India, Spain seek to expand trade ties; to sign 3 agreements

Priyanka Tikoo

Madrid, Apr 22 (PTI) Seeking to give a fillip to
bilateral trade ties, India and Spain are set to sign three
agreements in the fields of tourism, agriculture and renewable
energy as part of President of India Pratibha Patil's visit
here.

Maintaining that the trade volume between the two
countries remained "insufficient", both Patil and Spanish King
Juan Carlos I emphasised the need to intensify bilateral
engagement in the field.

"The challenge now is to give a fillip to the investment
relationship, and I understand that in this globalised
environment, Indian investors are looking at Spain, and at the
same time, we would like India to be an investment destination
for Spanish investors," Patil said at the state banquet hosted
by the King and Queen Sofia Tuesday late night.

"I am also convinced that there are many other areas of
cooperation waiting to be tapped for the mutual benefit of our
people," she said.

Echoing her views, the Spanish King said "our bilateral
trade figures continue to be insufficient, although, like
mutual investment, they are growing at a good rate."

"I wish through a Comprehensive Market Development Plan
to prioritise our economic relations with India and identify
new business opportunities for Spanish companies in your
country and for Indian enterprises in Spain," he said.

The remarks by the President and Spanish King came ahead
of Patil's talks with Spanish Prime Minister Jose Luis
Rodrigeuz Zapatero during which the two sides are set to sign
three agreements in the fields of tourism, agriculture and
renewable energy.

Indian exports to Spain comprise textiles, chemicals,
steel, auto components and automobiles. It imports chemicals,
raw aluminium, pharmaceuticals, petroleum derivatives, auto
accessories and electronics for defence industry from Spain.

Spain is India's sixth largest export market in the
European Union, and officials say there is a great potential
for expanding Indo-EU trade and investment links.

The President also thanked Spanish people for showing
solidarity with India after the Mumbai attacks, saying the
message was "heartfelt and sincere, and we appreciate them."

Both the President and King highlighted the need to
cooperate more closely at the multilateral level to tackle
terrorism.

Patil, who is in Spain on a three-day visit on the first
leg of her two-nation European tour that will take her to
Poland from here, also extended an invitation to the royal
family to visit India, which was accepted by the King and
Queen.

The President is accompanied by her husband Devi Singh
Shekhawat and a delegation comprising Minister of State for
Industrial Policy and Promotion Ashwani Kumar and some members
of Parliament and senior officials on her visit here. PTI PYK
RAI
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