Spain and India strengthen ties at CII Business summit

The CII Spain-India Business Summit was held in Mumbai during the visit of H.E. Pedro Sánchez, President of the Government of Spain. This visit marks President Sánchez's first trip to India and the first by a Spanish president in 18 years.

In his address, President Sánchez discussed the potential for enhancing the relationship between India and the European Union, including Spain. He noted that Spain is one of the largest economies globally and has invested USD 4.2 billion in India this century. He expressed optimism about advancing negotiations on a European Union-India free trade agreement to improve market size and diversity.

President Sánchez highlighted Spain's expertise in clean energy and offered support to India in achieving its goal of 500 gigawatts of renewable energy by 2030. He indicated that Spanish innovation could play a role in enhancing India's energy security and green transition.

He acknowledged India’s advancements in infrastructure and stated that Spain’s transport systems could contribute to India's infrastructure projects. President Sánchez mentioned that Spanish engineering firms are willing to share their expertise in developing sustainable transport solutions and collaborating on digitisation efforts.

Shri Nitin Jairam Gadkari, Minister of Road Transport and Highways of India, referred to the Indian government's target of achieving carbon neutrality by 2070. He highlighted the significance of green energy and mobility and noted the potential for joint ventures with Spain to lower costs and improve competitiveness.

Chandrajit Banerjee, Director General of the Confederation of Indian Industry (CII), commented on Spain’s experience in urban infrastructure and transport systems. He expressed interest in establishing partnerships for infrastructure development and discussed collaboration opportunities in areas such as artificial intelligence, defense, and green technologies. He also affirmed the commitment of both countries to pursue joint ventures in defense to strengthen capabilities and strategic autonomy.

R Mukundan, Vice President of CII and Managing Director and CEO of Tata Chemical Limited, underscored the importance of knowledge and technology transfer when working with Spanish brands. He pointed out the growth potential in the Indian market, noting that India adds 10-20 million new customers annually.

S N Subrahmanyan, Chairman and Managing Director of Larsen & Toubro Ltd, remarked on the willingness of Spanish companies to share core technology, which is important for India's goal of self-reliance. He noted that this level of collaboration is not always found with other international partners.