Brussels is consulting on a new regulation to issue opinions on more corporate deals in strategic sectors, with attention on the United States and China in Spain.
The European Commission is consulting on a delegated regulation that expands the cases in which it can issue opinions on foreign investments in critical materials and industry. The text is non-binding but will influence member state decisions.
In 2025 Spain’s Foreign Investment Board (JINVEX) received 196 applications, up 19 % from the previous year. Germany recorded 339 cases, a 30 % rise, while France and Italy also saw increases in reviews.
Only 5 % of notified EU deals were withdrawn or denied and 11 % were approved with conditions. Spain vetoed no operations last year.
The United States accounts for 40 % of foreign investments in Spain and Europe, compared with 6 % from China. Chinese examples include COSCO in ports, Three Gorges in renewables and SAIC in Galicia, including Almussafes.
