Madrid, October, 25, 2017- COFIDES Chairman Salvador Marín and COFIDES Trade and Business Development Deputy Director, Ana Cebrián attended the Southern California-Spain Investment Summit. These conferences, organised by the Economic and Commercial Office of the Spanish Embassy in Los Angeles and the ICEX are being held in Los Angeles from 23rd to 26th October.
The objective of the meeting, which involves more than 30 Spanish companies is to help identify business opportunities in the state of California through a better knowledge of the destination market, investment opportunities and business cooperation.
In the first seminar of the conference, which was on how to do business in California, the COFIDES Chairman presented the equity and quasi-equity instruments of the Company which are available to facilitate Spanish investment overseas. Along with him, ICEX and CDTI experts, as well as Spanish company representatives, also took part, and they went on to explain their experience in California.
The official opening of the meeting was attended by the president of the Los Angeles Chamber of Commerce, the president of the World Trade Centre, the former United States ambassador in Spain and the Spanish Consul General in Los Angeles.
The conferences will also include seminars on investment opportunities in the transport infrastructure, renewable energy, and water and waste sectors, as well as Smart Cities.
This Business Meeting between Spain and Southern California represents a great opportunity to establish alliances between US and Spanish companies and create opportunities for businesses.
CALIFORNIA, THE FIRST US MARKET
The State of California is considered the first US market and is the first in terms of population and the third in extension. Its GDP accounts for 14.2% of US GDP and ranks as the sixth largest economy in the world, ahead of countries like Russia, Italy, Brazil or France.
Currently, California has ambitious infrastructure investment plans. Specifically, the 2017 Infrastructure Plan aims to invest $43 billion in state infrastructure over the next five years. California also plays a leading role in the renewable energy and the aerospace sectors.
COFIDES is a combined private-public concern, which since 1988 has provided financial support to Spanish enterprises abroad. COFIDES manages the FIEX and FONPYME funds on behalf of the State Secretariat for Trade, within The Ministry of Economy, Industry and Competitiveness. The stockholders include the Bank of Bilbao Vizcaya Argentaria (BBVA), Santander Bank, Popular Bank, Sabadell Bank and CAF (Development Bank of Latin America).