look news india
President of Spain to visit Gujarat Gandhinagar: Gujarat will welcome Spanish Prime Minister Pedro Sanchez to the state next week and Gujarat is set to strengthen its role as a key player in India's growing trade and economic ties with Spain. The visit of the Spanish Prime Minister, who is coming to inaugurate the Tata Airbus manufacturing facility in Vadodara, is a milestone in the state's efforts to deepen bilateral relations between Gujarat and Spain.
With its strategic location and well-organized industrial infrastructure, Gujarat has emerged as a major hub for trade between India and Spain. The state's world-class ports such as Mundra and Kandla have facilitated the state's growing commercial activities, making Gujarat an attractive destination for Spanish investment in sectors such as automotive, renewable energy and manufacturing.
Due to the state's business-friendly policies and availability of skilled workforce, many major Spanish companies have established a strong presence in Gujarat over the years. Notable investments from Spain in Gujarat include Grupo Antolin, which set up a manufacturing facility in Sanand in 2015 to service leading automobile manufacturers such as Ford and Tata. In the renewable energy sector, Siemens Gamesa and Winder Renewables have set up manufacturing plants in Halol, strengthening Gujarat's leadership in wind power generation.
'Trustin Tape' is a joint venture between Miarco and Indian PPM Industries – a Valencia-based company specializing in technical tapes and adhesive solutions. Trustin Tape started a manufacturing center in Dahej, Gujarat in 2018 and became India's first and only masking tape production company. Similarly, perfume manufacturing company Iberchem has been operating its facility in Changodar, Ahmedabad since 2010. Such investments have made Gujarat a preferred destination for Spanish companies looking to expand in India.
The Tata-Airbus project in Vadodara demonstrates the strength of the growing strategic defense cooperation between Gujarat and Spain. Of the 56 C295 military aircraft to be built for India, 40 will be made in India, strengthening ties between the two regions.
Gujarat's exports to Spain have also seen significant growth, reaching $0.94 billion in 2023-24. Gujarat mainly exports organic chemicals, machinery, mineral fuels and iron and steel products to Spain, reflecting the strong presence of the state's diverse industries.
Apart from trade, Gujarat and Spain have promoted cultural and educational exchanges. Spanish business has contributed to Gujarat's infrastructure and energy sectors. Apart from this, Gujaratis are also taking interest in Spanish art, music and food. Therefore, there is growing scope for collaboration in higher education as well – especially in areas such as business management, arts and technology.
It is noteworthy that there are strong bilateral trade relations between India and Spain. Trade between the two countries has reached $7.24 billion in the year 2023-24. Trade between the two countries has witnessed steady growth in recent years and trade between the two countries is expanding in key sectors such as renewable energy, infrastructure, defense and technology. Bilateral trade between the two countries is expected to increase from $6.77 billion in 2021-22 to $7.24 billion in 2023-24.
Spain is India's sixth largest trading partner in the European Union. India exports mineral fuels, chemicals, machinery, textiles and iron and steel to Spain. Many Indian companies in IT, pharmaceuticals and engineering have set up operations in Spain, strengthening ties between the two countries.
Spain has invested over $4.2 billion in India (April 2000 to June 2024) promoting technology and industrial development. India imports ships, machinery and beverages from Spain, which has boosted industries such as manufacturing and defence. More than 280 Spanish companies operate in Indian states such as Gujarat, Maharashtra and Tamil Nadu. Both countries are expected to explore more opportunities in renewable energy, infrastructure and defense sectors. With the visit of the Spanish Prime Minister to Gujarat, Gujarat is keen to develop trade, investment and cultural ties with Spain.
