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La Sociedad Estatal para la Promoción y Atracción de las Inversiones Exteriores, S.A., (The State Company for the Promotion and Attraction of Foreign Investment, plc.) is a public corporation as outlined in art. 166 of the 33/2003, of 3 November, of the Legislation on “Patrimonio de las Administraciones Públicas” (Public Administration Holdings) and in section 2 b) of article 3 of the 47/2003, of 26 November, of the Legislation on General Budgets, and operates as a public limited company.
The creation of this corporation was approved by ministerial decree on 22 July 2005 and officially chartered on 17 October 2005. It is part of the Secretariat of State for Foreign Trade within the Ministry of Industry, Tourism and Trade.
The corporation’s objectives are as follows:
* To capture foreign investment focusing on the countries, sectors and companies in international businesses with the greatest growth potential.
* To promote the adequate investment climate by identifying the potential needs of investors and suggesting the appropriate measures to meet them, to strengthen relations with two institutions related to foreign investment and to exercise influence over infrastructures and means to favor foreign investment.
* To provide an image of Spain as a competitive and increasingly internationalized country with the human resources and technological capability necessary for the globalization of economies and markets.
* To foster initiatives, either directly linked or complementary, necessary to promote and attract inward investment in Spain as well as to foment and coordinate a suitable climate for foreign investment.
InvestInSpain’s sole shareholder is the Instituto Español de Comercio Exterior (ICEX). Althought the ICEX is the sole shareholder, the corporation is governed according to article 176 of the Law 33/2003, of 3 November, of the Legislation on “Patrimonio de las Administraciones Públicas” (Public Administration Holdings) by the Ministry of Industry, Tourism and Trade through the Secretariat of State for Foreign Trade, which oversees the corporation’s management and efficiency.
Operations governed by private legislation
The Sociedad Estatal para la Promoción y Atracción de las Inversiones Exteriores, S.A. operates according to civil, merchant and labor legislation for private enterprise, in spite of the fact that contracts, financial control, accounting and budget are governed by public legislation.
A budget of its own integrated in the General Budget for the State from which it receives two annual transfers within the budget of the Secretariat of State for ForeignTrade.
Subject to the control of the State
The corporation is subject to control mechanisms characteristic for public limited companies that are fully owned by the state, particularly with regards economic, financial and contractual matters
For more information, please visit www.investinspain.org
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