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Conor Coyle Sharecast News
25 Oct, 2016 08:28 25 Oct, 2016 10:07

Madrid launches bid to entice companies relocating due to Brexit

Competition to attract business turned off by the idea of a post-Brexit Britain has been hotting up, and Madrid is the latest European hub to throw its hat in the ring, offering affordable property, a highly-skilled workforce and flexible labour laws.

Last week the Spanish capital launched Think Madrid, a campaign from the city's business leaders to attract investment should the UK forfeit its passporting rights when it leaves the European Union.

The campaign was kicked off by president of Madrid's autonomous community, Cristina Cifuentes from the Popular Party.

"We know that Brexit offers great opportunities for many capitals, but also for Madrid," said Cifuentes at the launch near the city's centre-point of Puerta del Sol.

Madrid has not been mentioned in the same light as the likes of Frankfurt, Paris and Dublin, who are seen as the front-runners for companies who will seek to relocate due to Britain's exit from the EU.

Many multinationals have already signalled their discontent with the decision to leave the bloc, with the British Banking Association warning on Monday that several smaller organisations were looking to relocated within months and some big banks poised with "hands quivering over the relocate button".

Spanish fund manager Daniel Lacalle said at last week's presentation that Madrid has the ideal characteristics to take advantage of London's loss.

"You have an abundance of talent here in Madrid that is very well qualified and that can be hired at relatively low cost compared to other business centres," Lacalle said. "And labour laws in Spain are far more flexible than in Frankfurt or Paris."

Think Madrid also launched a promotional video aimed towards attracting foreign investment to the Spanish city, highlighting its "vibrant nightlife" and various other cultural aspects in addition to its business offerings.

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