European businesspeople from OKTA (World-OKTA; World Federation of Overseas Korean Traders Associations), the largest overseas Korean economic group in Korea, explored strategies for entering Spain, a market of 50 million people. This year is the final year for Spain to spend a total of €163 billion (about 286 trillion won) in economic recovery subsidies received from the European Commission to overcome the COVID-19 crisis. As a result, outlooks point to large-scale investments in tourism, manufacturing, construction, and renewable energy.
The World-OKTA Madrid chapter on the 12th (local time) held a session on strategies for entering the Spanish market at the ongoing "2026 Europe-Eurasia Business Leaders Conference" at Eurostars Puerta Madrid. Following the opening ceremony the previous day, the event entered a full-fledged schedule to discuss business strategies.
Spain is one of the most watched countries in the eurozone lately. It is being recognized for its growth potential thanks to its geographic characteristics and the steady increase in both population and tourists. Spain's population, which was around 36 million in the 1970s, is expected to approach 50 million this year. Unlike the anti-immigration policies of the United States and major European Union (EU) countries, it adopted pro-immigration policies. The number of tourists is also projected to reach 100 million a year.
The session featured an overview and trends of the Spanish economy by the Embassy of the Republic of Korea in Spain, and a lecture on market development strategies by guitar maker Park Yuna, a luthier, who is active in Spain.
First to present, Lee Dong-seon, economic secretary at the Embassy of the Republic of Korea in Spain, said, "Spain is among the biggest beneficiaries of subsidies being spent by the European Commission for COVID-19 recovery," adding, "This year we should watch the 'last-train demand,' with concentrated spending on public procurement, digital, and infrastructure projects."
Lee cited four industries that corporations in Korea could see as opportunities: ▲ tourism ▲ manufacturing ▲ construction ▲ renewable energy. Spain hosts the third-most international conferences and exhibitions in the world and is Europe's No. 2 auto producer. It also ranks third globally in overseas construction orders.
In particular, it is a leading country in renewable energy, pursuing a power transition centered on wind and solar. The Spanish government plans to raise the share of renewable power generation, which stood at 68.9% last year, to 81% by 2030. Lee said, "Among the causes of the large-scale blackout that occurred in Spain last year, some locally pointed to a failure to build a suitable power grid," adding, "While renewable generation is high, related infrastructure was lacking, and corporations in Korea have strengths in power systems such as transformers."
Ambassador Lim Soo-seok of Spain then outlined the overall flow and trends of Korea-Spain bilateral relations for the attendees. In a subsequent Q&A, he said, "At the embassy level, we will continue to seek ways to support the economic activities of overseas Korean businesspeople."
Luthier Park Yuna shared the journey of living as a maker after being a classical guitarist. She recounted moving from Korea to Spain to forge a new life as a guitar maker. She said, "My journey as a maker began when I came to Spain in 2006," adding, "I started as a student of Angel Benito Aguado and only in 2014 did I make my first guitar." She continued, "Making guitars, selling them, and being recognized by famous people were all difficult, and it was not easy as an East Asian woman," adding, "Currently, orders are backlogged for about two years."
In addition, the session included a Q&A between World-OKTA members who came to Madrid from around the world to attend the business leaders conference and the presenters. World-OKTA members engaged in in-depth discussions on how to expand Korean culture in Spain and on strategies for small and midsize enterprises and young people to enter the local market.