Trade relations between Spain and Canada are experiencing one of their most dynamic phases in recent years. The Comprehensive Economic and Trade Agreement (CETA), provisionally in force since 2017, has fostered increasingly diversified bilateral exchanges. In 2024, Spanish exports to Canada reached €2.2 billion, while imports from Canada totaled €2.3 billion, leaving the balance nearly even. Leading sectors include pharmaceuticals, machinery, and beverages on the Spanish side, and minerals, energy, and agri-food products on the Canadian side.
Beyond trade, Canadian investment has become a cornerstone of the bilateral relationship. Canada is now Spain’s 12th-largest foreign investor, with a stock of more than €12 billion and over 700 Canadian-owned companies operating in the country, generating around 23,000 jobs. In 2024 alone, Canadian investment in Spain amounted to €331 million, directed primarily to energy, mining, and the audiovisual industry.
Within this context, Madrid has positioned itself as a prime destination for Canadian capital in Europe. According to the Canada–Spain Chamber of Commerce, of the approximately 580 Canadian companies established across Spain, around 362 are located in the city of Madrid, where they employ nearly 10,000 people. This concentration has made Madrid the third-ranked city in Europe and ninth worldwide in terms of Canadian investment projects over the past decade.
Recent developments underscore this trend. Brookfield, through its subsidiary Data4, is developing one of Europe’s largest data center campuses in the Madrid region, with seven facilities planned and an investment of roughly €850 million through 2030. In the real estate sector, the public pension fund CPPIB acquired Nido Living, which already manages a student residence in Aravaca and plans to open a new facility in the capital.
In clean energy, Northland Power manages a 559 MW portfolio of wind and solar assets across Spain from its Madrid office. These moves add to the presence of long-established Canadian firms in Madrid: CGI, which strengthened its footprint by acquiring Spanish consultancy CMC; Royal Bank of Canada, with an investment banking office on María de Molina; OpenText, headquartered in Torre Emperador; CAE, with a pilot training center near Barajas airport; and the Four Seasons Canalejas, a landmark in Canada’s commitment to Madrid’s luxury tourism sector.
Madrid offers a competitive ecosystem, with highly qualified talent, modern infrastructure, and a supportive institutional framework. These strengths have made the Spanish capital the natural gateway for Canadian companies into Europe and a reference hub for new investments in strategic sectors.