India-Spain economic and commercial relations

Spain is India´s 7th largest trade partner in the European Union. Bilateral trade in 2016 (Jan – Dec) (MINECO, Government of Spain) stood at US$ 5.22 billion, growing by 8.08% over a similar period a year ago. India´s exports grew by 11.5% and stood at US$ 3.83 billion while imports showed a marginal fall of 0.35% and stood at US$1.39 billion. India´s top exports to Spain are textiles, automobiles, chemicals, iron & steel, seafood and leather. India´s major imports are mechanical appliances, electrical machinery, chemicals, plastic and mineral fuels.

 

India´s exports

India´s imports

Total bilateral trade

2013 – 14

2,884.41

1,843.42

4,727.83

2014 – 15

3,148.12

2,005.20

5,153.32

2015 – 16

3,237.11

1,646.02

4,883.13

2016 – 17
(April – January)

2,747.87

1,492.71

4,240.58

Figures in million US$
Source: Department of Commerce

Spain is the 12th largest investor in India with cumulative FDI stock of US$ 2.32 billion (2000 - 2016). There are nearly 250 Spanish companies in India mainly in the sectors of renewable energy, automotives 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.

 In order to give an impetus to trade and investment relations, India-Spain Joint Commission on Economic Cooperation (JCEC) was set up under the 1972 Trade and Economic Cooperation Agreement, and has since met ten times. The 11th round of the JCEC meeting is scheduled to be 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 regularly participates with high level delegations and India pavilions in major international trade fairs and conferences in Spain viz. FITUR (Tourism), Mobile World Congress (Telecom), CPhI Worldwide (Pharmaceuticals) and Smart City Expo World Congress (Smart Cities).

Air India launched non-stop, thrice a week, direct flight services between New Delhi and Madrid in December 2016. It is looking to further expand its routes to connect destinations in Latin America and South and South East Asia.