It is called the Spanish Silicon Valley. The Parque Tecnologico de Andalucia, a technology Park was set up in 1992. The beginnings of the Park marked a reference point in the city of Malaga being the first technology Park in all Andalusia. Started with only 8 companies, 25 years later this concentration of tech companies is home to 600 companies and 17,000 workers.
Almost 800 million euros (of which 600 million came from private investors) have been invested in the construction of the park and equipment necessary to support projects of companies and institutions that are based in there. Before its set up, Malaga was considered a slow business development city, lacking innovation and technology. However, over two decades later the so-called Spanish Silicon Valley generates between 6 to nearly 9% of Malaga’s GDP and brings 7 to 10% increase in the province employment statistics. Multinational tech companies such as Oracle, IBM, Huawei, Siemens and Telefonica together with many start-ups generate close to 2billion euros.
The Park has attracted thousands of highly qualified and talented people from across the globe and it is expected to expand even further. The strengthening economy on the Costa del Sol with the help of growing real estate market and foreign investments has had a huge impact on the park’s development.
Costa del Sol is seen to become even more competitive internationally and this time not just through its tourism sector. The technology parks are meant to serve as incubators for startups to develop innovative products to allow room for novel ideas to flourish. Costa del Sol is slowly becoming Costa de Tech and here is yet another proof of Malaga’s unique diversity.