BRITAIN has beaten the US to be crowned top investor in Spain in the first quarter of 2022.
The British Chamber of Commerce in Andalucia held a press conference in Malaga last week on the outlook for British investment.
The event, attended by Malaga mayor Francisco de la Torre, presented a report which found that inward foreign investment from the UK totalled €3.3 billion, an increase of 17% from the first quarter of 2020.
It means the UK is now the largest foriegn investor in Spain in the first quarter of this year.
The exceptional performance was boosted by massive investments in the sporting and entertainment sector with UK-based CVC Capital funds signing record deals to broadcast the top tier of Spanish football league, LaLiga, earlier in the year.
In Andalucia, 2021 saw a bumper year spending from the UK, with some €150 million invested in the area.
The bulk of the money (90%) came from the food and hospitality sector driven by tourism while construction (2%), real estate (2%) and science and technology (2%) also significant sources of investment.
The news paints a much more healthy picture of UK firms investing in Spain, despite concerns over additional red tape in the post-Brexit era.
Indeed over three quarters of UK firms in Spain surveyed said they would be increasing their investment in the country for the rest of 2022.
The mayor said: “The UK is an important country for Spain, Andalucia and Malaga.”