India and Spain aim to leverage shared expertise for mutual growth and innovation in multiple sectors.
The CII Spain India Business Summit was held in Mumbai on 29 October 2024 on the occasion of the visit of Pedro Sánchez, President of Spain to India. This was President Sanchez's first visit to India and the first visit by a President of the Government of Spain to India after 18 years.
In his address, President Sanchez said, “The potential for a stronger relationship between India and the European Union (including Spain) is enormous. Spain one of the largest economies in the world and has invested USD 4.2 billion in India this century. We look forward to advancing negotiations on a European Union-India free trade agreement. This will help our markets grow in size and diversity.”
“Spain is a world leader in clean energy. We have a lot to offer India with our experience in solar and wind power. Our expertise can help India reach its goal of 500 gigawatts of renewable energy by 2030. We are committed to partnering with India to boost its energy security and green transition. By combining Spanish innovation with India's potential, we can make a big impact on the global economy and the environment,” said President Sanchez.
Praising the huge strides made by India in the infrastructure sector, President Sanchez said that Spain’s advanced railway systems, subway networks, and transport solutions can greatly benefit India's infrastructure projects. He expressed willingness on the part of Spanish engineering firms in terms of sharing their expertise in creating efficient and sustainable transport systems. He also expressed interest in collaborating with India in the digitisation space.
Nitin Jairam Gadkari, Minister of Road Transport and Highways of India, who was also a part of the inaugural session of the summit said, “Our Prime Minister's dream is to make India carbon neutral by 2070. Whether it's fossil fuel or energy, green energy and green mobility are now priorities. There is great potential for wind and solar power. I am pleased that many technologies are available in Spain that have great potential in India. Joint ventures can reduce costs and increase competitiveness in the global market. This meeting is important because it fosters interaction between stakeholders from India and Spain, with full government support.”
Chandrajit Banerjee, Director General, CII said, “Spain is very experienced in urban infrastructure, high-speed rail networks, transport systems, and smart mobility. We look forward to new partnerships with Spain to boost our infrastructure development. We've also discussed collaboration opportunities in artificial intelligence, defence, and green technologies. Both countries are committed to joint ventures and co-development in defence to enhance capabilities and strategic autonomy. In renewable energy, India is embracing cleaner fuels like wind and solar power. Spain's expertise in this area could help us in our energy transition. From the Confederation of Indian Industry (CII) perspective, we want to advance our discussions and bring sectoral and senior-level business delegations to participate in global events.”
R Mukundan, Vice President of CII; Managing Director and CEO, Tata Chemical Limited in his address said, “When we work with Spanish brands, there is a transfer of knowledge, a transfer of technology, and a transfer of standards of quality, which is very essential when addressing the Indian market. And for the Spanish company, India presents a huge opportunity - we are growing at a rate of $250 billion every year, adding 10-20 million new customers annually. The value which Spanish companies need to create when addressing the Indian market also gives them the ability to access price points that they couldn’t access before, allowing them to address global markets more cost-effectively.”
S N Subrahmanyan, CMD, Larsen & Toubro Ltd said, “Spanish companies are unlike other companies we deal with internationally. They are willing to share technology, and not just overall technology, but core technology, which is important because, ultimately, if we truly want to become 'Aatmanirbhar,' we need to develop technology within our country. It is not enough to have broad agreements, and with Spanish companies, we often find that willingness to share.”
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