If your company is at a point where it makes sense to expand to other countries in order to sell your products or services in new markets, then Spain should be in your list. Traditionally known for its touristic attractiveness, our country has much more to offer than sunny weather, stunning beaches and delicious food. Keep reading to find out what I’m talking about!
A Relevant Country in the World’s Economy
Spain has a population of 47.42 million and is the second largest country in the EU with over 500,000 square kilometres. Its central location between Europe and Africa, as well as its close relationship with Latin America, make it a hub for international trade opportunities. Moreover, the Spanish government is striving to open up the Spanish market by enforcing pro-startup legislation in order to promote, attract and retain talent and investments. So much so, that it ranks 31st (out of 190 countries) in the Ease of Doing Business report by the World Bank. Also, we shouldn’t forget that Spain is considered a high-income country and the 4th largest economy in Europe based on its GDP.
Business Opportunities in Spain
Some of Spain’s main industries have always been textiles/clothing/footwear, iron and steel, industrial machinery, petroleum, and tourism. However, the country is now becoming a very interesting environment for biotechnology, renewable energy, security systems, education, aerospace, or automotive parts.
Import of goods has grown steadily by 18.8% in the last five years, and some of the main imported products are the following:
- Petroleum oils and gas
- Parts and accessories for tractors and motor vehicles
- Human and animal blood
- Automatic data-processing machines
Meanwhile, the most imported services are:
- Miscellaneous business, professional and technical services
- Computer and information services
- Financial services
- Communication services
This means that Spain is receptive to trade opportunities with various exporters, the main ones being Germany, China, France, Italy, United States, Netherlands, Portugal, Belgium, United Kingdom and Switzerland, with a total of USD 426.1 billion in imported products in 2021. Sounds promising for companies who are considering growing their business, don’t you think?
Advantages of Entering the Spanish Market
In case you aren’t yet convinced about the potential that Spain has for your business, here is why it is a good idea to do business in our country:
- Spain is a powerful economy, as the previously mentioned data show (4th largest economy in the Eurozone, with a GDP of EUR 1.3 billion).
- The country is an international hub for business and trade: the Spanish trade market has a global reach, as we have seen above, with a strong relationship between countries.
- If you are based in the EU, like Spain, you can take advantage of free trade and the simplified commercial procedures for countries within the EU.
- Spain is considered a strategic location for entering the Latin American market, since you can gain access to a potential market of 500 million consumers.
- The technology and innovation field is rising: Spain hosts several well-known start-ups that have made a lasting international impression, which has resulted in an even greater interest for foreign investors and founders.
- It has solid infrastructure and networks, ranking 12th in infrastructure and logistic services, according to the Global Competitiveness Report by the World Economic Forum.
As you can see, expanding to Spain is a decision worth considering, and we are here to help you in the process.
Our Translation Services Help You Grow your Business in Spain
While entering a new market is an exciting opportunity with enormous potential, it involves some challenges. One of them is the language barrier. The main business language used in Spain is Castilian Spanish. Therefore, even though most large Spanish firms have employees who can communicate in English, it is not widely spoken amongst smaller agents or distributors.
At TransLABtion, as a communication and translation company, we help you overcome the language barrier so you can speak your clients’ and partners’ language—literally. By making your content available in Spanish, you not only gain access to Spaniards, but actually to an audience of nearly 500 million native Spanish speakers in Latin America and worldwide.
Whether you would like to have your website translated—or any other material, such as e-learning modules, blog posts, brochures, internal documentation, etc.—, or someone to write your content or even to do a voice-over for your corporate material, we are there for you. Have a look at our language services to see how we can help you grow in your country and abroad and feel free to contact us for a free quotation.