Elisa Carbonell (ICEX) outlines the strategy to boost competitiveness in the face of the challenges of 2025.

 

 

To analyze this panorama and future prospects, we spoke with Elisa Carbonell, CEO of ICEX Spain Exports and Investments, a position she has held since February 2024, having served as General Director of Business Internationalization at the same entity since September 2021. Elisa Carbonell, a Commercial Technician and State Economist, has extensive and recognized experience in the field of internationalization and economic policy. Her in-depth knowledge of the Spanish business community and international markets positions her as one of the most authoritative voices leading the strategy of ICEX, a key public entity in the design and implementation of policies to support the external projection of Spanish companies and attract investment.

 

In this interview, Carbonell delves into the factors that have driven the recent positive results of the foreign sector, identifies the crucial challenges that companies will have to face in 2025 – with international competitiveness as the central axis – and details the ambitious ICEX Strategic Plan 2024-2027Designed to generate a "high impact" and address the "pain points" of the business sector, this plan not only focuses on sophistication and technological integration in exports or attracting foreign investment, but also... hub global, but also places special emphasis on facilitating access to public and multilateral financing, enhancing the value of intangibles such as branding in a context of possible tariff tensions, and developing specialized talent through consolidated programs such as the ICEX Scholarships –which celebrates its 50th anniversary– and the most recent initiative ICEX Vives YouthThe head of ICEX thus outlines the keys for Spanish companies, with a particular focus on SMEs, to not only maintain their market share but also increase it, diversify their destinations, and position themselves with greater added value in an increasingly demanding global environment, confirming that internationalization is now a structural part of their business model.

 

How did 2024 close? What were the most important sectors and target markets for Spanish companies' goods and services?

 

Elisa Carbonell.- We are closing out 2024 with very interesting figures regarding the Spanish foreign sector. We have achieved record export figures, with regions such as Catalonia and Madrid leading the way in this area, and Andalusia, for example, experiencing growth of 4%. Furthermore, the trade deficit has also been reduced. This reflects, on the one hand, that Spain is the second most open economy in the European Union—a dynamism evident both in exports and imports and in our ability to attract foreign direct investment. Currently, we have some 18.000 subsidiaries of multinationals that create 2 million jobs, generate 40% of exports, and 41% of investment in R&D&I. Furthermore, we have not only increased our exports but have also been able to maintain our global market share and increase that of European markets. This has been achieved despite growing competition from Asian countries and the context of uncertainty with disruptive episodes that we have been experiencing since COVID and Brexit. Finally, it's worth noting that the number of regular exporters continues to increase. We have 53.000 companies that regularly export goods, which indicates that exports and international markets are now an integral part of Spanish companies' business plans. Exports are no longer just a lifeline in the face of crises or negative shocks, but rather a fundamental part of the daily business of Spanish companies.

 

What global factors should companies consider to be prepared for 2025 and what challenges do they face?

 

EC.- The challenges, in my opinion, are summed up in the word competitiveness. We need to continue boosting the international competitiveness of Spanish companies, especially in the face of events such as the tariff increases announced by Trump, among others. And what elements or factors will generate this competitiveness? On the one hand, an increase in the adaptation and incorporation of technology into our exports. It is crucial to continue along the path we are already on, seeking to increase export sophistication. Secondly, we must continue attracting foreign direct investment, positioning Spain as a global hub thanks to our privileged geographical location, our digital connectivity and transport infrastructure, the quality of our economy (which encompasses not only quality of life but also healthcare, energy, and other aspects), and, finally, thanks to our talent, a factor highly valued by foreign investors. Another crucial area for increasing competitiveness is access to public financing for internationalization. Companies, generally Spanish SMEs, sometimes find it difficult to access these numerous and well-funded instruments, such as the FIEM Fund, CESCE, and Cofides, among others. We must strive to make these instruments more accessible to SMEs, allowing them to finance their expansion strategies more competitively. Finally, the size of Spanish companies, which are typically smaller than our European competitors, often hinders their competitiveness in foreign markets. Thus, we are starting from a solid foundation, with a very positive trend, and are well positioned to address the challenges ahead.

 

Faced with current challenges and trends, how does ICEX respond?

 

EC.- Last year we presented our strategic plan for the 2024-2027 period, the starting point of which was, obviously, this diagnosis: assessing the state of the Spanish export sector and the challenges it faces. This was done considering the context of uncertainty and what experts call the crisis in which we are immersed, a crisis to which, incidentally, Spanish companies have demonstrated admirable resilience. Based on this diagnosis, and considering that ICEX drives the prosperity of the Spanish economy through its internationalization—providing services to companies to mitigate the difficulties they encounter when internationalizing—we determined that our strategic plan should focus on making ICEX a high-impact organization. We aim to have a significant impact on companies by resolving these problems, what we internally call the "pain points." In other words, what keeps a business owner up at night when entering new markets or deciding to invest in one market over another?

 

We have identified five major areas where we are focusing our efforts to generate this high impact. First, access to market intelligence, a truly essential piece of knowledge, especially in the current context of uncertainty. To give you an idea, in 2024 ICEX produced an average of six reports per day on access to different markets and sectors, offering highly specialized training. This year, our challenge is to increase this documentary production by 13%, with a special focus on the United States and those markets that companies identify as alternatives.

 

The second pain point is access to relevant contacts. When we talk about contacts, we mean potential clients, suppliers, or decision-makers (decision makers) in the public sector of the destination countries, among others. In 2024, ICEX organized an average of three daily activities worldwide to generate these business-oriented contacts.

 

The third pain point we identify in companies is talent, specifically access to specialized talent. In the case of ICEX, we are referring to talent for internationalization. We have two major talent training programs for internationalization: the ICEX Scholarships, which, incidentally, celebrate their 50th anniversary this year; and the ICEX Vives Youth program, launched last year, whose first cohorts included 101.100 young interns. Both programs are highly valued by companies, with recruitment rates for trained young people ranging between 70% and 80%. Therefore, we believe this pain point is also being addressed.

 

The fourth pain point, as we mentioned, is access to financing instruments, both Spanish—aimed at helping companies internationalize—and multinational ones, offered by development and multinational banks. To this end, we are strengthening a personalized advisory service for financing internationalization projects, which is already bearing very positive results.

 

Next, we identified two other pain points. One important one we will focus on is the value of intangibles and their importance. We are immersed in the digital and ecological transition, but we still need to make progress in the transition to an intangible economy. Intangibles include software and specialized human capital, but also the brand. Investing in the brand and its positioning in international markets, especially given the current situation of tariff increases and other challenges, is essential to position our exports in the highest ranges, achieve higher prices, and thus be able to absorb potential tariff increases more easily.

 

Will the Internationalization Forum be held again in 2025?

 

EC.- Indeed. One of the most important events for addressing intangibles, how we face future challenges, and other relevant topics is the ICEX Forum. After holding its first edition last year, we will return this year with a renewed effort: it will be held on July 10, 2025. We will feature the participation of experts in the various challenges facing companies and, above all, the companies themselves. More than a thousand exporting and internationalized companies participated in the previous edition, in an environment that promotes the exchange of experiences, lessons learned, and solutions to common problems. In addition, we will have the presence of more than 50 economic and commercial advisors from our foreign network to hold bilateral meetings with any companies that request them. This way, companies will be able, in a single day, to learn about various markets—not just the United States, of course, but also others that interest them to diversify their portfolio. Last year, more than 300 bilateral meetings were held between companies and advisors, and this year we aim to exceed that number.

 

What is the current relationship between ICEX and the various economic and business promotion agencies of the autonomous communities? What coordination mechanisms exist to ensure that companies receive comprehensive support, both regionally and nationally?

 

EC.- The relationship has always been very good. We have established mechanisms for coordination and sharing best practices to serve Spanish companies, naturally. We have an informal coordination body, the Interterritorial Council for Internationalization, where we meet every six months. At these meetings, we jointly reflect on what is working, the available data, the challenges facing our companies, and how each of us—the territorial organizations and ICEX—is responding and what services we are offering. Obviously, in the current context, this coordination has intensified. For example, following the US administration's announcement on tariffs, we are meeting practically once a week and, in fact, are developing a joint plan based on complementary measures between ICEX and these promotion organizations. We also implement similar coordination and information exchange, for example, to respond to the DANA (National Anti-Dumping Act). We fully understand that we are all pulling in the same direction: to provide the best services to Spanish companies for their internationalization.