Multinacionales españolas en el Perú: la gente que regresó con el viento

Abstract

The paper studies the origin and development of Spanish multinationals in Peru. It provides a more comprehensive view than current analyses, primarily focused on current economic issues, by looking at the history of trade and how a recent wave of Spanish private investment is shaped both by economic and political events. Beginning in 1990, these companies were the first to enter the emerging Peruvian market given their interest in gaining rapid access to it, thanks to the sudden opening of the economy and the promotional policies of an authoritarian government. Given their timing, and the amounts invested, Spanish multinationals quickly occupied a privileged position. They operated in politically sensitive sectors because of investment concentration in banking, pension funds, gas and energy, and communications. By establishing a close and positive relationship with the Fujimori administration, and the democratic governments that followed, the multinationals enjoyed low risk and high returns. This privileged and convenient position continued in the 21st century, although operating in a more unstable environment due to more active consumer and worker demands. Spanish multinationals have contained social demands thanks to close business-government relations, but paying the price of a more negative public opinion and increasing the likelihood of regulatory and political risk.