For the second consecutive time, the International Olympic Committee has rejected Madrid as the site of the Olympic Games. Despite this minor set back, Madrid has an enormous amount of positive factors that make it a great place to do business.
Madrid’s infrastructure is one of the most advanced in the world. Madrid has the fourth largest European airport in terms of the number of flights, a major public transport network including an extensive subway system, as well as an extensive network of roads and highways. Madrid also boasts seven public universities, eight private universities, and numerous business schools.
Amazingly, Madrid represents only 2% of the geography of Spain, but accounts for 17% of the country’s GDP! With a growing population of over 3 million people, the city has maintained a per capita income that is 18.5% higher than the country’s average. Furthermore, the city has maintained 10 years of economic growth that has been above the European average.
Madrid has a diverse economy which spans across many industries including retail trade, construction, hospitality, and land transport. Moreover, Madrid is the center of technology and innovation. The city invests more in these two categories than the national and European average.
One of the most distinguishing factors of Madrid is the culture. After having lived in Spain for 6 months, I learned firsthand that Madrid represents a cultural hub of museums, theatres and music venues. As a matter of fact, there are 600 buildings declared artistic heritage sites, 52 theatres and 27 music auditoriums.
It is tough to put a statistic on the distinctive culture of the people of Madrid. Although the pace is quicker than that of some of the outlying cities in Spain, people still take time out of their day to slow down in the afternoon. As a testament to this custom, you will notice thousands of coffee shops and bars where people enjoy a cup of coffee or glass of wine with friends during the business day.
Although Madrid did not win the bid to host the 2016 Olympic Games, the city has an advanced infrastructure, robust economy, and distinctive culture that makes it a great place to do business.