As published in Region of Valencia 21 April 2017 Creative, welcoming and modern The region where the people are as warm and bright as the sunshine. Home to creativity, innovation and some of the most interesting celebrations on the planet, it is a place where welcoming traditions effortlessly blend with the 21st century 02 OVERVIEW 03 INVESTMENT 04 OPINION Where passion meets Mediterranean cool Credit where it’s due Ximo Puig, President of the Region of Valencia “Among the millions who have come for a visit, many have decided to settle here” Ximo Puig President of the Region of Valencia 05 BUSINESS 06 TOURISM 07 FESTIVALS A new way of doing business No break for Valencia’s tourist trade Incredible Valencian fiestas GLOBAL BUSINESS FEATURES: EXCLUSIVE INTERVIEWS. INSIGHTFUL ANALYSIS. ANOTHER LOOK. 2 _REGION OF VALENCIA 3 5 AT A GLANCE Population 4.9 million (2016) President Ximo Puig, PSOE- Socialists (since 2015) GDP 2 6 €101.6 billion (£87bn) (2015) Currency 1. Alicante’s port, as seen from the city’s hilltop castle. Euro Photo: Valencia Region Tourism Board 2. Putting its house back in order: the Valencian region- Capital al government’s Palau de la Generalitat headquarters. Valencia Photo: Valencia Region Tourism Board 3. Stunning vision: a panoramic shot of the City of Arts Size and Sciences in Valencia. 23,255 Km2 Photo: The City of Arts and Sciences Official 4. Valencia is the bustling capital city of the Region of languages Valencia. Photo: Shutterstock Valencian and Spanish 5. Valencia Conference Centre was designed by UK architect Norman Foster and opened in 1998. 1 3 4 Photo: Valencia Region Tourism Board 6. View of the Port of Valencia. Photo: Port of Valencia Where passion meets Mediterranean cool Credit where it’s due Writer: Alyssa McMurtry Writer: Nick Funnell OVERVIEW The Region of Valencia may be famous for its beaches, paella and love of fire, but INVESTMENT Already home to major multinationals and acknowledged as one BRACING its true significance goes much deeper. Brimming with creativity, passion and zest for life, of Spain’s leading regions for doing business, Valencia is seeking to secure its FOR BREXIT and blessed by prime real estate, Valencia has developed into one of the most influential and economic future by backing innovation and making sure that all businesses get Due to its deep ties to the United Kingdom, the Region avant-garde regions of Europe the support they need to grow of Valencia may be one of the most affected regions when it comes to the impact of Brexit. While the terms of Britain’s exit from the EU are still far from clear, the political divorce from Occupying the prime site in the middle of industrial and agricultural hub is also home melting of cultures remains imprinted on the Valencia’s strategic Mediterranean location, superb floundering, debt-ridden organisation that Director Valencia may be especially com- Spain’s stretch of Mediterranean coast, the to Peñíscola, a historic town that stands in for streets, the land and the people. Today it is climate and business-friendly environment has already General Manuel Illueca inherited from the previous plicated for both parties. Region of Valencia has been a hub of culture, Meereen, the fictional city of slavers in the HBO home to some of Spain’s most forward-thinking drawn numerous multinationals to the region. Ford’s regional administration two years ago. “It was not quite The Valencia region has a large history and trade throughout its history. Today television series Game of Thrones. businesses, researchers and universities. huge plant in Almussafes – the car manufacturer’s liquidated, but it was dead for community of British expats: the region is still a highly strategic location and The region’s reputation for creativity and pas- largest single site worldwide – is perhaps the jewel in all intents and purposes.” “We call them our 100,000 home to some of the most fertile land in Europe. sion is illustrated by its famous Fallas festival. the crown with a number of major automotive supplier The vision is Illueca’s determination for the British Valencianos,” says Ximo The region is divided into three provinces: Va- Each year, artists spend months creating intri- firms also nearby, including Dr Schneider and SRG IVF to be part of the solution, Puig, president of the region. The region’s reputation to create a “Following the Brexit vote, lencia, Alicante and Castellón. Alicante, the cate sculptures, which are later torched to the Global. Other regional success stories include Japan’s promotional rather than part of the prob- we guaranteed that they will southernmost province, is a craft powerhouse, for creativity and ground during the peak of the celebrations. UBE Corporation and German-owned Chilworth in lem, has been a key aspect of continue to enjoy the same rights renowned for its high-quality shoes and tex- Perhaps it is this unique representation of life the chemicals industry, Saudi Arabia’s Obeikan in food the transformation. Its restruc- as any other European citizen, in- lender similar cluding healthcare issues, which tiles. The white sandy beaches that make up the passion is illustrated which has gone on to inspire the region’s most packaging and Cessna, part of US-owned Textron, in to the British turing of the indebted regional is a matter of great concern for Costa Blanca extend over 200km of Alicante’s successful sons and daughters, including the aviation. Valencia is also home to the headquarters lender SGR, which supplies senior residents,” he adds. Mediterranean coastline. by its famous Fallas impressionist painter Joaquín Sorolla. of Spain’s enormous Mercadona supermarket chain. Business Bank loans to small- and medium- In terms of the economic impact, the region’s exports to Britain The province of Valencia is home to the region’s festival Today, the region is in a healthy state of re- The Valencia Institute of Finance (IVF), the financial sized companies, and its search add up to around €3 billion a glamourous capital city of the same name. The covery. After the recent financial crash, which arm of the regional government, is the entity dedi- for a private investor to grow the year. Beyond that, the approxi- third-largest city in Spain with around 800,000 devastated the economy and drove unemploy- cated to growing businesses locally and is looking to troubled Feria de Valencia trade fair facilities have won mately 2.5 million British tourists that visit every year represent inhabitants, Valencia boasts a striking mixture Joined by the Valencian language and Mediter- ment to historic levels, Valencian society had to the future with a focus on support and innovation. back trust and helped overcome any worries that the new around 35 percent of the region’s of ultra-modern architecture, natural splen- ranean culture, the Region of Valencia marches re-think its business values. Now, a new govern- Valencia was ranked the fourth best Spanish region leftist regional administration would not be business foreign visitors. The financial im- dour and Mediterranean authenticity. to the dazzling beat of its own drum. Marked ment is taking concrete steps towards responsi- to conduct business in the World Bank’s 2015 Doing friendly, Illueca says. “On the contrary, this government plications of Brexit and a weak- ened British currency are likely With a beautiful coast on its front steps and by its history that stretches back to the times of ble development that fosters the region’s talent, Business in Spain report. At the same time, it has sev- clearly understands that in order to have something to to take a negative economic toll, rugged mountains in its backyard, Castellón is the Romans, shifting into the hands of Muslim resources and passionate spirit in a sustainable eral research and development networks and five of its share out, you need to grow, and in order to grow, you according to BBVA Research. the northernmost province of the region. This Arabs and then back to Christians, the unique and creative way. 11 universities have science parks – ideal for training a need to work with the private sector.” Yet, many business leaders in the region remain optimistic that the highly competitive and skilled professional workforce. Illueca’s vision is to create a promotional lender similar strong relationship between the Regional labour costs are below the national and Eu- to the British Business Bank that will provide Valencian UK and the Valencia region will ropean averages. companies with the funding they need to expand. In continue to hold sway. Editorial Director: Words: Alyssa McMurtry, Project Manager The production of this feature and its Today the IVF boasts credit lines worth millions of euros particular, he wants to support the riskier, innovative “I think common sense will pre- Alyssa McMurtry Nick Funnell and Graphic Design: content has been coordinated with the vail at the end of the day,” says Interviews: Copy Editor: Peter Edyvean Carlos Robledo Government of the Region of Valencia. to increase competitiveness, encourage entrepreneur- projects that will help transform the regional economic Luis Aires, president of BP (for- Carla de Campos, Bruno Sixto Art Director: Joana Pessanha Project Assistant: Mercedes Albert ship and innovation – a major turnaround from the model and escape its reliance on tourism. merly British Petroleum) Spain. 4 _REGION OF VALENCIA REGION OF VALENCIA _ 5 A new way of doing business Leading sectors Writer: Alyssa McMurtry BUSINESS After years marked by wild speculation and the OPINION Ximo Puig subsequent crash, the Region of Valencia is radically shifting President of the Region of Valencia its approach to business. Drawing on its current strengths in manufacturing, agribusiness, tourism, research and health, A place to it looks forward to creating a more productive and welcoming environment that fosters growth and attracts new investment SPAIN’S LOGISTICS HUB Besides boasting the country’s biggest maritime gateway, the Port of Valencia, the region also has grow together high-speed railroads, three international airports, and a strategic location between Madrid and THE REGION OF VALENCIA The Valencia region also lays claim to a strong Barcelona.