COFIDES Chairman, Salvador Marín,has taken part in the Spain-Brazil Business Meeting organised by ICEX Spain Export, the Chamber of Commerce and the CEOE which was held in Sao Paulo.
In his speech, Marín stressed, "COFIDES, as a public-private institution, is the leader in foreign direct investment (FDI), with a volume of projects from 2014 to 2016, in different geographic areas involving a total investment of over €8.9 billion". He explained that this was due to the fact that projects financed by COFIDES generated a significant drag effect, because for every euro supplied, companies generated or attracted another €12 more than the average investment.
He also recalled that this clear commitment to internationalisation of direct investment projects generated employment both in the destination country and in Spain. In fact, "In 2016, 88% of companies financed by COFIDES generated or maintained employment in Spain", he added.
RECORD IN CAPITAL AND QUASI-CAPITAL
Salvador Marín also highlighted that COFIDES was differentiated by the wide variety of its financial products, which allowed them to adapt to the needs of each customer through ordinary loans, equity and quasi-equity products. "We are gradually increasing our activity in capital and in 2016 we reached an all-time high, since 62% of the invested resources in formalised operations in 2016 were in the form of capital and quasi-capital".
METICULOUS CUSTOMER SERVICE
Salvador Marín also stressed, “This activity has been developed through paying meticulous attention to the needs of users, which has allowed subsequent customer satisfaction surveys to rate COFIDES service as ´excellent´ in the last three years”.
From 24th to 26th April, more than 70 Spanish companies attended this conference, where they had the opportunity to learn about the tools needed to identify business opportunities in Brazil.
Further to this, the COFIDES Business Development deputy director, Cristina Mena took part in a meeting with Spanish companies, where she presented the different instruments and financial products offered by COFIDES to support Spanish companies with an interest in investing in Brazil. At the meeting, she pointed out that COFIDES had had the Brazil Facility since 2005 and that Brazil had become one of the main destinations for COFIDES investment.
The seminars provided a better understanding of the destination market as well as the investment opportunities and current business cooperation in the convened sectors, aeronautics, renewable energy, waste management, transport infrastructure and the environment.
The meeting was opened by the Prime Minister of Spain, Mariano Rajoy and by high-ranking members from the Brazilian state authorities. The Secretary of State for Trade, Marisa Poncela, the Secretary of State for Communication, Carmen Martínez Castro, and the Secretary of State for International Cooperation and for Ibero-America, Fernando García Casas, also took part.
BRAZIL DESTINATION OF OPPORTUNITY
Brazil has many business opportunities and is the world´s fifth largest economy in terms of extension and population. It is the economic powerhouse of the region, with a GDP of $1.7 trillion in 2015 and an income per capita of $8,538.6, placing it as a middle income emerging economy.
It has registered great fluctuations in its rate of progress, and although in recent years it has registered falls in its GDP, after a high growth phase between 2010 and 2014, the forecast is towards a recovery in growth of around 2%.
COFIDES is a combined public-private-concern, which since 1988 has provided financial support to the investment of Spanish enterprises abroad.
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