BREXIT could bring major opportunities for investment to Madrid, according to a report in British daily broadsheet The Guardian – as businesses and agencies leave the UK, they may be attracted to the Spanish capital as an alternative location.
Spain's rapid growth – among the fastest in the European Union – and the fact that Madrid is responsible for 20% of the GDP, plus the greater quality of life in the city compared with other EU capitals, and the country's almost-exclusive links with Latin America due to its historical and cultural ties mean London's loss could be Madrid's gain, The Guardian believes.
To help convince firms considering leaving Britain – particularly those in the financial services sector and within the City of London – the regional government has set up the hashtag #ThinkMadrid in which it draws attention to the lower taxes and a new plan known as an 'administrative motorway' to fast-track the setting up of companies opting for Spain's largest metropolitan area.
Cristina Cifuentes, regional president of Madrid, has recently been in Brussels to promote the area as a possible destination.
This said, experts consulted by The Guardian say Madrid would have difficulty competing with much larger and more affluent cities such as Paris and Frankfurt.
But Spain's capital has far more chances of attracting corporate investment than other European metropolitan zones like Dublin, Amsterdam, Milan, Berlin and Rome, the same experts claim.
Photograph: Madrid's Cuatro Torres ('Four Towers') Business Area (EuroStar Hotels/Wikimedia Commons)
