EFEBy Javier Romualdo and José Miguel Blanco. Los Angeles, US

Spain's president on Thursday presented a plan at NBCUniversal Studios in Los Angeles to a group of executives from companies such as Netflix and HBO to turn Spain into the "Hollywood of Europe."

Pedro Sánchez outlined the pillars of a plan to which he will allocate 1.6 billion euros ($1.88 billion) to boost Spain's audiovisual sector, which includes tax incentives for production houses that base themselves in Spain and a special visa to expedite the entry of professionals.

"Spain has all the necessary administrative and fiscal incentives, in addition to all possible landscapes, to receive new projects and create new narratives. We aspire to become, if you will allow us to compare, the Hollywood of Europe," he said.

Sánchez's remarks came after a meeting with top executives of Netflix, HBO, WarnerMedia, Disney and Activision during the second leg of his economic tour of the United States, which will conclude on Friday with a visit to tech companies in the San Francisco area.