Spain and the United States - Real Instituto Elcano

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THE US PLAYERS IN SPAIN 53 US companies account for a slightly smaller proportion of all Spanish employment (an average of 1.15% between 1983 and 2002), indicating that workers at these companies are more productive than Spanish workers overall. This proportion rises substantially (to 3.9%) if employment in US-owned industrial companies is taken as a percentage of all Spanish industrial employment. On average, in the 1996-2002 period workers at US companies were 15% more productive than workers in Spain overall, as measured by the aggregate value per employee. Two of the factors at play here are the higher levels of R&D and the greater importance attached to professional training. Spain’s overall productivity has been ailing over the past few years and is eroding the country’s competitiveness. The sector employing the most people working for majority-owned non-bank US affiliates is transportation equipment (34,200 out of a total of 182,600 in 2002). In exports and R&D, the role of US companies is also greater than that corresponding to their weight in the Spanish economy. The dissemination of technology throughout the Spanish industrial structure has been a key contribution from companies of US origin. This can be seen at the macroeconomic level in the figures on R&D spending by American companies compared to average spending in Spain as a whole, and in the figures on the employment of research staff. US companies accounted for an average of 4.8% of all R&D spending in Spain between 1989 and 2002, which was four times more than these companies contributed to the country’s total production. However, if the spending on R&D by US companies is compared with total private sector spending on R&D in Spain, the figure was much higher – 9.3% – between 1989 and 2002. About 40% of this total comes from the chemicals/pharmaceuticals sector. The figures on the number of people employed by US companies in research activities tell a similar story. US firms account for less than 2% of all R&D workers in Spain, but close to 5% of all R&D employment in the Spanish private sector. US companies have played a significant role in the internationalization of the Spanish economy thanks to their greater experience and more sophisticated marketing chains and global distribution. Opel (General Motors) and Ford are regularly among the country’s top ten exporters. Between 1982 and 2002, US firms operating in Spain accounted for an average of 9% of total exports of goods (see Exhibit 2.9). The sector that exports the most is transportation equipment, followed by chemicals (see Exhibit 2.10).
54 Some US companies in Spain SPAIN AND THE UNITED STATES Exhibit 2.9. Exports of US Companies in Spain ( millions), 1983-2002 Exhibit 2.10. Exports of US Companies, by Sector ( millions) But for the arrival of US companies, and multinationals in general, Spain’s automotive industry would never have become the third-largest in Europe and the seventh worldwide (see Exhibit 2.11). The industry has been entirely in the hands of multinationals since Seat was sold to Germany’s Volkswagen in 1986. Ford’s first car produced in Spain, the Fiesta, came off the assembly line at Almussafes near Valencia on October 18, 1976 (Ford first came to Spain in 1907, when it established a dealership that sold five cars that year; in 1920 it set up a plant in Cadiz that assembled the Model T Ford). The Almussafes plant was the first in Spain to produce just one model, enabling Ford to achieve considerable economies of scale. It was a far-sighted investment to make Spain a springboard for exporting, as it was made in the final year of the Franco regime when the business climate was uncertain and the country was focused on achieving a peaceful transition to democracy and entering the European Union (which happened in 1986). Ford’s exports of cars rose from 4,526 units in 1976 (26% of total production) to 386,503 in 2004 (86%).
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Page 5 and 6: ACKNOWLEDGEMENTS This is the third
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APPENDIX 1 CLASSIFICATION OF US COM
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Valeant Pharmaceuticals Intl. Wyeth
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