Bilateral trade between Spain and India has been growing steadily over the last few years. However, it is yet to reach its potential. In an exclusive interaction with The Dollar Business, H.E. Jose Ramon Baranano Fernandez, Ambassador of Spain to India, talks about the ways to further consolidate the strong bilateral relationship and maximise opportunities for investors from both countries.
Interview by Anishaa Kumar | March 2018 Issue | The Dollar Business
TDB: How would you describe the ever-evolving India-Spain trade ties?
H.E. Jose Ramon Baranano Fernandez (JRBF): Over the last decade or so, economic and commercial ties between India and Spain have been on an upswing. Trade and investment flows have seen a significant increase in this period. Trade flows have shown an upward trend since 2009 and bilateral trade has increased by 33% since CY2013. While this is good news, bilateral trade is still quite low between our two countries considering the size of the Indian and Spanish economies.
The perception of Spain in India, in terms of its economic and technical ability, has too improved considerably. Indian companies today acknowledge Spanish expertise in the areas of infrastructure development and renewable energy. And not to say, increased bilateral interaction will only to lead to greater synergies amongst companies from both the countries.
Our growth perspectives are also enhancing our business attractiveness. Evaluations for both Spain and India by World Bank and International Monetary Fund have been positive. Both countries are expected to be growth markets for each other in terms of trade and investments. Considering these facts and the recent economic forecasts made by various experts, we look at the future with optimism and hope to continuously improve the terms of our social, economic and commercial bilateral relationship with India.