Strengthening bonds between India and Spain: Forging collaborations leading to advancement and prosperity
India and Spain are forging a robust partnership that promises to bring immense benefits not only to their citizens but also to the broader global community. Over the past two decades, Spain has emerged as India's 16th largest Foreign Direct Investor, investing US$ 4 billion and establishing over 280 Spanish companies within India's borders.
The bilateral trade between the two nations reached an impressive US$ 7.2 billion in the financial year 2023-24, with India's largest exports to Spain including iron and steel, organic chemicals, articles of apparel, electrical machinery, and mineral fuels. On the other hand, India's imports from Spain are currently valued at US$ 2.4 billion, primarily consisting of beverages, spirits, and vinegar, nuclear reactors and parts, mineral fuels, organic chemicals, and plastics articles.
The partnership between India and Spain holds significant potential for collaboration in sustainable development, technology, infrastructure, and defence. One notable example is the agreement for the construction of new-generation ships for the Indian Navy, which underscores the strengthening defence ties between the two countries.
In the realm of renewable energy, energy storage solutions, smart grids, and green hydrogen, collaboration can have a big impact on the global economy. The Indian government and Spanish entities are exploring these areas, with the aim of harnessing each other's advantages and pooling resources and expertise to open up new doors to growth and prosperity.
The Spanish Ministry of Industry, Trade and Tourism, along with entities like ICEX Spain Export and Investment, play key roles in fostering bilateral trade and investment between India and Spain. These organisations have been instrumental in facilitating cooperation in areas such as information technology, telecommunications, and energy.
In October 2024, the Final Assembly Line (FAL) for the C295 aircraft was inaugurated in India, marking a significant milestone for India's "Make in India" initiative. This collaboration is expected to boost the Indian aerospace sector and further strengthen the India-Spain alliance.
By embracing these emergent opportunities, both India and Spain can play a catalytic role in building a resilient, more prosperous, secure, and sustainable world. This partnership, with its focus on sustainability, technology, infrastructure, and defence, can contribute to a more prosperous, secure, and sustainable world.
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