Spain's tech hub Catalonia bids tech investment from South Korea

Catalonia, an autonomous community of Spain, is much similar to South Korea, placing a high importance on investment in human resources and research and development to make up for their deprivation in commodity resource, said Roger Torrent, the Minister of Business & Labour of the Government of Catalonia.

“Catalonia has almost no natural resources and our citizens are our biggest asset, a characteristic that I believe Korean investors and companies can easily relate to,” he said during an interview with Maeil Business Newspaper.

Catalonia is often referred to as “Spain’s capital city for technology“ as it is the research hotbed in Spain.

In Catalonia, 5.3 percent of the population works in the advanced technology sector, higher than the European Union (EU) average of 4.8 percent.

According to Torrent, Catalonia, which accounts for 16 percent of Spain's population, holds 34 percent of its patents.

Catalonia is also striving for the same eco-friendly and sustainability goals of the EU.

Torrent expressed his determination to attract semiconductor companies to the region through the 40 Catalan Government Trade & Investment offices located across the world, including one in Seoul which he referred to as the “one of the most important” office.

This year also marks the 10th anniversary of the opening of the Catalan Government Trade & Investment in Seoul.

Since the opening of the Catalan Government Trade & Investment in Seoul in 2012, more than 70 Catalan and Korean companies have entered partnerships, signing MOUs with South Korea's National Research Council of Science & Technology (NST) for the development of science technology and innovative businesses.

Catalonia plans to attract 10,000 foreign companies into the region through Catalan Government Trade & Investment by 2030. There are currently 8,900 foreign companies in the area.

The Catalan Government Trade & Investment provides personalized investment incentives and site selection as well as various services and support including expert advice and opportunities to collaborate with innovative Catalan tech companies and R&D centers.

Catalonia is less affected by the energy cut from Russia as it relies on liquefied natural gas (LNG) from Morocco and Algeria.

Catalonia currently has infrastructure that can transport natural gas to France and other European countries and is planning to develop infrastructure that can transport green hydrogen, he added.

Catalonia has attracted 77 foreign investment projects worth 480 million euros ($534 million) as of 2020 despite the Covid-19 pandemic, creating about 2,300 jobs.

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