CesceCesce, the Spanish Export Credit Insurance Company, is a key player in supporting the internationalization of Spanish companies. As Spain's Export Credit Agency (ECA), it manages official export credit support instruments on behalf of the State, offering credit and surety insurance. Its mission is to promote foreign trade, protecting companies from the risks associated with their international operations and facilitating their access to new markets. Furthermore, through its subsidiary Informa D&B, Cesce provides vital business intelligence for decision-making.
Pablo de Ramon-Laca Clausen He is a prominent figure in the economic and financial sphere, currently Executive Chairman of Cesce and Chairman of Informa D&B. A Commercial Technician and State Economist, he holds a degree in Philosophy, Politics and Economics from the University of Oxford and a Master's degree in Economics from The London School of Economics and Political Science. His professional career is extensive and highly relevant. He began his career in the Financial Crisis Management Unit of the Bank of England and held various responsibilities at the General Secretariat of the Treasury, including the Directorate General of the Treasury and Financial Policy between 2020 and 2022. During this period, he chaired the EFC Subcommittee on European Sovereign Debt Markets (ESDM) of the EFC and was a member of the Financial Stability Technical Committee of the Macroprudential Authority of the Financial Stability Board (AMCESFI), among other positions. Subsequently, in 2022, he joined the International Monetary Fund (IMF) as Alternate Executive Director, before assuming his current role at Cesce in September 2024. His deep understanding of financial markets and economic policy positions him as an authoritative voice in promoting Spanish foreign trade.
How do you assess the first 25 years of the 21st century for the internationalization of Spanish companies, highlighting the main milestones and challenges?
Paul Ramon-LacaThe first 25 years of this century have been truly crucial for Spanish companies, not only from a macroeconomic perspective, where Spain has achieved significant internationalization, but also from a geopolitical perspective, as Spain is now more assertive on the global stage. Companies have managed to deleverage after the financial crisis, reducing their debt burden, which has made them more competitive and allowed them to conquer new markets. The result is overwhelming: we have tripled our exports in these 25 years in nominal terms. In real terms, our contribution to GDP has increased from just over 28% to 37%. It is noteworthy that we have multiplied our exports to Africa by five, to Asia by four, and to Latin America by three, regions where we already had a strong presence. In short, our companies have structurally become net exporters, which represents the most significant achievement for the Spanish business community in the last quarter of a century.
After this deleveraging and expansion process, what is Cesce's current role as a benchmark and driving force in the evolution of companies seeking to sell in an uncertain market?
PR-L. As I mentioned, after the sovereign debt crisis, our companies deleveraged and had to turn to exports to overcome the situation. Now, the fundamental objective is to consolidate this position as a structural exporter and, at the same time, diversify, exploring and finding additional markets. And it is precisely for this that Cesce plays a crucial role. The company has a very prominent role in the Recovery, Transformation, and Resilience Plan that the government recently announced. The €2.000 billion earmarked to insure projects for particularly affected companies is being very well received; in fact, €1.324 billion has already been allocated to various projects. In addition, we are investing heavily in economic intelligence. Our country risk department is consolidating itself as a Think Tank Geopolitical, offering an economic and business perspective. And, of course, the credit insurance we provide, especially on behalf of the State, is a fundamental tool to support companies in their internationalization and growth processes.
In the current context of high volatility (geopolitics, supply chains, etc.), what do you consider to be the main risks and opportunities for Spanish exporters in the short and medium term?
PR-L. Without a doubt, the greatest challenge our businesses face right now is volatility and uncertainty, especially regarding tariffs. Measures like Trump's, while logical, have limited economic justification. Furthermore, these swings hinder investment and generate a widespread sense of uncertainty. Although the agreement between the European Union and the United States has reduced some of this uncertainty, some loose ends remain. I'm also concerned about the diversion of exports and imports and how this could disrupt contractual relationships between companies from different countries. Given this situation, companies must be extremely vigilant to take advantage of the opportunities that arise, because, despite the challenges, these opportunities exist. Public policies should not only focus on mitigating risks and protecting companies, but also on helping them capitalize on these new possibilities, as they open up new opportunities and avenues for conquering new markets.
What types of solutions and strategic innovations is Cesce implementing to navigate this environment and meet the current demand for specific coverage and services?
PR-L. Our clients clearly convey to us that Cesce's insurance model and economic intelligence work, but they need traditional from Cesce. More public support, more public insurance, because uncertainty has increased. Therefore, our efforts are focused, especially now with the presentation of our 2026-2029 strategic plan, on increasing the value proposition we offer to our client companies, both on behalf of the State and on our own behalf. We will offer a more coherent package, with added economic intelligence offerings and more policies, assuming greater risk on behalf of the State, something already being implemented in the latest package of measures announced. The data is already beginning to reflect an increase in demand, indicating that we are responding to a real market need. By the end of August, we had already closed €3.300 billion in transactions, which represents an absolute record for the company. And in terms of the outstanding portfolio, that is, all the risks we assume to relieve our clients, it already exceeds €20.000 billion, a historic high for Cesce. The demand is clear: our clients need more resources and more risk, and we are convinced we can meet that expectation.
Based on Cesce's experience, what are the key points and recommendations for an SME considering making the international leap right now?
PR-L. For an SME or medium-sized company looking to export, there are two fundamental aspects to consider. Internally, the company needs to be clear that its size and business model are consistent with the internationalization goals it has set. It is vital to have realistic expectations about what can be achieved and within what timeframe. Secondly, it must have up-to-date and accurate commercial information on the destination countries. Exporting based on data from a decade ago does not benefit either its shareholders or its regular customers. And, of course, it needs adequate financing and insurance, whether from the state or with its own resources. Externally, the company must ensure it is exporting to a country that offers sufficient legal security, economic growth that guarantees demand for its products, and the investment capacity, both private and public, to complement its market entry if necessary.
Looking to the future, what is the next major challenge for Spanish internationalization, and how is Cesce preparing to remain a key partner in this new era?
PR-L. I would say the two main objectives are consolidating our current position and diversifying into new markets. After 25 years, our companies are already considered reliable partners anywhere in the world. They are competitive, produce very efficiently, and have fully adapted to exports. Today, most companies, especially those of a certain size, have internationalization departments. Ten or fifteen years ago, exports were seen as a way to position surpluses that weren't sold domestically; now, structurally, they have become net exporters. It is crucial to consolidate this entry and transform this privileged position of current account surplus into something structural and not just temporary. The second point is diversification, and I'm not referring to seeking alternative markets, but to open New markets. The current uncertainty creates opportunities, and while markets like the United States may close, it is essential, without neglecting the important relationship with the United States, to be able to open other avenues. Spain has great opportunities in this regard. For example, we have just signed a trade agreement with Mercosur, a group of countries with which we share a lot and which opens up endless possibilities for exporting on a structural, not just temporary, basis. In short, there are many opportunities open to our companies.
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