INDIA: There has been a rapid rise in the bilateral trade and investments between India and Spain, and there is a potential for both of these countries to strengthen their association in areas like green energy and digital transformation. This was reported by Nadia Calvino, Spanish vice president and the minister of economy and digitization.
Spanish exports to India were almost 1.7 billion euros in 2022, and Indian exports to Spain happened to be somewhere near 5.4 billion euros. India’s sixth largest trading partner is Spain within the European Union.
India is the fourth largest destination country in Asia for Spanish exports. “Investments have grown along with a very considerable increase in trade between both nations,” Calvino said.
She would participate in the first G20 Finance Ministers and Central Bank Governors (FMCBG) meeting that would be held in Bangalore on February 24 and 25.
Calvino also mentioned that the two countries should reinstate their cooperation, which would boost investments between the two countries in areas such as IT, artificial intelligence, audio-visual, aerospace, green energy, energy storage, sustainable mobility, railways, and electric cars.
She said, “Our cooperation needs to be strengthened. Both of our nations and industries benefit from this. Our complementing skills in digital and green energy will undoubtedly lead to more joint ventures, cross-border investments, and business prospects for both Indian and Spanish enterprises.”
Indian investments in Spain are currently more than 320 million euros, whereas Spanish investments in India surpass 1.2 billion euros. Some of the most important industries are automobiles, chemicals, renewable energies, and infrastructure.
India’s 16th largest foreign investor is Spain, and the country is the 48th largest investor in Spain. Nearly 260 companies in the Spanish nation have subsidiaries, joint ventures, branches, or representative offices in India.
Also Read: Germany and China Are at Odds over West’s Decision to Supply Ukraine with Weaponry