MADRID, Oct. 3 (Xinhua) -- The sixth edition of the South Summit, which is considered the biggest annual event for businesses and investors in the South of Europe, opened its doors in the Spanish capital of Madrid on Wednesday.

The 2018 event has attracted 130 international investors and counts on the support of companies such as Google, Spanish telecommunications giant Telefonica, energy company Endesa and the banks, BBVA and Banco Sabadell, as global partners.

Over 3,000 startups from 84 different countries are competing in the 2018 South Summit, which will see the winning proposal given the chance to compete for a million dollars in finance at the "Startup World Cup," which will be held in Silicon Valley in California, home of some of the biggest high technology companies in the World.

"The South Summit is a platform for innovation and a key meeting point for the actors in the 'startup' ecosystem: investors and corporations that need innovation to grow, but always in a 'win-win' culture. Everyone here can find opportunities for business with 500 speakers in 7 different spaces, which makes this a perfect place for networking," said the founder of the Spain Startup-South Summit, Maria Benjumea, during the opening.

The international character of the event is one of its key strengths and this year sees an increase in the number of investment funds from the United States, Israel, Japan and France, who have come to Madrid to invest in startups in the South of Europe and Latin America.

Latin America is one of the main attractions of the fair, which is open for three days, due to the potential and the wide range of natural resources in the continent.

The 2018 South Summit is also the home of a conference called "enlightED" which brings together experts in technology and innovation.