Better TOGETHER

Founded in 1887, the Madrid Chamber of Commerce represents, promotes, and defends the general interests of economic agents in the region.

Can you tell us about the chamber’s mission and vision, and its evolution in recent years?

The chamber has more than 130 years of history and internationalization has been an essential part of our work. Since the beginning, our main goal has been to help all the companies that are based in the Autonomous Community of Madrid become more competitive and adaptive. To that end, the chamber provides essential services such as training, internationalization, and digitalization. On top of this, we have a national arbitration court. In addition, the chamber provides support for the certification process of different licenses and a lab that can support a number of our member’s operations. We are a privately funded organization, and one of our main targets is to promote public-private collaboration and help both sectors move toward the same destination. We strive to ensure the government’s assistance is received by private companies and produces the intended results. During this entire process, the chamber oversees the implementation of public-sponsored initiatives by private firms.

What is the chamber's assessment regarding the impact of COVID-19 on the socio-economic environment and what specific actions has it taken to support its members?

The situation is improving, though we do not expect many companies to survive in the short term. Therefore, it is crucial to extend the loan period for some of the government-sponsored loans. Loans that have to be repaid within five years should be extended by two years. This is one fundamental step that can be taken to help companies. Another important factor is the capacity of companies to adapt to different economic cycles. The

ERTE for temporary layoffs is an important mechanism that has helped to ensure the survival of many private companies. As for the chamber, we have provided consultancy services amid the pandemic in an attempt to explain to SMEs the main characteristics of the ERTEs. We have reinvented ourselves as well. We have organized virtual meetings to promote services that Madrid-based companies can offer to international clients whilst maintaining some of our international missions. Besides, we have managed to continue offering an outstanding service despite the shift to remote work. The arbitration court has continued to operate despite the health emergency. Our lab has been affected the most because many companies implemented remote work policies and did not send their employees. We continue to host events to help our members. Some of the events were scheduled to be in-person, but we turned them into virtual events.

How is the chamber working to advice companies about ICO credit loans?

We are working directly with ICO, a government office, in order to clear any doubts companies may have that cannot access ICO credit loans. In addition to resolving some of their concerns, we support them by getting all the necessary documentation in order. The pandemic has dealt a huge liquidity blow, and in such a scenario the ICOs are essential to ensure businesses can cope with the crisis. We are providing advisory services and resolving any concern in an attempt to guarantee that each business will receive an ICO loan.

How does the chamber help companies find the best available talent?

We believe in training as a method to make companies more competitive. This includes training for individuals who have yet to join a company as well as for executives who require a better knowledge in some areas. The post-COVID world will be more efficient via digital tools. In order to make the most out of those tools, it is necessary that businesses hire the best talent in the market. Since younger individuals already possess a variety of digital skills, we introduced the Talentoteca program to help students enter the job market through internships. Nearly 85% of the people who start internships under the Fundación Universidad-Empresa program go on to work for their companies. Every company can be a part our training programs, including those who are not part of our chamber.