- Spain needs to invest in transport, water treatment, social and healthcare infrastructures
- The sectors hardest hit by the crisis, such as tourism, hospitality and transportation, need specific support plans
- All political parties should reach a consensus that also reflects the opinions of business and the social partners
Rafael de Pino, Chairman of Ferrovial, told during a business summit organized by CEOE, the Spanish Confederation of Employers’ Organizations, that infrastructure investment has a prominent role to play in stimulating the economy and creating jobs in the current context. Ferrovial’s Chairman said that Spain needs to undertake investments in transport, water treatment, social and healthcare infrastructures.
A program for building refurbishment aimed at reducing both energy consumption and the environmental impact would be beneficial for the country as a whole while also driving job creation, he told during the forum.
Del Pino also emphasized the need for an “urgent” plan to reactivate the economy that includes the people most in need and eliminates all constraints on movement while promoting the return to work and normality. “Consumer spending and economic activity have rebounded earlier in the regions of Spain that lifted the lockdown first,” he said. He also noted the importance of returning to a normal pace of activity since the decline in business in the local market hampers foreign activity in companies, such as Ferrovial, that have a major international component.
Rafael de Pino called for a stimulus plan for companies, self-employed workers and private individuals and also said that legal certainty, labor market flexibility and fiscal policy should be maintained; he suggested that the tax burden could be lowered temporarily, as has been done in other countries, such as Germany. He added that it is “essential” to implement specific plans to help the sectors that have been hardest hit by the health crisis, such as tourism, hospitality and transportation, which also are among those that account for the largest share of the Spanish economy.
The Chairman of Ferrovial concluded by stating that these reforms should be implemented as soon as possible and based on a consensus among all the political parties to guarantee their viability and stability; such an agreement must necessarily take account of the opinions of business and the social partners.