Hispanic Enterprise - February/March 2008 - (Page 24)

BIZLIFE medium-sized businesses enjoy a reduced rate. Plus, personal income tax rates have been cut down to 43 percent. INVESTING IN INDUSTRY As the dollar struggles against foreign currency, international investors are closely examining how they spend in other countries. But the city is deﬁnitely hoping that its great qualities—the tepid climate, serene and low-stress culture, high degree of personal security, central location in the country and as a point of access to the rest of the European Union— will be enough to sway even the most trepidacious investor. New industries are growing. Spain has invested in automotive industry, and is one of the top three developers of green technologies in the world, according to IFEMA representatives. The city is traditionally thought of as more of a tourism destination than a center of business. For those unwilling to devote dollars to new industry, 24 * MADRID IS HOPING ITS CENTRAL LOCATION, CLIMATE, CULTURE AND SECURITY WILL HELP DRAW INVESTORS TO ITS THRIVING BUSINESS SECTOR there’s always have the perpetually popular visitors’ sector in which to invest. The services sector constitutes 82 percent of the GDP, with nearly 8 percent of that is devoted to the hotel and restaurant sector, and nearly 30 percent is devoted to business services. In a city with more than 70,000 hotels, many of which have four- and ﬁve-star ratings, the tourism industry, which hosts more than 3 million visitors a year, is an investment draw. That, added to the high purchasing power of the city compared to the rest of the country, makes it attractive. The U.S. government has noted its appeal and has established a U.S. Department of Commerce center at the IFEMA center, an enormous convention space used for product showcasing, business fairs, and other functions. The center was set up to help American companies exhibit in Spain and disseminates market research for American companies trying to expand to Spain. On the Spanish side, the country has a wealth of information for potential business owners or investors. One such organization is PromoMadrid, designed to orient foreign businesses to the region. It helps by providing business planning and investment help and provide liaisons to Spanish institutions that might be of further assistance. HISPANIC ENTERPRISE February/March 2008

Table of Contents Feed for the Digital Edition of Hispanic Enterprise - February/March 2008

Hispanic Enterprise - February/March 2008 Contents Briefcase: BIZBUZZ: Business Briefs Briefcase: Trendsetters Briefcase: BIZTECH: Virtually Meeting BizLife: Travel: Madrid's New Attraction Q & A: Mi Case es su Casa Hispanic Commerce: The Agenda Cover Story: The Top 50 Corporations for Supplier Diversity Technology: Hispanic Web 2.0 Success & Motivation: Sweetening the Deal Politics & Government: The Rescue Generation Managing: The Method Franchising: The Hispanic Face of Franchising Chamber Focus: It's Showtime Movers & Shakers: Open for Business Finance & Investing: Getting Your 401(K) on Target

Hispanic Enterprise - February/March 2008

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