On 27th of September, the Spanish Chamber held one of its exclusive Patron’s Club events: Breakfast with Mr. Jaime García-Legaz, Spanish Secretary of State for Foreign Trade.
The breakfast was a great opportunity to rub shoulders with business world elites from the the UK & Spain, who kindly support the Spanish Chamber of Commerce through patronship. The atmosphere was jovial, but it was also an opportunity for a frank discussion of one of the key economic issues of our time – how it is that businesses can get to grips with the ways in which the Spanish economy can look to improve, and ultimately to emerge as a strong world competitor in the coming years.
The former economic and financial analyst at the Bank of Spain, who also has experience in the position of Director General of Financial Policy at the Economic & Finance Ministry, took to the podium. He stressed the need to reform the Spanish financial architecture and again reaffirmed that he will endeavor to maintain Spain as a part of the euro.
Mr. García-Legaz pointed out that there is still the need for extensive labour reforms as a key tool to overcome the current crisis in Spain, which links directly with the fundamental commitment by the current centre-right government to budgetary stability. These measures, in the words of García-Legaz, are aimed at economic growth.
However, his speech was full of optimism, and stated that Spain would begin to see the first signs of recovery within the 3rd quarter of 2013, which are otherwise starting to be reflected in foreign investment figures. This positive shift is currently being supported by a structural correction being brought about through the generating of an unprecedented trade surplus.
In conclusion, he reiterated the importance of betting on the policy adjustments of the government and, in particular, to trust leading Spanish companies, many of them present at this breakfast, since it is they who are ultimately the ones that generate sustainable growth and stimulate the economy. This is, he remarked, essential in order for Spain to emerge stronger from the crisis.
Patrons of the Spanish Chamber of Commerce representatives attended the event along with H.E. The Ambassador of Spain Federico Trillo Figueroa and the President of The Spanish Chamber, Mr.Fernando Pérez.