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Spain's Secretary of Commerce, Industry and Tourism Pedro Mejia speaking at a lunch reception during MIT's September 2005 Emerging Technologies Conference. Spain has realized that it needs to step up to the plate in terms of making foreign investments if it's going to remain competitive on a global level. Mejia spoke about Spain's new initiatives to step up his country's investments in the United States. Based on GDP, Spain's total economy rates eighth in the world, is 1/11th the size of the United States' economy, and comes in at around 50 percent of the US Defense Department's total budget.