In just six years, Andalucía has emerged as a powerhouse for international investment, securing an impressive €5.02 billion in foreign capital—nearly double the figure from the previous six-year period. This surge places the southern Spanish region firmly on the radar of global investors, reaffirming its status as a strategic destination for innovation, growth, and opportunity.
U.S. Leads the Charge
Despite the renewed tariffs introduced by President Donald Trump in early 2025, U.S. companies topped the list of foreign investors in Andalucía last year, pouring €193 million into the region—primarily in construction and finance. This marks the strongest U.S. investment activity since 2019 and highlights the resilience and attractiveness of the Andalusian market even amid global economic headwinds.
Following closely behind were investors from the UK (€128 million), France (€87 million), Denmark (€85 million), and Germany (€82 million), collectively contributing to a highly diversified and dynamic economic ecosystem. Each brought strategic focus to their investments—ranging from sports and retail to energy and accommodation—showcasing Andalucía’s sectoral breadth.
A Record-Breaking 2024
Foreign direct investment (FDI) in Andalucía soared to €837 million in 2024—a 41% increase over 2023 and well above the national average growth of 19%. This figure also represents a 20% leap from the regional decade-long annual average of €696 million, making 2024 the second-highest year of foreign investment in the past ten years, surpassed only by 2022.
M&A activity led the charge, with acquisitions accounting for over half (51.5%) of total investment, followed by business expansions (29.1%) and new ventures (19.4%). In terms of investor profile, corporate entities drove nearly half (48%) of the inflow, followed by private investment funds (29.3%), individual investors (21.8%), and sovereign funds (0.9%).
Andalucía’s Expanding International Footprint
By the close of 2024, Andalucía was home to 3,171 foreign-owned companies—firms with either full foreign capital or significant foreign shareholding (10% or more). This milestone capped a historic six-year run, with foreign investment nearly doubling the levels recorded between 2013 and 2018 and exceeding the region’s previous high between 2007 and 2012 by 54%.
Malaga has established itself as the region’s magnet for foreign capital, hosting 55.8% of these companies. Seville follows at 19.5%, while the rest are distributed across Cádiz, Granada, Almería, Córdoba, Huelva, and Jaén. Together, these companies represent a combined turnover of €36.26 billion and generate over 88,000 jobs.
Investors hail from over 80 countries, though just ten account for 67% of all subsidiaries. Sweden leads (11.6%)—largely in real estate—followed by the UK (11.4%), the Netherlands (8.1%), Germany (7.0%), Switzerland (6.7%, particularly in renewables), and the United States (5.4%).
Adding further depth, another 1,282 companies—while headquartered elsewhere—maintain operational branches in Andalucía, reflecting the region’s growing strategic value.
Sectoral Highlights
The construction sector is Andalucía’s top investment draw, absorbing 20% of gross inflows. Other key sectors include energy supply (12%), wholesale and intermediary trade (9.3%), sports and recreation (7.3%), and metal manufacturing (7.2%). This diverse sectoral mix underpins the region’s economic resilience and potential for sustainable growth.
Looking Ahead: A Strategy for the Future
Next Monday, the Andalusian regional government will unveil a comprehensive strategy to further enhance foreign investment. The announcement, hosted by the Ministry of Economy, Finance and European Funds, will take place at Madrid’s Reina Sofía Museum—an iconic setting for a bold new vision.
With a wealth of untapped opportunities and a proven track record, Andalucía stands ready to attract the next wave of international investment.
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