In 2022, Spanish exports to India were almost €1.7 billion and Indian exports to Spain touched €5.4 billion, the latest data showed. Spain is India’s sixth largest trading partner within the European Union. In terms of exports, India is the fourth largest destination country in Asia for Spain.
Bilateral trade and investments between India and Spain have been growing at a significant pace and there is a potential for both nations to deepen their cooperation in areas such as green energy and digital transformation, Spain’s Vice President Nadia Calviño told The Indian Express.
In 2022, Spanish exports to India were almost €1.7 billion and Indian exports to Spain touched €5.4 billion, the latest data showed. Spain is India’s sixth largest trading partner within the European Union. In terms of exports, India is the fourth largest destination country in Asia for Spain.
“The trade (between India and Spain) has increased very significantly and investments have also been growing,” Calviño, who is also Spain’s minister of Economy and Digitisation, told The Indian Express.
She is visiting India to participate in the first G20 Finance Ministers and Central Bank Governors (FMCBG) meeting held in Bengaluru during February 24-25. Spain is a permanent invited member to the G20.
Calviño said the two countries should reinforce their cooperation in areas such as IT, artificial intelligence, audiovisual, aerospace, green energy, energy storage, sustainable mobility, railways and electric cars. These are the sectors where there is potential to increase investments between the two countries, she said.
“We need to deepen our cooperation. This is a win-win situation for both our countries and industries. We have complementary abilities in the areas of digital and green energy and I think this is going to certainly result in many more joint ventures, cross investments and trade opportunities for both Indian and Spanish companies,” Calviño stated.
Currently, Indian investments in Spain are more than €320 million. Spanish investments in India exceed €1.2 billion, the most significant industries being automobile, chemicals, renewable energies and infrastructure.
Spain is India’s 16th largest foreign investor and India is the 48th largest investor in Spain. More than 260 Spanish companies have subsidiaries, joint ventures, branches or representative offices in India. Close to 82 Indian companies have a presence in Spain.
She said India and Spain are already working together in the audiovisual space and wants this relationship to get stronger going forward.
Source: The Indian Express
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