Mexico Becomes Key Hub for Spanish Companies, 88% See Potential

Spanish companies continue to show firm commitment to Mexico, with three out of four seeing growth opportunities and 88% considering the country a strategic market, according to the second edition of the Barometer on the Climate and Outlook of Spanish Investment in Mexico. 

The report was presented at the Spanish Chamber of Commerce in Mexico (CAMESCOM) and developed in collaboration with Analistas Financieros Internacionales (AFI), with support from Iberia. It reveals that Mexico ranks as the third-largest recipient of Spanish foreign direct investment (FDI) globally, totaling €65.43 billion (MX$1.44 trillion) in 2023, a 19.7% year-on-year increase, representing 10.3% of Spain’s total global FDI.

Antonio Basagoiti, President, CAMESCOM, compares FDI to “large weather systems,” noting that the forecast for Spanish investment in Mexico is “favorable and strong.” In 1Q25, Spanish investment exceeded €3.2 billion (MX$70.4 billion), accounting for 15% of total FDI and marking the third-best start to a year since 2006. Despite global headwinds, Basagoiti says that “the numbers reflect a genuine commitment and shared development.”

Inmaculada Riera, Director General, Spanish Chamber of Commerce, underscores that Spain’s commitment to Mexico is “unwavering and unquestionable,” extending beyond trade and investment. She describes Mexico as a strategic partner from economic, cultural, and bilateral standpoints, stressing the importance of public-private collaboration.

Spanish Ambassador to Mexico, Juan Duarte, highlights Spain’s role as Mexico’s second-largest investor and praises the growing reputation of Spanish companies, which indirectly support over 500,000 jobs across the Latin American country.

Spanish investment is mainly concentrated in financial services (excluding insurance and pensions), metallurgy, wastewater treatment, transport, advertising, and market research, says María Romero, Partner and Director of Economics, AFI. Despite ongoing uncertainty, 75% of Spanish firms rated the investment climate as favorable, with 39% reporting improvements over the past year and 54% viewing conditions as stable, she adds.

Romero also says that quality of life, digital transformation, and sustainability are among the most highly valued factors for Spanish companies. Over half of them (54%) plan to increase revenue through innovation and productivity enhancements. She also identified exchange rate fluctuations as a key risk factor, with 32% of companies citing it as a potential concern.

María Peña, Economic and Commercial Counselor, Spanish Embassy in Mexico, reports that over 5,200 Spanish companies are currently in Mexico, with significant geographic diversification. Peña adds that Mexico is now the sixth-largest investor in Spain, accounting for nearly 50% of all Latin American investment in the country.