The Business Year

Tomeu Garcies Fuster

SPAIN - Economy

Tomeu Garcies Fuster

Director, Economí­a de Mallorca

Bio

Tomeu Garcies Fuster has extensive experience in the world of communication and journalism, where he has worked for over two decades. He studied philosophy and letters at the University of the Baleares Islands (UIB), consequently pursuing a political and electoral communication degree at Pontifical University of Comillas, Madrid, and a digital marketing degree at UIB. Since 1996, he has been editor of the regional media Diari de Balears and Ultima Hora. Later, he was appointed director of communication for the City Council of Inca. In 2015, he was named Director of Economía de Mallorca. Recently, he took on the role of medium director, together with his wife Mar Nicolau, with whom he shares a communication agency recently renamed Som de Mallorca. He is currently a professor for the digital marketing postgraduate course at UIB and is a member of the board of directors of AMCIB.

Economía de Mallorca has become a valued source of economic information on the island, offering accurate data combined with its own insights.

Economía de Mallorca specializes in the economic aspect of the island. What are the trends marking the island’s economic performance?

For some years now, the business sector has been working on exploring new business areas and diversifying Mallorca’s economy, evidently marked by the tourist activity, which determines our growth rate and wealth creation. The pandemic has accelerated this exploration process and the openness to new paths. We have realized there are other development options based on, for instance, the industry of knowledge and technology. This diversification is still in its first stages and requires a continuity that private initiatives and the public administration must support. In any case, tourism will still be the main economic reference, and we do need to safeguard it. In this sense, an authentic revolution has been taking place in the last few years, marked by two key factors: quality and sustainability. There is no longer a rush to bring in more tourists, but rather those who spend more on the destination, stay in better-quality hotels, and leave more foreign currency on the island. In this process, the unprecedented investment that hotel entrepreneurs have made to renovate the hotel infrastructure has been fundamental, making it one of the most competitive infrastructures in the world. Additionally, the hotel managers are now committing to sustainability: Meliá, Barceló, Iberostar, Riu, and others have become symbols, pioneers in adopting measures to preserve the environment, even long before the public administration saw it coming. Now, there are moves to regulate these sustainability measures, even though hotel owners have been applying them for a long time, not to mention the thriving circular economy with never-before-seen projects, such as the one executed by the Garden Hotels chain.

What features characterize Economía de Mallorca as a source of economic information on the island?

Since we started our journey in 2015, we have been committed to being a media that works with and for companies. We want the work carried out by companies and entrepreneurs to create wealth and job positions for society, either via corporate social responsibility actions or analyzing the reality and working to improve it together with the public administration. We remain true to our values and the need to offer precise and truthful information, while at the same time always trying to give a personal point of view. We recently started a new business phase in which Mar Nicolau, our commercial director, and I became editors and operators of the media, in an alliance drawn up together with the Grupo Zambudio, the owner of the media up to this date.

What communication trends are you observing on the part of Mallorcan companies?

In 2015, when we started, the information we published about CSR was scarce, though oddly enough we noticed that they generated high interest and many views. We therefore decided to increase its focus by creating a specialized section, and time has proven us right. The contents in this area have seen a five-fold increase. The same is true with everything related to sustainability and the environment. Sustainability and CSR are no longer an added value of the DNA, spirit, and values of a company; they have become main objectives, especially when we consider tourism companies.

What is your forecast of the business outlook of Mallorca in 2022?

It is tremendously complicated to make forecasts in these times with so much instability. Only a few months ago, we were seeing the light at the end of the tunnel that the pandemic put us in. It seemed we were returning to the path of growth and full recovery. Now, with the war in Ukraine, everything has turned upside down. Beyond the humanitarian and geopolitics aspects, it is evident that recovery will be delayed, and growth will slow down. With the prices of electricity, gas, and fuels skyrocketing, it is complicated to think of considerable growth. 

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