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Galicia attracting Chinese investors

Reporter: Liu Kai 丨 CCTV.com

10-24-2016 16:51 BJT

Spain's economy looks set to grow by about three percent in 2016 despite the absence of a government in the country for almost a year. One of the reasons for the upturn is an increase in Chinese investors, most notably in the sleepy region of Galicia.

Millions of tourists travel to Galicia in northwest Spain each year to marvel at the history and its rugged beauty.

But the region has also increasingly attracted overseas investors.

Over the last five years, Galicia has become the number one location for Chinese investments in Spain… accounting for 60 percent of all Chinese investments in the country.

“We are growing, both in Spain and in Galicia. We have different very attractive sectors. For a Chinese company, I think we can play a very interesting role, because we are in the middle of many potential deals that you can operate in the future.” Javier Aguilera, from Galician Institute for Economic Promotion.

One of those deals… the purchase of this heavy equipment manufactured by CITIC Heavy Industries.

The new owners invested more than 43 million dollars in the company to upgrade the facilities… allowing it to compete on the global stage…

“This acquisition was just before the global crisis. Without the financial support from CITIC Hisense in China, I didn’t think we could go through. That’s the reason for us… the support mainly financial from CITIC Hisense has given us the support to continue open.” Juan Jose Agulla, managing director of CITIC HIC

So far, most of the Chinese investments in Galicia has been in the heavy industry and shipping sectors. But those closer business ties appear to have already had an impact in other areas.

This is the IESIDE Business School in Vigo, a port city in Galicia. It now has arrangements with two Beijing Universities.

Many here believe business between Galicia and China is set for further growth.

“We have the capacity to attract more investors in strategic sectors of interest for China. Receive investment, grow with investment, create employment here And then help each other to create joint ventures or alliances that are win-win.” Begona Jamardo Suarez, from Ieside Business School.

Many a tourist leaves Galicia marvelling at the sights and sounds of the area. Others hope the magic will continue for the long haul.

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