Where will Spanish companies go? 71% are considering expanding into new markets.

Prioritizing new geographical points is one of the most common internationalization strategies, according to a study.

17% of Spanish companies are looking to relocate to the USA, and 13% to Latin America.

Global vision: an essential characteristic that leaders must possess to grow their businesses.

Barcelona, April 30, 2024.– Going beyond and crossing borders is the most common strategy among Spanish companies when it comes to internationalizing their businesses. According to a KPMG survey, 71% of Spanish companies have opted for or will opt for new geographical priorities as an expansion technique. Among these, the United States or Latin America stand out, territories where 17% and 13% of national organizations respectively plan to land, according to data from the mentioned survey. Professor Diana Filipescu, program manager of the MSc International Business at TBS Education-Barcelona, ​​explains that, “it is increasingly common to see companies led by individuals with a global, innovative vision and a low aversion to risk who, despite the situation of uncertainty, venture and bet on operating in new markets.” The reasons are many: from greater competitiveness to the possibility of obtaining new business opportunities.

However, it is worth noting that the selection of one territory over another when expanding can be more complex than expected: “before taking the plunge, it is important to assess the current situation of the company in the national territory and carry out preliminary research on the area where the company wants to start operating,” Filipescu points out. In this sense, it is important to highlight the potential risks, which strongly influence the choice of one country over another. “The possibility of geopolitical issues, economic, energy, environmental, or health consequences are some of the reasons why Spanish companies are betting on territories such as Europe, the United States, Latin America, or even North Africa,” clarifies Filipescu.

Within these areas, destinations such as Catalonia stand out, which increasingly attract more international companies: according to data from the Catalan government, Catalonia has 62% more international companies than it did 10 years ago. Diana Filipescu explains that, “the talent ecosystem, entrepreneurship, and social and economic characteristics make areas like Barcelona and its metropolitan area very favorable regions for attracting international companies.” Proof of this is innovation hubs like the 22@, a space where business schools, companies, and industry converge, a whole knowledge cluster very favorable to business development. However, not everything is a matter of the destination: to be able to cross borders with companies, the presence of leaders with willingness and a business perspective favorable to growth is fundamental, prepared to take risks and face challenges.

Global vision: an essential characteristic for growing businesses.

The role of the leader is crucial when it comes to enabling organizations to cross borders. According to Diana Filipescu herself, “there are increasingly more young people seeking to develop as leaders with a global perspective, capable of envisioning the business beyond the national territory.” For this reason, TBS Education-Barcelona offers young professionals looking to launch their careers in the competitive world of international business the MSc International Business. This program enables students to acquire the necessary skills to lead from this perspective, but also to learn more about industry trends. With a practice-oriented approach, students will have the opportunity to engage with companies in the region, which facilitates their integration and kick-starts their professional journey.