The New Cycle of Internationalisation of a Southern European Telecommunications Company at the Early 21st Century: Telefónica

The telecommunications sector entered the new millennium with a new paradigm, defined in four terms: mobile and global in nature, private, competitive and with interests in different sectors. Within this framework, the research presented here addresses the new cycle in Telefónica's internationalisation and the intricate investment process in Spanish telecommunications. The text is structured in four main sections, comprising an overview of Telefónica in the world market, Telefónica's entry into Central Europe with Český Telecom, the entry into unexplored European markets with O2 and the penetration of subjectively distant markets - China.