The characteristics of the Indian economy means it offers growth potential for Spanish companies, according to attendees at a meeting held by SICF patrons with a delegation of Indian MPs led by Ananth Kumar, Indian Minister of Parliamentary Affairs and Minister of Chemicals and Fertilisers.
As was discussed at the meeting, India is a strategic country for Spain in Asia and investment volumes grow every year, especially from Spain into India but also the other way around. Spain is an exceptional link with Latin America for India, and news such as the opening of a direct air route between Madrid and Delhi are a good incentive to keep working.
During the meeting, the Indian delegationemphasised the efforts that have been made to make it easier for investors, companies and entrepreneurs to do business in India and identified projects that might be of interest for foreign investment in regions such as Andhra Pradesh and Maharastra.
The Indian MPs also pointed out how well the two economies complement one another: Spanish companies are strong, and in some cases global leaders, in areas such as defence, communications, energy and infrastructure, and India offers great production capacity (with cheap, qualified labour on top of affordable raw materials) coupled with a huge domestic market.
The delegationalso emphasised the fact that the group was made up of representatives of both federal and local government, as well as members of different parties and political factions. As mentioned during the meeting, “there is a general consensus to maintain and improve policy with Spain; there are no discrepancies in this regard”.
Lastly, the members of the delegation expressed how pleased they were about the work of institutions such the Spain India Council Foundation, which helps to identify areas of mutual interest and facilitate the contacts and synergies needed to embark on new projects.
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