Spanish Government and Ibex Companies Join Forces at Davos to Boost Competitiveness Amid US-Induced Crisis
Spain's government and major Ibex companies collaborate at Davos to turn the US-led geopolitical crisis into an opportunity to enhance Europe's competitiveness and technological leadership.
- • Spanish government and Ibex companies meet at Davos to tackle US-related geopolitical and economic crisis.
- • Minister Carlos Cuerpo highlights need for Europe to boost competitiveness and accelerate decision-making.
- • Business leaders call for reduced bureaucracy to improve competitiveness.
- • Executives emphasize Europe's need for technological leadership and investment confidence in Spain.
Key details
At the World Economic Forum in Davos, the Spanish government and leading Ibex companies convened to address the geopolitical and economic challenges stemming from US policies under President Donald Trump. The meeting, involving Economy Minister Carlos Cuerpo, Digital Transformation Minister Óscar López, and top executives from Banco Santander, BBVA, Iberdrola, Repsol, Telefónica, Naturgy, Moeve, and Acciona, was a strategic effort to transform what is widely viewed as a crisis into an opportunity for growth and competitiveness for Europe and Spain.
Minister Cuerpo emphasized the importance of viewing the US-induced tensions as a chance for Europe to improve its competitiveness, recognizing that the continent has fallen behind and needs to accelerate progress. He showcased initiatives such as the European competitiveness laboratory and the proposed 'state 28' from the Letta Report, which aims to speed up decision-making among EU member states. Business leaders echoed this urgency, with Josu Jon Imaz, Repsol’s CEO, advocating for reductions in bureaucracy and faster administrative processes to bolster competitive advantage.
The discussions also highlighted Spain’s comparatively strong economic position within the EU, its potential as an investment hub, and the country's commitment to defending sovereignty amid US controversies, particularly regarding Greenland. International investors from Temasek and EQT expressed confidence in Spain’s economic trajectory and public policies.
Spanish executives stressed the need for Europe to become a leader in technology as a strategic response to shifting US relations. Marc Murtra, Telefónica’s President, invoked the historical analogy of the US's 'moment NASA' to illustrate Europe's imperative to make its own technological leap.
Optimism permeated the summit, with participants noting Europe’s positive response to US actions and a hopeful change in the tone of European leadership. A clear consensus emerged around the necessity of creating European champions through market consolidation, with companies like Telefónica at the forefront.
This collaborative approach marks a significant moment for Spain and European business and political leaders as they seek to fortify competitiveness and innovation in an increasingly complex global landscape.
This article was translated and synthesized from Spanish sources, providing English-speaking readers with local perspectives.
