Investment Attraction Strategy in Asturias: Public-Private Collaboration for Economic Renewal
The Investment Attract Strategy is a public-private cooperation tool supported by the Government of Asturias and managed by IDEPA. Created in the midst of a pandemic, it aims to revitalize and rebuild the regional economic fabric. Its objective is to attract investment, foster new business projects that leverage the region’s potential, scientific, technological and industrial strengths, infrastructure, strategic location, and high quality of life.
The Strategy Axes. This alliance forms the first axis of the strategy. A Promotion Committee, led by the Minister of Industry, Enrique Fernández, together with IDEPA, the region’s Chambers of Commerce, the Asturias Businessmen’s Federation, and Asturias associations abroad, including Compromiso Asturias XXI and Asturias Power, supported by a seasoned technical team, work to present Asturias as a prime destination for investment. The effort relies on IDEPA’s extensive network and the involvement of two Think Tanks, affiliated with European institutions and multinational companies from various sectors, along with a global network of established and interconnected chambers and the Federation Asturiana de Empresarios. The federation maintains links with the Spanish Confederation of Business Organizations and its international associations. A second axis accelerates strategic projects that support initiatives stemming from the investment attraction process, with a clear focus on ventures linked to the energy transition, such as expansion or diversification of existing companies. The aim is to provide all necessary technical and logistic support to speed up investment decisions and streamline implementation. Settlement in existing industrial areas is facilitated by advising on optimal financing and by accompanying project owners through administrative procedures, with an emphasis on saving time and reducing complexity. During this phase, work has advanced across diverse sectors, including circular economy, aquaculture, steel, defense, engineering and electrical installations, shipbuilding, and many other areas of interest. The government is developing regulations to classify certain projects as strategic, and administrative processing times are being shortened with priority given to funding requests. Active project monitoring adds a compelling argument for starting new ventures.
The third axis is the Asturias Industrial Office, a cornerstone of the Investment Attract Strategy. It provides technical support to promote reindustrialization and revitalization projects in Asturias, seeking investment and financing for the planning, development, and execution of industrial initiatives in the region. An establishment of a business observatory enables early detection of potential crisis periods in selected sectors and the region, allowing timely measures. The Asturias Industrial Office service is fully operational and managed by IDEPA, and it now features dedicated advisory and technical support for the development of specific actions under the agency’s guidance.
The strategy hosts a pool of investors and a broad array of financial instruments designed to adapt financing to each project and sponsor. Among these, a notable line from the Regional Promotion Association targets emerging sectors. Equipped with 4 million euros, this fund supports companies ready to engage a bold, innovative project in the expansion and growth phase. Foreign companies have long played a significant role in Asturias. Recent investments include multinational names such as Du Pont in chemistry and biotechnology, Sacyr Fluor in engineering, Bayer in chemicals, ThyssenKrupp in capital goods, Saint-Gobain in glass, Imerys in refractory materials, Cookson in refractories, and Hanson in cement. In the ICT sector, notable players include DXC Technology Spain, Capgemini Spain, and Software AG Spain. Plans are in place to launch the new Amazon logistics platform in Siero.
From January to June 2022, Asturias ranked eighth among the autonomous communities in foreign investment inflows, receiving 266,738,720 euros, which represented 1.70 percent of the total investment flow.
The investment position relative to the center. The distribution of investment by center shows a bias known as the center effect, where some locations are valued more highly than others. Currently, 83.2 percent of foreign investment is concentrated in two autonomies: Madrid with 68.2 percent and Catalonia with 13.4 percent. Madrid recorded an average growth of 16.1 percent from 2016 to 2020, while Catalonia’s stock grew by about 10 percent in the same period. The rise in Catalonia’s investment position from 2019 to 2020 is notable, with a 9 percent increase compared to Madrid’s 1.6 percent growth, amounting to roughly 5 billion euros more in Madrid’s favor.
Classification by investment location shows Basque Country with 3.9 percent, the Principality of Asturias with 2.6 percent, Andalusia with 2.4 percent, and the Balearic Islands with 2 percent. The regions that increased foreign capital stock the most over the last five years included the Basque Country, Andalusia, the Balearic Islands, and Galicia.
The strategy has a pool of investors and a wide range of financial instruments that allow financing to be tailored to each project and sponsor. Notably, the Regional Promotion Association’s line for attracting emerging sectors, with four million euros, targets companies seeking to establish in Asturias with innovative expansion projects. Foreign companies continue to play a vital role in Asturias, with participation from many multinational firms in recent years, including US companies such as Du Pont and Sacyr Fluor, German firms such as Bayer and ThyssenKrupp, French companies like Saint-Gobain and Imerys, and British companies including Cookson and Hanson. In ICT, DXC Technology Spain, Capgemini Spain, and Software AG Spain stand out. There are plans to begin operations on a new Amazon logistics platform in Siero.
From January to June 2022, Asturias ranked eighth in attracting foreign investment among the autonomous communities, with inflows totaling 266,738,720 euros, representing 1.70% of the national investment flow.
The investment position by region shows that the distribution is heavily centered, with Madrid and Catalonia accounting for the majority of the stock. Madrid alone accounts for a large share, while Catalonia has shown steady growth. Other regions such as the Basque Country, Asturias, Andalusia, and the Balearic Islands have smaller shares but have demonstrated positive momentum in recent years. The ongoing strategy aims to broaden the geographic distribution, attract more diversified sectors, and accelerate investment through streamlined processes and robust support for project execution.
Ten projects were implemented over a two-year span, envisioning an investment of 199 million euros for the region and the creation of about 699 jobs, the majority highly skilled in ICT sectors.
Importantly, half of the startups are linked to information and communication technologies. These ten projects total 198.6 million euros in investment and are projected to generate roughly 698 jobs in ICT, engineering, and healthcare.
Five projects relate to information and communication technologies. Mind Facilities Management, Bedrock Intelligence Group, and TEAM EQ are part of the Regional Promotion Association’s initiative for emerging industries, with a combined investment of 1.5 million euros that will create 53 high-skilled jobs.
The Regional Promotion Association’s four million euro line, Support for the Attractiveness of Emerging Industries, targets companies seeking to settle in Asturias with innovative expansion projects.
The total number of projects under review. Since the strategy began, IDEPA has reviewed approximately 123 projects.