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Last Updated : Apr 27, 2015 05:18 PM IST | Source: PTI

India, Spain to scale up bilateral trade and cooperation

Addressing India-Spain business summit, organised by Confederation of Indian Industry (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."


Spain is looking at scaling up cooperation with India especially in infrastructure, water management, information and communication technology.


"We need to enhance our cooperation. Spanish companies are interested in areas like infrastructure, water management, information and communication technology," Spain's Foreign Affairs and Cooperation 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.

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Addressing India-Spain business summit, organised by Confederation of Indian Industry (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 promote investment and narrow down non tariff barriers besides enhancing cooperation, he added. Spain underwent "a severe economic crisis" and "to face the challenges, the Spanish government has prepared a 3-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 now a days 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 solid foundation. Spainish economy 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 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 cooperation, a high-powered CII delegation will visit Spain.

First Published on Apr 27, 2015 05:18 pm
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