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Sánchez tries to bring positions closer in Davos with the first swords of the Ibex

Date: June 5, 2023 Time: 17:19:19

The President of the Government Pedro Sánchez. Sánchez is concentrating on this day his participation in the World Economic Forum that is held in this Swiss town, and after a first meeting with the fourth CEOs of various multinationals, he arranged another with those of the Spanish companies.

A call in which, according to government sources, the negative repercussion for the European Union of the United States Inflation Reduction Act, a regulation that provides for million-dollar investments in green energy, has been analyzed among other issues. The Twenty-seven argue that subsidies collecting US electric vehicles and components would keep European companies out of the US market.

The presidents or CEOs of Ibex firms such as Banco Santander, Ana Botín; BBVA, Carlos Torres; Telefónica, José María Álvarez-Pallete; Repsol, Josu Jon Imaz, and Naturgy, Francisco Reynes. Also the heads of other companies such as Cepsa, Maarten Wetselaar, and Siemens Gamesa, Jochen Eickholt.

It was expected that Sánchez Galán would also be present, but Iberdrola was represented at the end by Agustín Delgado, the company’s director of Innovation and Sustainability. Sources from this company have explained to Efe that Galán, who is in Davos, met at the same time as the meeting with Sánchez with the CEO of Norges to stage the agreement that was communicated this Tuesday to the National Market Commission for Securities (CNMV).

Iberdrola and the Norwegian sovereign wealth fund, managed by Norges Bank Investment Management, have sealed a strategic alliance to jointly invest 1,265 million euros. Government sources have downplayed the absence of the president of Iberdrola from the meeting, stressing that this company has been represented.

Therefore, the President of the Government and the head of this company, who has been very critical of the tax on electricity companies approved last year by the Executive, have not met face to face. This tax was not the subject of comment at the meeting, nor was the special tax on financial institutions, according to what Sánchez himself assured in an informal conversation with journalists.

Galán, critical of the tax on electricity companies

The head of government explained that the meeting went very well and they addressed, among other issues, the repercussions in Europe of the US inflation reduction law, the reaction that the EU should have before it and the need to reduce bureaucracy.

Union during the second half of the year have been other issues discussed at the meeting. Also energy security, uncertainty in this area for next winter, advances in renewables and the expectations of the extraordinary European Council in Brussels on February 9 and 10.

Many of these issues have also been the subject of another previous meeting of Sánchez with almost fifty years of CEOs of multinationals present in Davos. In it, he has conveyed to them the good position that he considers the Spanish economy has as a destination for investment, he has explained the reforms promoted by his government and has responded to various questions that have been raised.

All of them, according to Sánchez, have dealt with economic issues and there was no reference to the political situation in Spain. In the subsequent meeting with the heads of Spanish companies, the Minister of Foreign Affairs,

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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