Boosting economic activity is one of the strategic priorities for the Bizkaia Provincial Council, as it generates employment and contributes to public coffers, which fund the services and benefits of a welfare society. Consequently, the provincial Department of Economic Promotion makes a significant effort to support companies and entrepreneurs in the territory, regardless of their size. Over four years, its subsidies and policies have mobilized 2.6 billion euros and helped sustain almost 50,000 jobs.
These figures are reflected in an evaluation conducted by the department on the impact of economic promotion and entrepreneurship policies—including subsidy programs, services, strategic axes, and investment funds—developed between 2021 and 2024, which was presented this Tuesday at the General Assemblies. During this period, these programs mobilized 2.6 billion euros: 224 million from the provincial sphere (the department itself, BEAZ, Seed Capital Bizkaia, and Bizkaia Talent) and 2.4 billion from companies. The latter figure includes the investment made by companies themselves thanks to the department's support, creating a multiplier effect on the aid received, and the resulting increase in their turnover. In other words, every euro provided in aid or services generates ten euros in company investment.
The 224 million euros contributed by the provincial institution have primarily been directed towards strategic projects that strengthen a sector in the territory (43%), followed by direct aid (another 41%), services (10%), and investment funds (6%). Regarding the objectives, 67% of actions aim to improve business innovation, especially in areas like decarbonization and digitalization; 24% focus on entrepreneurship; 5% on attracting and retaining talent; and the remaining 4% on internationalization.
“"For every million euros spent, 19 jobs have been maintained, especially in strategic sectors and areas that act as drivers of competitiveness."
Another variable analyzed in the study was the impact of these aids on Bizkaia's Gross Domestic Product (GDP). The result is again significant: 3 billion euros, representing 1.7% of the territory's GDP. Of this, 244 million correspond to the department's activity, 2.2 billion to the turnover of supported companies, and 620 million to the expenditure on the projects they undertake.
Regarding fiscal returns, during this period, the Provincial Treasury collected 506 million euros, which is 1.34% of the total revenue over those four years. Almost 59% came through Personal Income Tax (298 million euros), 36% via VAT (185 million), and the remaining 4.6% through Corporate Tax (23 million).
Direct aid has supported a total of 3,965 business projects, with a particular impact on industrial sectors such as metallurgy, information technologies, and technical services. Additionally, the department has promoted the green transition of companies by financing 250 projects aimed at reducing environmental impact and fostering the circular economy, although this work is still in its early stages, having commenced in 2024.
The department has also contributed to maintaining nearly 50,000 jobs over these four years, with 4,300 of them due to direct investment and 44,000 resulting from increased company turnover. Finally, the Deputy for Economic Promotion has advocated for evaluating the next four years to gain a comprehensive understanding of the evolution of provincial policies in business support, entrepreneurship, and talent acquisition, now that a methodology is in place.
