Chairman of Iberdrola speaks at a seminar in Bilbao

Iberdrola Chairman Ignacio Galán argued for greater legal security and institutional and regulatory stability in Spain in order to attract the investment needed to improve the current economic situation.

In his talk at a seminar on "The Basque economy in the 21st century: challenges and perspectives for civil society", organised by the People's Foundation for Basque Studies, Mr. Galán pointed out that "amid global competition to attract investment, greater legal security and institutional and regulatory stability are needed, not to mention an attractive tax regime".

Iberdrola's Chairman felt that "the profound international financial crisis we are now facing, after a long period of growth, means a change of approach is more necessary now than ever. The new situation poses a challenge that neither society nor companies can avoid: to become more efficient and competitive.

He believes that human capital must be developed, the labour market made more flexible and innovation encouraged.

One of the key measures needed to get the economy moving again is to support its drivers, such as the power sector, where investments could help boost the new industrial fabric and provide suppliers with liquidity. Ignacio Galán reminded his audience that the sector "could be a driver of economic recovery and a key lever of change in the economic model, which is badly needed in Spain".

Nevertheless, for these investments to be made, there must be "a predictable and stable regulatory framework that provides incentives, not one subject to the political whims and opportunism that unfortunately tend to characterise the sector".

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