Conquests and carnivals, cuisines and cathedrals; the Kingdom of Spain, as it is officially known, is a country beaming with natural beauty and diversity. It is a developed, democratic country and is considered to be one of the first colonial empires, since the early modern period. Speaking of which, the Spaniards left a long and active legacy in the Latin American countries, so much that, Spanish is not only one of the most widely spoken languages, but also one of the top 5 business languages of the world.
According to World Bank, it was the 3rd most visited country in 2013 and between the years 2011 to 2015, the number of visitors in Spain was around 65 cr. The capitalist, mixed economy of Spain is found to be 5th largest in the EU and as per Bloomberg, it is projected to be one of the 20 most powerful economies of the world by 2030. The country has had to constantly recover from the economic crisis in different phases. However, Spanish companies have expanded well in Asia, especially in China and India.
The bilateral economic relations between Spain and India have been growing steadily. It stands as the 28th largest importer of goods from India. The main export items to Spain include textiles, chemical products, marine goods, steel plates and pipes, auto components, spices, vegetables, silk, etc. India imports laminated products, amino compounds, antibiotics, raw aluminium, iron and steel products, olive oil, rubber products, pharmaceuticals, etc.
FICCI report states that Spain ranks 12th in terms of FDI inflows into India, as of 2013. Around 140 Spanish companies have invested in sectors like renewable energy, water desalinization, auto components, and retail. Some of them are listed below :-
The future of Indo-Spanish bilateral relations looks bright with potential sectors like science and technology, energy, IT, biotechnology, environment, tourism, agriculture, etc. waiting to be untapped.
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