Abstract
In the economic relations between Spain and Brazil investment is the most relevant factor. The text analyzes its evolution, mainly from the beginning of the twenty-first century, which marks a new phase of contraction and increase in economic and political relations. Since the 1990s, Spanish capital found in Brazil a strategic market in the process of internationalization of its companies. Intense Spanish investment of the latter years of the last century, very polarized towards the liberalized and privatized public services, will give way starting from 2000 to a process of investment of smaller volume but of greater diversity of activities that develop the businesses. Today, the large companies of the Spanish Ibex are well accompanied in Brazil by a large number of medium and small companies that believe in the country and have arrived to stay.
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