Latest report on Spanish investment in Latin America foresees 76% of Spanish companies increasing spending in the region

15th Report on Spanish Investment in Ibero-America – IE University
IE University, Llorente y Cuenca, Auxadi and Iberia present the 15th Report on Spanish Investment in Ibero-America.

Latin America will continues to attract Spanish investment in 2023, with 79% of Spanish companies expecting their turnover in the region to increase over the next three years. Fifty one percent of the large companies and 42% of the SMEs that participated in the survey say their activities in Ibero-America will exceed those in Spain. These are some of the conclusions of the fifteenth Report on Spanish Investment in Ibero-America by IE University, Auxadi, LLYC and Iberia, with the collaboration of Casa de América.

“76% of the companies surveyed indicate that they will increase their investments in the region in 2023.”
Juan Carlos Martinez Lázaro, Director of the report and Professor at IE University

IE University’s Juan Carlos Martinez Lázaro, who directed the report, says “If we focus on SMEs, the percentage will be even higher, 81%. Most of these investments will be made through organic growth (52%), while 45% will do so by combining organic growth with acquisitions of other companies.”

The report was presented at an event at Madrid’s Casa de América, with the participation of Enrique Ojeda, director of Casa de América; Mar Hurtado de Mendoza, vice-president of Global Recruitment at IE University; Luisa García, COO of LLYC; Victor Salamanca, CEO of Auxadi and Victor Moneo, director of LATAM and institutional agreements at Iberia.

The Spanish business community’s perception of the economic situation for Ibero-American economies remains stable this year, according to those responsible for the study. Panama, Uruguay, the Dominican Republic, Mexico and Colombia have the best ratings. Expectations for the economic performance of Chile and Peru for 2023 are slightly lower than last year. Mexico is once again the country where most Spanish companies plan to increase their investments in 2023, followed by Colombia, Chile and Brazil.

Luisa García, partner and Global COO of LLYC, noted: “This year will be very important for investment in Ibero-America. The 28th Summit of Heads of State and Government organized by the Ibero-American Secretariat, as well as the Spanish Presidency of the EU Council are valuable opportunities to put Latin America in the spotlight and encourage business activity in the region.”

Víctor Moneo, Iberia’s Director of Strategic Alliances and Agreements, added: “Since we first visited this region almost eight decades ago, it has occupied a central place in our strategy, but in 2023 we are renewing our commitment, strengthening our presence and increasing our investments to continue to reinforce our leadership in connectivity between Latin America and Europe. Iberia has been the natural bridge between the two sides of the Atlantic for 77 years, and we will continue to be so going forward.”

Victor Salamanca, CEO of Auxadi, said: “Latin America continues to be, and will continue to be, an attractive market for Spanish companies as the report demonstrates. Understanding that internationalization is the way to expand markets, international expansion is not without its challenges, including the complexity of tax systems. Surrounding yourself with experts mitigates risks. Auxadi has been supporting Spanish companies in their global expansion for more than 40 years, especially in Latin America, a huge and interconnected market that offers great opportunities. To distribute, to produce and to create.”


Around 70% of Spanish companies believe that the economic situation in Ibero-America will be similar to that of 2022, and 20% even rate it as good or very good, according to the report’s conclusions.

Among the risks faced by companies in the region, inflation stands out, with 44% saying it is affecting their level of sales. To a lesser extent, 20% of Spanish companies consider competition from Chinese companies, which are becoming increasingly important in these markets, as a threat.

The report concludes that at a time of geopolitical tensions and increasing protectionist practices in some countries and regions, Spanish companies value the opportunities offered by the region (79%) above the European Union (67%), the USA and Canada (67%) or Asia (32%).

The full report can be downloaded here.