Meeting between President of the Government and Prime Minister of Republic of India

Relations between Spain and India have grown considerably in recent years, as a result, on the one hand, of the growing interest by our economic operators in the opportunities the country offers and, on the other hand, by the policies of Narendra Modi since 2014 to make India a country open to business and insistent on its foreign action.

In recent years there has been a regular flow of high-level visits from Spain (H.M. the King in 2012, and the Minister for Foreign Affairs and Cooperation, the Minister for Defence, the State Secretaries for Foreign Affairs, for Defence and for Trade, in 2016). There have also been important visits from Indian politicians in recent years, such as the Minister for Foreign Affairs in 2013, the Minister for Health and Urban Development in 2014 and the State Secretary for Foreign Affairs in the same year, as well as a parliamentary delegation from both chambers in 2016.

The President of the Government held a meeting with Prime Minister Modi in November 2015 on the sidelines of the G-20 Summit in Antalya (Turkey).

The visit will allow a decisive boost to be given to bilateral relations by establishing a roadmap. The start of the Partnership Agreement with India as from the visit by Narendra Modi will provide a firm base for our projection in the Asia Pacific, a key region in the global economic and security debate. This partnership sends out a key message on Spain's part in favour of an agenda of economic projection and commitment to global and regional security, based on the principles we share as democratic societies and the rule of law, and our shared commitment to human rights and the development of citizens in liberty.

Economic relations between the two countries are going through a buoyant period, with a noteworthy presence of Spanish companies in the country and growing mutual interest. Bilateral trade is intense and growing, amounting to 4.72 billion euros in 2016 (8.5% up on 2015). India is our 37th largest international customer, with exports amounting to almost 1.26 billion euros in 2016. Imports have grown significantly in recent years and exceeded 3.46 billion euros in 2016 (India is our 17th largest international supplier).

From an investment standpoint, India is the 26th global destination for Spanish investments, with an investment stock of 1.78 billion euros in 2014. The presence of Spanish companies in India has consolidated and extended significantly, thus emphasising the strong ties that unite our two countries.

In particular, there is noteworthy participation from Spanish companies in the transport infrastructure, construction, energy, engineering and automobile component sectors. At present, there is great interest in the railway sector, both in high-speed lines, as well as in conventional lines and underground metro networks.