Spain–Japan economic relations are entering a more diversified phase, combining established commercial trust with new opportunities in energy, technology, health care and advanced industry.
Jorge Lasheras, president of the Japan-Spain Business Circle (Circulo Empresarial Japón España), said bilateral trade recovered strongly after the pandemic, reaching approximately €8 billion in combined imports and exports in 2025. Investment provides an equally important measure of the relationship’s depth.
“Between 2019 and 2023, Japanese investment in Spain reached approximately €3 billion, exceeding the combined investment from several other major Asian economies,” Lasheras said. “This confirms Japan’s position as one of Spain’s most significant Asian investment partners.”
Approximately 400 Japanese companies are estimated to have a presence in Spain, with their activities increasingly extending beyond the consumer brands and automotive factories that historically defined public perceptions of Japanese business.
From 1993 to 2022, chemicals represented the largest cumulative sector for Japanese investment in Spain, ahead of automotive. Lasheras also identified renewable energy, digital transformation, life sciences, pharmaceuticals and specialized business-to-business services as increasingly important areas.
“The relationship is not becoming smaller. It is becoming broader, more sophisticated and more deeply integrated into the Spanish economy,” he said.
“Spain and Japan bring highly complementary capabilities. Combining Japanese industrial expertise with Spanish strengths in energy, health, tourism and international business can open a new generation of bilateral growth.”
Jorge Lasheras, President of the Japan-Spain Business Circle (Circulo Empresarial Japón España)
The next stage will also depend on Spanish companies strengthening their presence in Japan. Roughly 4,000 Spanish businesses export regularly to the Japanese market, particularly in food, industrial components and other established sectors. Lasheras believes more should progress from exporting toward local investment and durable partnerships.
“Spanish companies should look beyond trade alone,” he said. “Establishing operations, investing locally and working with Japanese partners can create a stronger and more lasting position in the market.”
Future collaboration could grow across renewable energy, biotechnology, health care, tourism, hospitality, consulting and advanced industrial services. Automotive will remain relevant, although electric vehicles, hydrogen, synthetic fuels and cleaner combustion technologies may develop in parallel.
“Spain and Japan bring highly complementary capabilities,” Lasheras said. “Combining Japanese industrial expertise with Spanish strengths in energy, health, tourism and international business can open a new generation of bilateral growth.”
