As a part of Prime Minister four nation tours, Narendra Modi touched base in Spain's capital city Madrid on 30th May with the point of boosting India's economic engagement and to reinforce the bilateral ties between India and Spain. Both the nations have signed seven agreements across multiple sectors. The agreements were inked after Narendra Modi, Prime Minister of India held wide ranging chats with Mr. Mariano Rajoy, Prime Minister of Spain at the Moncloa Palace in the Spanish capital.
The main areas in which India and Spain signed memorandum of understanding (MoU) are on cooperation in cyber security, renewable energy, technical cooperation in civil aviation, organ transplantation, transfer of sentenced persons, visa waiver for holders of diplomatic passports and between the Foreign Service Institute of India and the Diplomatic Academy of Spain.
Prime Minister Narendra Modi was also very keen to invite Spanish firms to invest in India which offers numerous open doors for them in different fields. “The strong economic growth of India offers many opportunities for Spanish companies. It’s a great time for Spanish companies to invest in India.” Mr. Modi said. Further to this he likewise included that there are as of now an extensive number of Spanish organizations in India and his government wants more firms to come, invest and do business in the country.
“Spanish firms enjoy a global status in different fields, such as infrastructure, defence, tourism and energy. These sectors have also been identified by my government as priority sectors. I see numerous complementarities between Government of India flagship initiatives, for example Make in India, and Spain’s experience in defense, transport infrastructure, high-speed trains, water and waste management and technologies. I encourage Spanish companies to take advantage of these opportunities” Modi stated, including that there are numerous complementarities in economic terms between the two nations.
Spain is the twelfth largest investor in India and the seventh biggest trading partner in the EU. There are more than 200 Spanish companies in India that are keenly involved in many projects across the country. In 2016, two way trades totaled 5.27 billion dollars.
June 06, 2017