15 June 2026
Bilbao
The ‘Hidden Champions’ community, spearheaded by Orkestra-Basque Institute for Competitiveness and BBK, held its first public forum today in Bilbao, an event that brought together leading companies in international niche markets, institutional representatives and other stakeholders from the Basque business community to highlight the role these companies play as a driving force for competitiveness, innovation, territorial cohesion and local roots.
The meeting highlighted the consolidation of an initiative which, in the words of Alejandro Vázquez Zubeldia, Director of Investments at the BBK Banking Foundation, “in just over a year has become a benchmark forum for highly specialised industrial companies with a strong international focus”. The strength of the community is also reflected in the addition of 15 new businesses, bringing the total number of companies involved in the project to 53.
The forum also hosted the presentation of the new report, “Basque Hidden Champions: Leaders in International Niches with Local Roots”, which, amongst other things, analyses the contribution these companies make to the Basque Country’s competitiveness and their role in the future of European industry.
As explained by Mikel Gaztañaga, a researcher at Orkestra and co-author of the report, the Basque Country has distinctive factors that encourage the emergence and development of this type of business, such as its industrial heritage, public-private partnerships, vocational training and the network of technology centres. However, he has warned that the international context requires constant adaptation and an increasingly sophisticated internationalisation strategy.
Among the recommendations of the report are supporting companies in more demanding internationalisation processes, strengthening their links with the region’s financial, technological and educational ecosystem, and designing flexible industrial policies adapted to diverse business paths.
One of the highlights of the day was the presentation by Hermann Simon, an economist and the originator of the ‘Hidden Champions’ concept, who spoke about the experiences of Germany’s hidden champions and the factors behind their ability to lead global markets from relatively small markets.
During his conversation with Bart Kamp, a senior researcher at Orkestra, Simon emphasised that the world needs companies capable of competing globally from regions with a strong industrial identity, and that the Basque Country meets the necessary conditions for this. “The key will lie in further developing their specialisation capabilities, innovating faster than the competition, getting even closer to their customers, and continuing to invest in the people and ecosystems that make long-term success possible,” he emphasised.
The business vision: to grow globally without losing our local roots
The forum also featured a panel discussion moderated by Javier Fernández-Monge, Director of Business Development at BBK, during which representatives from various companies within the ‘Hidden Champions’ community shared their experiences and insights regarding the challenges faced by leading industrial companies in international niche markets.
During the discussion, Sergio Ruiz de Larrea, Commercial Director at ONA, emphasised that the company focuses its strategy on highly specialised industrial niches, where technological capability, reliability and the management of complex projects are key factors in clients’ decision-making within an increasingly demanding global environment.
Marta Ratón, plant manager at Draxton Atxondo, has emphasised that being part of a large group creates synergies, but “our technological capabilities, specialisation and corporate culture have enabled us to stand out and add value within the group itself”.
For his part, Alex Eizmendi, Head of Strategy at AMPO, has highlighted the importance of preserving the industrial and technological capabilities that underpin these companies’ international leadership. "Developing highly complex solutions capable of operating in extreme conditions is what makes us valued and recognised by highly demanding clients," he said.
The participants also agreed on the importance of collaborative and learning networks between companies facing similar challenges, particularly in areas such as talent, innovation and internationalisation.
A key asset for Basque and European industry
The closing remarks were delivered by the president of Orkestra, Iván Martén, who emphasised that these companies represent a key asset for the Basque Country: “Not only because of their ability to compete internationally, but also because of their contribution to skilled employment, the development of industrial capabilities and the maintenance of economic activity in towns and regions across the country.”
According to Mikel Jauregi, the Basque Country’s Minister for Industry, Energy Transition and Sustainability, “the Hidden Champions are the finest embodiment of our industrial model: they compete on the global stage from here and make the Basque Country a stronger and more resilient region.” “The challenge is not just to recognise what we already are, which is certainly part of it, but to ensure that, in 10 or 20 years’ time, the Basque Country has more leading companies in global niche markets.”
About the Hidden Champions Observatory:
The Hidden Champions Forum is one of the activities organised by the Hidden Champions Observatory, an initiative by Orkestra and BBK that aims to identify, raise the profile of and support Basque companies that are leading the way in international niche markets.
In addition to raising awareness about this type of company, the Observatory fosters a community of learning and collaboration amongst businesses that share similar characteristics and challenges, with the aim of strengthening their competitiveness and contributing to the regional development of the Basque Country.
View report: https://labur.eus/InformeCampeonasOcultas
Hidden Champions Observatory: www.campeonasocultas.eus
