State visit of the President of Peru to Spain

  5/14/2020

Spain will add Peru to the list of priority countries for the financing of operations by the Business Internationalisation Fund (FIEM). This has been agreed by the Bilateral Committee for Economic and Trade Cooperation, whose first meeting was held today in Madrid on the occasion of the State visit of the Peruvian President to Spain.

This route will support investment projects of Spanish companies in that country in sectors such as infrastructure, energy, transport, housing, services, applied research and technological innovation, among others. In addition, the reopening by the Spanish Export Credit Company (CESCE) of coverage for operations with Peru in the medium and long term has been announced.

For its part, ICEX Spain Export and Investment and the Peruvian Agency for Investment and International Trade have signed a collaboration agreement within the framework of the Bilateral Committee to promote relations between Spanish and Peruvian companies and promote the internationalization of small and medium-sized companies from both countries. Mutual support is established in promoting investment and trade; the exchange of knowledge and good practices in internationalization; and collaboration to strengthen institutional relations with counterparts from third countries, mainly from the Latin American and Caribbean region and the European Union.

Both countries have agreed on the need to strengthen economic and trade relations and boost mutual negotiations between the HAT and Mercosur to achieve an early agreement ambitious, balanced and beneficial for all.

UE is the first Mercosur trading partner, the largest foreign investor in the region and a major supplier of commercial services. Companies in the HAT paid annually over 4,000 million euros of tariffs when exporting countries in Mercosur.

Foreign Direct Investment (FDI) between the two blocks is also very relevant. In 2014 the EU was the main source of foreign direct investment in Mercosur. The conclusion of the agreement would allow this investment to be consolidated and encouraged, with undoubted positive effects, such as the transfer of technology and knowledge, as well as the consequent creation of employment.