Hope for Spain's Struggling Economy?
A ray or two of hope may soon be shining on one of Europe's struggling economies: Spain. The regional government of Galicia, Spain's northwestern most region has just announced that the Chinese company Beijing 3E is contemplating a €270 m. investment in an oil recycling facility near one the area’s largest cities and provincial capital, A Coruña. The company has agreed to conduct studies on the feasibility of building the plant in Punta Langosteira, the city's outer harbor. Reactions were not long in coming. As soon as the news was out the provincial capital’s mayor, Carlos Negreira, said the agreement was “…the white hope for the Galician job market.”
Unfortunately, not everyone's hopes are as high as those of the local politicians. Doubts are washing ashore about whether the firms’ establishment on the Atlantic coastline of Galicia may help create jobs at a local level or whether the Chinese company will bring with it its very own staff of nationals.
This news follows yet another optimistic announcement regarding a contract that was signed earlier this week between the Galician government and Pemex —the world’s 4th largest oil company —for the building of 14 tug boats. Galicia is placing all its hopes on this partnership with the Mexican oil giant to aid in the recovery of its ailing naval industry.Continued on the next page