Relations between India and Spain have been cordial since the establishment of diplomatic relations in 1956. A Mission headed by a Cd’A opened in Madrid in 1958. The first resident Ambassador of India was appointed in 1965.
Spain is India’s 7th largest trade partner in the European Union. Bilateral trade in 2017-18 stood at US$5.66 billion (Dept. of Commerce), posting a growth of 4.91% over similar period a year ago. India’s exports grew 16.65% and stood at US$3.99 billion while imports shrank by 15.51% and stood at US$1.66 billion. India’s top exports to Spain are textiles, organic chemicals, iron & steel, seafood, automobiles and leather. India’s major imports are mechanical appliances, electrical machinery, chemicals, plastic and mineral fuels.
Spain is the 15th largest investor in India with cumulative FDI stock of US$2.76 billion (April 2000 – June 2018). There are nearly 200 Spanish companies in India mainly in the sectors of metallurgical industries, renewable energy, automotive, ceramics and infrastructure mainly in highways, transmission lines, tunnels and metro stations.
Maharashtra, Tamil Nadu, Gujarat, Andhra Pradesh and Karnataka are the major destinations for Spanish investments in India. Indian investment in Spain stood at around US$900 million. There are nearly 40 Indian companies in Spain mainly in software & IT services, pharmaceuticals, chemicals and logistics. India is among the top 30 investors in Spain globally and among the top 5 from Asia.
Commerce Secretary led the Indian delegation to the 11th round of India Spain JCEC held in Madrid in January 2018. Under the framework of the JCEC, the India Spain CEOs Forum was constituted in February 2015. The first formal meeting of the CEOs Forum was held in Madrid in May 2017. Global Innovation & Technology Alliance (GITA) along with the Spanish Centre for Development of Industrial Technology (CDTI) instituted the India- Spain Programme of Cooperation on Industrial Research and Development, a bilateral framework for providing financial support to collaborative R&D ventures between Indian and Spanish industry and academia.
India and Spain have an ongoing Joint Programme of Cooperation in S&T, signed in 2009. A Science, Technology and Innovation Steering Committee Meeting was held in September 2017 in Madrid, as highlighted in the Joint Statement during the PM’s visit to Spain. There are ongoing innovation driven joint R&D projects in sectors such as biosensors, bio pesticides, bio-economy, waste-to-energy, e-health and flexible electronics. During the PM visit, a MoU on cooperation in Organ transplants was also signed.
