Strengthening India-Spain Relationship: Crafting Novel Alliances for Prosperity
India and Spain have been forging a strong partnership that promises benefits not only for their citizens but also for the global community. This alliance, marked by collaboration in various sectors, has been on the rise, with bilateral trade reaching an impressive US$ 7.2 billion in the financial year 2023-24.
The partnership between the two nations holds potential for sustainable development, technology, infrastructure, and defence. Notably, India's largest exports to Spain include iron and steel, organic chemicals, articles of apparel, electrical machinery, and mineral fuels, while its imports are dominated by beverages, spirits, and vinegar, nuclear reactors and parts, mineral fuels, organic chemicals, and plastics articles.
The growth in this partnership is evident in the expanding investments from both sides. Indian companies have invested over US$ 900 million in Spain, primarily in the IT services, pharmaceuticals, and logistics sectors. Conversely, Spain is India's 16th largest Foreign Direct Investor, with US$ 4 billion invested since 2000.
One of the significant milestones in this partnership is the Final Assembly Line (FAL) for the C295 aircraft, inaugurated by Prime Minister Narendra Modi and Spanish Prime Minister Pedro Sanchez. This collaboration in defence ties extends to the modernization of India's navy, as evidenced by the agreement signed in 2020 for the construction of new-generation ships for the Indian Navy.
The partnership also extends to new areas of cooperation, such as information technology, telecommunications, and energy. Over 280 Spanish companies are active in India across the renewable energy, automotive, and ceramics industries. However, specific Spanish companies active in these sectors since 2000 could not be identified in the search results.
An MoU was signed between India and Spain for cooperation in infrastructure development, with Spain bringing expertise in infrastructure, particularly in high-speed rail, metro systems, and highways. By collaborating, India and Spain can open up new doors to growth and prosperity, contributing to international economic cooperation.
The India-Spain partnership can play a catalytic role in advancing the larger objective of international economic cooperation. This alliance, built on mutual respect and shared values, can contribute to building a resilient, more prosperous, secure, and sustainable world.
