 

Pedro Sánchez recalled that Spain is the 5th country in the world in wind energy and the 8th in the generation of renewable energy and aspires to become a leader in green hydrogen generation. In addition, he has emphasized some of the strengths that our country has to become, in the future, a major exporter of clean energy. Thus, the President of the Government has highlighted the extensive natural gas network and liquefied natural gas network that Spain has can be adapted to transport and supply green hydrogen. In this sense, he recalled the initiative of the H2Med corridor, which will connect Barcelona with Marseille and will transport 2 million tons of green H2 in 2030. Secondly, he highlighted the Spanish regulatory framework as a strength, which allows the deployment of renewable energies and the promotion of innovation.

 

Pedro Sánchez has stressed that the largest multinationals in the world are already investing in emblematic projects in Spain, in areas as varied as gigafactories, data centers, hydrogen or cybersecurity.

 

Finally, President Sánchez has addressed the deployment of the Recovery, Transformation and Resilience Plan, highlighting that Spain was, in 2021, the first country to receive approval of its Plan, which amounted to 70.000 million euros. Furthermore, he has stressed that Spain is the most advanced country in the implementation and execution of European funds. Likewise, Pedro Sánchez highlighted the more than 190 approved projects and recalled that 150.000 Spanish companies are already receiving funds. In this sense, he has also addressed the 12 PERTES in strategic areas such as renewable energy, microchips, agribusiness or advanced medicine, among others.

 

The President of the Government has stressed that the approach of the Government of Spain is already bearing fruit, recalling that Spain attracted foreign investment projects worth 2022 billion euros in 30.000, a historical record. Furthermore, Pedro Sánchez has indicated, the largest multinationals in the world They are already investing in emblematic projects in our country, in areas as varied as gigafactories, data centers, hydrogen or cybersecurity.

 

In response to various questions raised by the leaders of large companies regarding digitalization, the President of the Government has assured that during the Spanish Presidency of the European CouncilSpain will promote policies that favor investment and encourage innovation. Pedro Sánchez has explained that, with his Digital Bill of Rights, Spain is a pioneer in its rights-based approach to digitalization and has reiterated that this is the vision that the Government of Spain defends for Europe: the guarantee of data protection, privacy, freedom of choice, and a vision of human-centered artificial intelligence.

 

In addition, it has defended public-private partnership in areas of connectivity such as 5G, semiconductors and cybersecurity, while addressing a collaboration agenda between the EU and USA to identify needs and promote approaches that allow both parties to achieve their digitalization objectives.

 

The President of the Government has also reiterated that Spain wants to become a world leader in the production of green hydrogen, and has defended that our country already has the political will to carry it out, and also with the necessary natural resources and financial means. In this sense, he has also highlighted that Spain has the cheapest prices in Europe for renewable energy generation, and recalled that our country has become a focus of interest for investors, since Spain attracted record numbers of foreign direct investment (FDI) in 2022.

 

Pedro Sánchez has referred to the Inflation Reduction Law approved in August in the United States, highlighting the need to reach an agreement. Furthermore, he stated that this Law has served to reiterate the need to move towards a European model of strategic autonomy and towards the search for a common response to protect European industry. This response, he has assured, will be debated during the informal European Council to be held next February.