2023-11-25 01:41:51
The pandemic, the war in Ukraine, growing tension in the Middle East, the future of Argentina after the triumph of the far-right Javier Milei… The impact and challenges that such a turbulent global scenario entails in a local economy as export-oriented as that of the Basque Country were yesterday the subject of debate in a new edition of the Finance Forum. The meeting promoted by Elkargi, with the sponsorship of PKF Attest and the councils of Álava, Bizkaia and Gipuzkoa, in addition to the collaboration of EL CORREO and El Diario Vasco, allowed business leaders from Euskadi to share ideas about the future.
The reflection space was attended by Fernando Salazar, executive president of Cesce; the also president of Cofides, José Luis Curbelo; and Eduardo Anitua, chief executive officer and scientific director of BTI Biotechnology. The first two reflected on the international geopolitical and financial crisis. A context that the main economic commentator of the ‘Financial Times’, Martin Wolff, has defined on some occasion as “permacrisis” and that yesterday Fernando Salazar mutated into “polycrisis.” “If the phrase ‘It’s the economy, stupid’ were said today it would be ‘It’s geopolitics, stupid’,” he said.
In a clear reference to the emergence of China as a new world power – “the great tectonic plates of the world are changing” – José Luis Curbelo warned of the “shielding of international trade” that is currently being experienced. “We are using foreign trade and foreign investment as elements of a political struggle,” he said.
Companies are defining “what is the core where they are comfortable.” And there begins a war to attract foreign investment in which, according to the president of Cofides, “national savings are not enough to finance the great project to attract investment and new activities.” Hence, the central government has reserved part of the European funds precisely to co-invest with foreign capital and attract it.
In “times of change”, as Curbelo himself defined, his debate partner Fernando Salazar considered that the geopolitical context hinders the economic growth of Euskadi. In this context of uncertainty is where Cesce is seeking to provide security to its clients. But, despite the supply problems, the “fragmentation of the world” and inflation, Salazar believes that the economy learned from the 2008 crisis. “The financial system is now much more solid than before.” And although the economic context has been weathered in recent years based on public debt and that poses a challenge for the future, Salazar asked yesterday not to lose sight of the private debt of the companies themselves.
Regarding the future, the two directors agreed that there is an important niche for Spain in terms of energy transition and digitalization. In this last sector “we are, frankly, well positioned. “We are much better than we think,” Salazar stressed.
Elkargi, an “effective tool”
Prior to this dialogue, Lander Arteche, the president of Elkargi, was in charge of welcoming the attendees and framing the forum. In an “international slowdown scenario” where important markets for the Basque Country such as Germany or France stand out, Arteche defended the need for public-private collaboration. An area in which Elkargi herself stands out as “an effective tool to channel financial flow to the business community.”
PKF Attest is also involved in this work of assisting companies. Alberto Rodríguez, partner of the firm, emphasized the need for internationalization plans “not to be spoiled by not having addressed legal or fiscal problems.” It is on this front that his company works, with coverage in 150 countries through PFK International. “We are perfectly connected with colleagues from the rest of the world and we try to help companies in all their international mobility, which often helps mitigate local risks that may have a solution at a more international level.”
«Álava is a territory in which to trust»
Before the round table, the Álava deputy for the Treasury, Itziar Gonzalo, highlighted the industrial strength of the province. “We have to learn to live with these scenarios, demonstrating that amidst so much instability, Álava is a territory that can be trusted,” she said.
The head of the Alava treasury highlighted the commitment “to companies and their roots, to the future, to innovation, sustainable transition and talent.” “That is the path we have chosen,” summarized Gonzalo, who recalled the strength of Álava’s exports, with a growth of close to 12% compared to the stagnation of the autonomous community. “The playing field for our companies is global.” For this reason, the regional official stressed the importance of companies being “strong” and having “an institutional framework that provides support and a financial support network.”
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