Identifier
Created
Classification
Origin
05MADRID100
2005-01-12 12:55:00
UNCLASSIFIED
Embassy Madrid
Cable title:  

INVESTMENT CLIMATE STATEMENT

Tags:  EINV KTDB SP OPIC USTR 
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This record is a partial extract of the original cable. The full text of the original cable is not available.
UNCLAS SECTION 01 OF 08 MADRID 000100 

SIPDIS

STATE FOR EB/IFD/OIA
STATE PASS USTR

E.O. 12958: DECL: N/A
TAGS: EINV KTDB SP OPIC USTR
SUBJECT: INVESTMENT CLIMATE STATEMENT

REF: STATE 250356

UNCLAS SECTION 01 OF 08 MADRID 000100

SIPDIS

STATE FOR EB/IFD/OIA
STATE PASS USTR

E.O. 12958: DECL: N/A
TAGS: EINV KTDB SP OPIC USTR
SUBJECT: INVESTMENT CLIMATE STATEMENT

REF: STATE 250356


1. Openness to Foreign Investment


A. The socialist (PSOE) government of Spain that assumed office
in March, 2004 is interested in attracting foreign investment.
There have been no significant changes in Spain's regulations
for investment and foreign exchange under the new government.
Spanish law permits foreign investment of up to 100 percent of equity
and
capital movements have been completely liberalized.


B. On April 1999, the adoption of royal decree 664/1999
eliminated the need for government authorization of any
investments save those in activities "directly related to
national defense," such as arms production. The decree abolished
previous authorization requirements on investments in other
sectors deemed of strategic interest, such as communications and
transportation. It also removed all forms of portfolio
authorization and established free movement of capital into Spain
as well as Spanish capital out of the country. As a result,
Spanish law now conforms with the multi-disciplinary EU Directive
88/361, part of which prohibits all restrictions of capital
movements between member states as well as between such states
and
other countries, and which classifies investors according to
residence rather than nationality.


C. Registration requirements are simple and straightforward, and
apply to foreign and domestic investments equally. They aim to
verify the purpose of the investment, and do not block any
investment.


D. Spain's privatization process is slowing down because the
government has already sold off most of its leading publicly
owned companies. The process for those remaining is open to all
investors. American companies have successfully participated in
several purchases. This year, the government will begin
privatizing railroad assets and shipbuilding companies. In
2005, the Spanish privatization holding company (SEPI)
plans to privatize at least six companies and reduce ownership
shares gradually in firms where SEPI is a minority shareholder.
SEPI has already initiated the privatization of IZAR, a
shipyard, by creating a construction firm for civilian

construction. The liberalization of the railroad company RENFE
is the second big project of the socialist government for 2005.
The last Council of Ministers in December 2004 approved two
royal decrees with the by-laws of the two new companies that
will manage the Spanish rail network, ADIF and RENFE-Operadora.


E. The Spanish government has liberalized the energy,
electricity, and telecommunications markets to varying degrees.
These efforts have opened Spain's economy to new investment,
including by American companies. However, many observers feel
these changes have not been broad enough to fully stimulate the
economy. For example, in the telecommunications sector, many
analysts believe that Telefonica's dominant position undermines
competition and innovation. Essentially, it is frequently
difficult for new entrants to gain traction in sectors
dominated by former state run monopolies such as Telefonica.


2. Conversion and Transfer Policies

There are no controls on capital flows. On February, 1992, royal
decree 1816/1991 provided complete freedom of action in financial
transactions between residents and non-residents of Spain.
Previous requirements for prior clearance of technology transfer
and technical assistance agreements were eliminated. The liberal
provisions of this law apply to payments, receipts, and transfers
generated by foreign investments in Spain. Capital controls on
the transfer of funds outside of the country were abolished in

1991. Remittances of profits, debt service, capital gains and
royalties from intellectual property can all be affected at
market rates using commercial banks.


3. Expropriation and Compensation

Spanish legislation sets up a series of safeguards that virtually
prohibit the nationalization or expropriation of foreign
investment. No expropriation or nationalization of foreign
investment has taken place in recent years. There are no
outstanding investment disputes between the United States and
Spain.


4. Dispute Settlement


A. Legislation establishes mechanisms to solve disputes if they
arise. The judicial system is open and transparent, although
slow-
moving at times. The Spanish judiciary system is independent from
the executive; therefore, the government is obliged to follow
court rulings. Judges are in charge of prosecution and criminal
investigation, which permits greater independence. The Spanish
prosecution system allows for successive appeals to a higher
Court of Justice. The European Court of Justice can hear the
final appeal. In addition, the Government of Spain abides by
rulings of the International Court of Justice at The
Hague. Spain is a member of both the International Center for the
Settlement of Investment Disputes (ICSID) and the New York
Convention of 1958 on the Recognition and Enforcement of Foreign
Arbitral Awards.

B. Spain has a fair and transparent bankruptcy regime. In June
2003, the Spanish Parliament approved a new, modern bankruptcy
law which entered into force on September 1, 2004.


5. Performance Requirements/Incentives


A. Performance requirements are not used to determine the
eligibility or level of incentives granted to investors. A range
of investment incentives exists in Spain, and they are provided
according to the authorities granting incentives and the type and
purpose of the incentives.


B. Authorities that provide incentives in Spain:

- 1. The European Union:

The European Union provides incentives in the form of subsidies
in general development programs such as FEDER and F.S.E. FEOGA-
Guarantee. They also provide programs to target specific sectors
under the EU Sixth Framework Programme. The Government of Spain
manages these incentives locally. However, many benefits from
EU-
sponsored programs are limited to companies located in the
European Community. These incentives will become less
financially significant over the coming years as Spain's
increasing wealth and EU enlargement will lead to a smaller
share for Spain of the EU's general development programs.

- 2. The Central Government:

- a. The central government grants incentives out of its
annual budget. Usually, these incentives match EU financing.
Central government incentive programs are easily available for
direct investment plans. The Ministry of Economy and Ministry of
Science and Technology play active roles in granting the
incentives.

- b. The Foreign Investment Department, under the Ministry
of Economy, counsels new market investors in the application for
government incentives. The Ministry of Economy's sector-related
departments negotiate directly with the old market investors to
inform them of incentives available for new investments.

- 3. The Regional Government:

Regional governments, called Autonomous Communities, also
maintain specific programs to attract investment, which are often
designed to complement central government incentives.

- 4. Municipalities:

- a. Municipal corporations offer incentives to direct
investment by facilitating infrastructure needs, granting
licenses, and allowing for the operation and transaction of
permits. Usually they are designed to help ease the initial
operations of direct investment.

- b. Generally, the regional governments are responsible for
the management of each type of investment. This provides a
benefit to investors as each autonomous community has a specific
interest in attracting investment that enhances its economy.

- c. Types of incentives available:

-- Financial subsidies
-- Exemption from certain taxes
-- Preferential access to official credit
-- Reduction of burdens, with social security discounts to
companies
-- Bonuses for acquisition of certain material
-- Customs exemption for certain imported goods
-- Real estate grants, and gratuitous or favorable land grants
-- Guarantees granted in credit operations
-- Loans with low interest, long maturities, and grace periods
-- Guarantee of dividends
-- Professional training and qualification
-- Indirect aid by means of supplying infrastructure facilities
(accesses, services, communications, etc.)

- d. Incentives from national, regional or municipal
governments and the EU are granted to Spanish and foreign
companies alike without discrimination.

- e. Spain is in compliance with WTO TRIMS [Trade-Related
Investment Measures] obligations.


6. Right to Private Ownership and Establishment


A. The Constitution protects private ownership. Spanish law
establishes clear rights to private ownership and foreign firms
receive the same legal treatment as Spanish companies.


B. There is no discrimination against public or private firms
with respect to local access to markets, credit, licenses and
supplies.


7. Protection of Property Rights


A. Spanish law protects property rights with enforcement carried
out at the administrative and judicial levels. Any decision by
the Administration pertaining to property rights can be appealed
first at the administrative level and then at the judicial level,
which has three levels of court appeals. Property protection is
effective in Spain, although the system is slow. The Spanish
legal system fully recognizes property rights and facilitates
their acquisition and disposition.


B. Spanish patent, copyright, and trademark laws all approximate
or exceed EU levels of intellectual property protection. Spain is
a party to the Paris Convention, Bern Convention, the Madrid
Accord on Trademarks , and the Universal Copyright Conventions.
Spain has ratified the World Intellectual Property
Organization's (WIPO) Copyright Treaty (WCT) and the WIPO
Phonograms and Performances Treaty (WPPT),the so-called
internet treaties. However, it has not passed implementing
legislation yet for these treaties because it has not
implemented the EU Copyright Directive (dealing with much of the
same substance of the internet treaties) yet. Some industry
observers say that Spain is therefore lacking in protection of
internet-based intellectual property. The GOS recently unveiled
an anti-piracy initiative which, together with WIPO internet
treaty implementing legislation slated for passage this year,
may address some of these problems. The GOS's plans for
combating intellectual property piracy may also have a positive
effect in curtailing street piracy (discussed in section C).



C. Public and private sector enforcement actions (especially
private sector initiatives) using Spain's new patent, copyright
and trademark legal framework have greatly increased the number
of criminal and civil actions taken against intellectual property
pirates. Despite enforcement efforts, piracy remains a
significant problem. Sale of pirate music CDs has increased
dramatically, sparked by growth in organized pirate CD production
operations. Industry sources estimate that illegal CDs
constitute 30% of the Spanish market with pirated versions of new
releases approaching 50%. Pirated software, videogames and DVDs
are also sold widely.

- a. Patents
A non-renewable 20-year period for working patents is available
if the patent is used within the first three years. Spain
permits both product and process patents.

Spain has ratified the 1973 Munich European Patent Convention
allowing Spain to be designated in a European patent application.
European patents are administered by the European Patent Office,
based in Munich (Germany).
b. Copyrights

The law extends copyright protection to all literary, artistic or
scientific creations, including computer software. Spain and the
United States are members of the Universal Copyright Convention.
For protection, U.S. authors must register with this
organization.

c. Trademarks

There are various procedures to register a trademark in Spain.
The Spanish Office of Patents and Trademarks oversees protection
for national trademarks. Trademarks registered in the Industrial
Property Registry receive protection for a 10-year period from
the date of application, which may be renewed. Protection is not
granted for generic names, geographic names, those that violate
Spanish customs or other inappropriate trademarks. Spanish
authorities published a new Trademark law in 2001 (Law 17/2001),
which came into effect in July 2002.

Applicants must designate the countries where they wish to obtain
protection. The World International Property Organization (WIPO,
headquartered in Geneva) oversees an international system of
patent registration. However, this system only applies to US
firms with an establishment in a country which is a party of the
Agreement or the Protocol.

Business may seek a trademark valid throughout the EU. The
Office for Harmonization in the Internal Market (OHIM) for the
registration of community trademarks in the European Union
started its operations in 1996. Its headquarters are located in
Alicante:

Oficina de Armonizacion del Mercado Interior (Office for
Harmonization in the Internal Market)
Avenida Aguilera, 20
03080 Alicante
Tel: (34) 96-513-9100
Fax: (34) 96-513-9173


8. Transparency of the Regulatory System


A. Spain modernized its commercial laws and regulations following
its 1986 entry into the EU. Its local regulatory framework
compares favorably with other major European countries.
Bureaucratic procedures have been streamlined and much red tape
has been eliminated, though permitting and licensing processes
can still suffer delays. Efficacy of regulation at the regional
level is uneven.


B. Quasi-independent regulatory bodies exist in several sectors;
however, they are for the most part still finding their role and
fighting to assert their independence. Making the transition from
state-owned monopolies to promoting full and open competition has
been a slow, but steady process.


C. The comment process for proposed rule-making changes is not
as formal as in the United States. Spain does not have an
official comment procedure for government regulations like the
U.S. system. Most new laws and regulations are published as
drafts before they go into force,
but by the time they are published, there are often limited
opportunities to
change them. Government officials do seek out stakeholder
comments before finalizing significant regulations, but the
comment system is geared towards collecting input from officially
recognized industry sector associations or consumer
organizations. The general public will not necessarily be aware
of a regulation until it is finalized and published.


9. Efficient Capital Markets and Portfolio Investment


A. Lower interest rates due to the convergence of monetary policy
following the adoption of the euro has led to a significant
lowering of interest rates in recent years. Foreign investors do
not face discrimination when seeking local financing for
projects. There is a large range of credit instruments available
through Spanish and international financial institutions. Many
large Spanish companies rely on cross-holding arrangements and
ownership stakes by banks rather than pure loans. However, these
arrangements do not act to restrict foreign ownership. Several
of the largest
Spanish companies that engage in this practice are also traded
publicly in the U.S.


B. Corporate scandals in the U.S. and Europe,
further integration of European capital markets and efforts to
make Spain a more attractive destination for foreign investment
have led to several new initiatives to improve the transparency
of capital markets and corporate governance. Spanish business
organizations and private economic think tanks are pro-active on
corporate governance issues. In 2003 and 2004, Spanish business
leaders created a progressive code of business practices and
ethics. In 2004, Spanish regulatory agencies and lawmakers
codified the business codes and required Spain's listed
companies to follow a rigorous set of corporate governance and
transparency rules. Spain's government views corporate
governance rules as a means of ameliorating the effects of
concentrated economic power and preventing a major corporate
scandal along the lines of Enron or Parmalat.

Due to extensive cross-ownership within a small universe of
dominant companies,
Spanish corporations have traditionally not had truly independent
board members. This situation is slowly changing, with several
leading Spanish companies introducing independent members to
their boards in an effort to improve transparency.
Hostile takeover rules and the threat of a government "Golden
Share" veto have been used to prevent takeovers of companies.
While surfacing on occasion in purely Spanish transactions, these
defenses are most often used when the acquiring company was
partially or fully owned by other governments, with the Spanish
government and securities regulators acting to prevent what they
interpret as another government taking over a privatized Spanish
company. A European court of Justice decision has ruled
such practices illegal.


C. The domestic Spanish banking system is regarded as healthy,
with four banks dominating the market. Spanish regulators have
recently focused attention on these banks' exposure to non-
performing Latin American assets, and have required full
provisions against this exposure. In 2003, new Spanish gross
investment abroad was USD 27.5 billion, showing a 30 percent
drop from the 2002 annual level. During the first six months of
2004, Spanish authorities recorded USD 8.5 billion in new
foreign direct investment, a decrease of 35.15 percent compared
with investment in the first semester of 2003. (Note: Statistics
on Spanish overseas investments and foreign investments in Spain
for the second semester of 2004 will be available in May or June
of 2005.) The drop in Spanish overseas investment reflects, in
part, fewer attractive opportunities for Spanish companies in
Latin America as many of the major privatization there have
already taken place.


10. Political Violence


A. The Government of Spain is involved in a long-running campaign
against Basque Fatherland and Liberty (ETA),a terrorist
organization founded in 1959 and dedicated to promoting Basque
independence. ETA regularly targets Spanish government
officials, members of the military and security forces,
journalists, and members of the Popular Party and Socialist Party
for assassination. U.S. citizens and U.S. companies have not
been ETA targets. In recent years, the Spanish government has
secured greater security cooperation from French authorities on
the ETA threat. ETA reaffirmed its commitment to using terror in
the wake of September 11. ETA has killed over 40 persons since
January 2000 and about 850 persons since its founding. Its main
methods are car bombs and assassinations with firearms. ETA
operatives extort "revolutionary taxes" from businesspersons and
professionals living in the Basque region, sometimes bombing
their property to intimidate them into paying extortion demands.
ETA supporters also engage in street violence and vandalism
against government facilities, economic targets (particularly
banks),and the homes and property of persons opposed to ETA's
cause. In 2004, the GOS arrested several important high-
ranking ETA members and two top ETA leaders were arrested in
France. ETA responded by detonating small bombs in Madrid and
other cities, but most observers believe the organization has
been greatly weakened by the 2004 arrests.




B. On March 11, 2004, Islamic terrorists killed 191 people on
trains headed for Madrid's central Atocha train station.
Several foreign nationals died in the attack, although there
were no American citizen casualties. Islamic extremists remain
active in Spain and if there are other attacks, American
citizens/property could be hurt/damaged, although, so far, U.S.
citizens and companies in Spain have not been direct Islamic
terrorist targets.


11. Corruption


A. Giving or accepting a bribe is a criminal act. Under the
Spanish civil code, section 1255, corporations and individuals
are prohibited from deducting bribes from domestic tax
computations.


B. Spain has a wide variety of laws, regulations, and penalties
dealing with corruption. The legal regime has both civil and
criminal sanctions for corruption, bribery, financial
malfeasance, etc. The Spanish legal regime is hampered, however,
by the fact that only natural persons, as opposed to legal
persons, can be held criminally liable for the actions of a
company. Furthermore, civil and administrative proceedings
cannot begin until there is a finding of criminal liability
against a natural person. Although the Ministry of Justice has
initiated an amendment process to provide for sanctions of legal
persons, it has not yet become law.


C. Spain is a signatory of the OECD Convention on Combating
Bribery, and Spanish officials attach importance to combating
corruption. The government is working to amend domestic law to
make the Convention a more useful investigative and prosecutorial
tool.


D. The General State Prosecutor is authorized to investigate and
prosecute corruption cases involving funds in excess of roughly
USD $500,000. The Office of the Anti-Corruption Prosecutor, a
subordinate unit of the General State Prosecutor, has 15-20
prosecutors in Madrid, Barcelona, and Valencia who are tasked
with investigating and prosecuting domestic and international
bribery allegations. There is also the "Audiencia Nacional," a
corps of magistrates given broad discretion to investigate and
prosecute alleged instances of Spanish businesspeople bribing
foreign officials.


E. Spain enforces anti-corruption laws on a generally uniform
basis. Public officials are probably subjected to more scrutiny
than private individuals, but several wealthy and well-connected
business executives have been successfully prosecuted for
corruption. There is no obvious bias for or against foreign
investors. U.S. firms have not identified corruption as an
obstacle to investment in Spain.


F. Conversations with representatives of the Spanish legal
community indicate that the Convention is increasingly being
taken into account in the drafting of contracts. Spanish
companies, both domestic and multinational, are insisting that
clauses protecting them against requests for bribes be inserted
into business contracts. Tax evasion, particularly by those who
work in cash-based sectors has reportedly been heavy.

11.B Bilateral Investment Agreements (Ana Maria please check
this section and provide updated numbers for the remainder of
the report).


A. Spain has concluded bilateral investment agreements with
Hungary (1989),Morocco (1989),Bolivia (1990),the Czech
Republic (1990),Russia (1990),Argentina (1991),Chile (1991),
Tunisia (1991),China (1992),Egypt (1992),Poland (1992),
Uruguay (1992),Paraguay (1993),Philippines (1993),Algeria
(1994),Honduras (1994),Pakistan (1994),Kazakhstan (1994),Peru
(1994),Cuba (1994),Nicaragua (1994),Lithuania (1994),Bulgaria
(1995),The Dominican Republic (1995),El Salvador (1995),Gabon
(1995),Latvia (1995),Malaysia (1995),Romania (1995),Indonesia
(1995),Venezuela (1995),Mexico (1995),Turkey (1995),Lebanon
(1996),Ecuador (1996),Costa Rica (1997),Croatia (1997),
Estonia (1997),India (1997),Panama (1997),Slovenia (1998),
South Africa (1998),Ukraine (1998),the Kingdom of Jordan
(1999),Trinidad and Tobago (1999),the Bolivian Republic
(2001),Jamaica (2002),the Islamic Republic of Iran (2002),the
Federal Republic of Yugoslavia (2002),Bosnia and Herzegovina
(2002),Namibia (2003),Albania (2003),and Uzbekistan (2003)


B. Spain and the United States have a Friendship, Navigation and
Commerce (FCN) Treaty and a Bilateral Taxation Treaty (1990).
Spanish officials have indicated that they would like to keep
the FCN, despite indications that the EU Commission would like
Member States to terminate bilateral FCN agreements.

11.C OPIC and Other Investment Insurance Programs


A. As Spain is a member of the European Union, OPIC insurance is
not applicable. Various EU directives, as adopted into Spanish
law, adequately protect the rights of foreign investors. Spain is
currently a member of the World Bank's Multilateral Investment
Guarantee Agency (MIGA).

11.D Labor


A. Employment estimates for 2004 show that there are about 19.2
million Spaniards in the work force. This figure is expected to
climb to 19.5 million for 2005. Meanwhile, unemployment
continued
its decrease from the 1994 high of 24.2 percent down to 10.54
percent in third quarter of 2004. Unemployment for women
continues to be substantially higher than the male average, at
14.38 percent compared to 7.87 percent. Spain faces a shortage
of
high-tech workers for its IT sector, and of unskilled workers for
its fishing and agricultural industries.


B. Labor market reforms in 1994 and 1997 eased Spain's well-
known labor market rigidities but did not fundamentally change
the difficult labor situation. The result is that one third of
all employed Spaniards are classified as temporary hires.
Spain's new socialist government promised to reform labor laws
as part of their electoral program. The government would like
to move people from short-term contracts to regular employment
status, but so far inducements to employers to make this happen
have not been implemented. The government recognizes that labor
market reform is essential to increasing productivity, which
Spain needs to do as it faces competition from lower-wage EU
accession countries. Collective bargaining reform should be
part of this effort, but so far this has not happened either.
In early 2005, for instance, the Spanish government approved
indexing the minimum wage to inflation. The unions supported
this position and employers accepted it, albeit
unenthusiastically with some employer representatives
questioning the decision.


C. Collective bargaining is widespread in both the private and
public sectors. Sixty percent of the working population is
covered by collective bargaining agreements although only a
minority (generally estimated to be about 10 percent) are
actually union members. Under the Spanish system, workers elect
delegates to represent them before management every four years.
If a certain proportion of those delegates is union-affiliated,
those unions form part of the workers' committees. Large
employers generally have individual collective agreements. In
industries characterized by smaller companies, collective
agreements are often industry-wide or regional.


D. The constitution guarantees the right to strike and it has
been interpreted to include the right to call general strikes
called to protest
government policy.

11.E Foreign-Trade Zones/Free Ports


A. Both on the mainland and islands there are numerous free trade
zones (in most Spanish airports and seaports) where
manufacturing, processing, sorting, packaging, exhibiting,
sampling and other commercial operations may be undertaken free
of any Spanish duties or taxes. The largest free trade zones are
in Barcelona, Cadiz and Vigo. Others vary in size from a simple
warehouse to several square kilometers. Spanish customs
legislation allows for companies to have their own free trade
areas. Duties and taxes are payable only on those items imported
for use in Spain. These companies have to abide by Spanish labor
laws.

11.F Foreign Direct Investment Statistics

2001* 2002* 2003*
(USD millions)
Total new foreign
direct investment
in Spain 29,353 29,671.3
18,821

U.S. direct investment
in Spain 4,297.2
15,059.4 5,954

U.S. share of total
direct invest. (%) 14.64
50.75 31.11

Total new Spanish
investment abroad 40,880 39,435
27,530

Spanish investment in U.S. 1,553.7
1,354.76 1,754

U.S. share of total
Spanish invest. (%)
3.80 3.44 6.37

New Foreign Direct Investment in Spain (2003*): by country of
origin

U.S. 31.11percent
The Netherlands 13.93 percent
Germany 3.69 percent
United Kingdom 13.87 percent

France 3.40 percent
Luxembourg 7.96 percent
Canada 9.92 percent
Italy 5.7 percent
Sweden 2.49 percent
Other EU countries 1.91 percent

New Foreign Direct Investment in Spain (2003*): by industry
sector destination

Food and Beverage 0.42 percent
Electric Energy Production 3.13 percent
Manufacturing 9.83 percent
Commerce 3.10 percent
Transportation and Communication 12.54 percent
Banking and Insurance 2.12 percent
Real estate and services 7.06 percent
Company Management and
Share Holding 53.69 percent
Others 4.96 percent

Source: Directorate General of Foreign Trade and Investment,
Ministry of Industry, Tourism and Trade
Note (*): data are not comparable with previous investment
figures for previous years. It is a new concept that corresponds
to Registered Gross Investment discounted: a) acquisitions of
shares and stakes in Spanish companies from other non-residents;
and b) multiple accounting for the same investment as a result of
business group restructuring in Spain.

11.G Major Foreign Investors
Foreign investment has played a significant role in modernizing
the Spanish economy over the past 35 years. Attracted by Spain's
large domestic market, export possibilities and growth potential,
foreign companies in large numbers have set up operations.
Spain's automotive industry is almost entirely foreign-owned.

Multinationals control half of the food production companies, a
third of chemical firms and two-thirds of the cement sector.
Several foreign banks have acquired networks from Spanish banks,
and foreign firms control close to one third of the insurance
market. In 2003, Spain recorded USD 18.8 billion in new foreign
direct investment, a decrease of 36.57 percent compared with
investment in 2002. In 2003, the non-European OECD countries
were the largest investors accounting for 41.09 percent. By
countries, the largest investors were the United States, the
Netherlands, the United Kingdom, France,
Luxemburg, Canada, Germany, Italy, and Sweden.



MANZANARES