Spanish minister invites Indian investment in Spain at CII meet

NEW DELHI: Spain is looking at scaling up co-operation with India especially in infrastructure, water management, information and communication technology.

"We need to enhance our co-operation. Spanish companies are interested in areas such as infrastructure, water management, information and communication technology," Spain's Foreign Affairs and Co-operation Minister Jose Manuel Garcia-Margallo Y Marfil said today.

"In all these fields, our companies can contribute with their experience and technology to develop Indian enterprises, so as to reach higher growth," he said.

Addressing the India-Spain business summit, organised by CII, Marfil said there is a need to take the bilateral relations between both the nations to a higher scale as "in terms of trade and investment, figures are low."

There is need to jointly promote investment and narrow down non-tariff barriers besides enhancing co-operation, he added.

Spain underwent "a severe economic crisis" and "to face the challenges, the Spanish government has prepared a three-fold economic strategy", which included fiscal consolidation and deep reforms in the financial sector, Marfil said.

As a result of policy measures, its GDP has started growing and employment is picking up.

"Exports nowadays account already for about 30 per cent of the GDP... Spanish exports are becoming increasingly specialised," he added urging India to come forward to invest in Spain.

"Foreign investment is growing again and investing in Spain is good. Spanish economy is based on a solid foundation. It is the fourth largest in Europe," he called upon the Indian industry.

He also extended condolences to India, Nepal and China for the loss of human lives on account of the devastating earthquake.

Chairman, CII Taskforce on Railways, Vinayak Chatterjee urged Spain to invest in India, saying the investment climate has picked up with massive reform measures and easing of regulatory norms.

CII Director General Chandrajit Bannerjee said that to enhance bilateral trade and co-operation, a high-powered CII delegation will visit Spain.