Spanish SMEs: engines of the economy and job creators

The global uncertainty stemming from armed conflicts and populist political movements in various Western democracies has tested the resilience of economies worldwide. In this context, the strength and dynamism demonstrated by the Spanish economy are remarkable, with record figures in employment, solid exports, record-breaking tourism, a healthy private sector, and a banking system with the necessary liquidity to drive the country's economy. Behind these achievements are small and medium-sized enterprises (SMEs), which have been fundamental in sustaining and growing the Spanish economy. In Spain, SMEs represent 98% of the business fabric, generate seven out of ten jobs, and contribute 65% of the national Gross Domestic Product (GDP). During the award ceremony for the 2023 National SME of the Year Award, King Felipe VI highlighted the importance of these companies as engines of the economy, drivers of innovation, and job creators. He acknowledged the efforts of entrepreneurs to adapt to current challenges such as climate change, digital transformation, and cybersecurity, emphasizing the need to maintain competitiveness in an ever-evolving world. During the ceremony, where the Andalusian company Meltio was recognized with the VII National SME of the Year Award, the essential role played by SMEs in society was emphasized. The CEO of Santander Spain, Ángel Rivera, stressed that these companies not only drive the economy and material prosperity but also must promote social justice and lead technological progress. Meanwhile, José Luis Bonet, President of the Chamber of Commerce of Spain, praised the ability of SMEs to create jobs, innovate, and generate social impact. The Minister of Economy, Trade, and Business, Carlos Cuerpo, emphasized that behind a solid and growing economy lies the daily efforts of numerous individuals carrying out entrepreneurial projects. On the other hand, the President of the SME Commission of the Spanish Chamber, Isabel Puig Ferrer, highlighted the importance of building trust and implementing measures to ensure legal certainty and remove bureaucratic obstacles to foster the development of SMEs in the country. In a global environment marked by uncertainty and constant challenges, Spanish SMEs stand as fundamental pillars of the economy, significantly contributing to growth, innovation, and job creation in the country. Their silent and persistent work has been recognized within the framework of the VII National SME of the Year Award, highlighting their importance as generators of wealth, employment, and social cohesion in Spanish society. The resilience and entrepreneurial spirit of SMEs are key to driving solid and sustainable economic growth that ensures the well-being of all Spanish citizens.