Anand Sharma, Minister for Commerce & Industry, led an official delegation for the ninth session of the India-Spain Joint Commission for Economic Cooperation at Madrid . The meeting was co-chaired by Anand Sharma from Indian side and Miguel Sebastian, Minister of Industry, Tourism and Trade, on the Spanish side.
Both sides felt that there is a lot of scope for raising the trade and investment levels between India and Spain. It was agreed that the Invest India and Invest in Spain agencies would work towards entering into an MoU to facilitate and enhance two way investments. Sharma invited a business delegation to visit India and explore investment opportunities. The two sides agreed to have the next meeting of the Joint Economic Commission at New Delhi in 2012.
Both sides discussed range of issues including the economic situation and reforms carried out in both the countries; Doha Development agenda; forthcoming G-20 meeting; EU-India FTA; sectoral cooperation in the areas of renewable energy, infrastructure, Tourism, Agriculture, Food Processing, Science & Technology, Banking, Pharmaceuticals, IT and Tele-Communications. Sharma had bilateral meetings with Mr. Miguel Sebastian and the second Deputy Prime Minister and Minister for Economy & Finance, France, Ms. Elena Salgado.
Sharma also addressed a session of Spanish CEOs like Gamesa, Ficosa International, Taurus Group, Navantia, Ros Roca and Abengoa. These companies represent the automobile, capital goods, energy, infrastructure and military ship building sectors. He said that recent initiatives on the anvil will see a major change in India’s support structure for doing business as new manufacturing investment zones with world class infrastructure facilities are coming up.
The Commerce & Industry Minister also addressed a special session of the Global India Business Meeting on the theme ‘Connecting India with the World’. Stating that the last few years have seen a complete turn around in the way India is perceived by the global community, the Minister said that today India is connecting with the world in multifarious ways at different levels. He said that today India is one of the most attractive destinations for foreign investment rated variously, second and third by different agencies. Even at the height of the global economic crisis FDI flows into India did not slacken.
“India’s total trade has increased more than ten fold between 1990-91 and 2008-09. By bringing down tariff levels and removing import quotas, India contributes constructively to the strengthening of multilateral trading system. India’s engagement with the world goes beyond trade and investment flows to matters of international security; disaster management and re-construction; global economic management and so on”, Sharma said. He concluded by saying that given the strength of its mines and market, India is poised to play a critical role in global economic and geo political issues in times to come.