New Delhi, Oct 27 (IBNS) King of Spain Juan Carlos I has invited the Indian industry to invest in his country as it offers conducive industrial environment with handsome return on overseas as well as domestic investments.
Addressing a joint meeting under aegis of ASSOCHAM, CII and FICCI, King of Spain also acknowledged that an increasing use of renewable energy and tourism could play a key role in business development.
In his address, ASSOCHAM Sr. Member & Chairman and Managing Director, SMC Global Securities Ltd S C Aggarwal said that economic relations between India and Spain should intensify in tourism, manufacturing, services, IT and IT enabled services, financial services and renewable energy as these offer unlimited opportunities for two countries.
Speaking on the occasion, Union Commerce & Industry and Textiles Minister Anand Sharma said that in its quest for economic development, India was seeking to build partnerships across the globe to source technological solutions to meet the domestic challenges.
Speaking on the occasion, Naina Lal Kidwai, Senior Vice President FICCI during the meeting said, "Our educated and rising labour force, expanding knowledge based economy, innovative and entrepreneurial zeal of Indian industry, expanding middle class and their increasing incomes leading to higher domestic demand and consumption are some of the positives that must be considered by our economic partners.
"All these offer innumerable opportunities for Spanish companies to capitalize on while engaging with their Indian counterparts."
Kidwai said: "This can be seen as a long -term hedging strategy for both India and Spain to counter the effects of global economic slowdown and steady their steps for achieving sustained economic growth."
"India-Spanish trade grew by an impressive 92% between the years 2006-07 and 2012. However, the trade between India and Spain totalled USD 4.8 billion last fiscal and is not even 1% of India's global trade.
"In terms of investments, the cumulative Spanish investment in India amounted to USD 1.1 billion over the period April 2000 to March 2012, which was just 0.65% of the total FDI inflows in the country over the period," said Kidwai.
In his remarks, Deep Kapuria, Chairman CII Committee on Europe & Chairman Hi Tech Gears Ltd emphasized that the main industries in Spain are tourism, IT, thermal power, all of which are relevant from the view point of India.
Spain is also advanced in medical equipments including prosthetics, diagnostic equipment and medical software, he said.