Indo-Spanish Business Meet Mumbai, 13-14th December 2007
More than 60 Spanish leading companies, willing to invest in India, hope to strengthen economic and commercial ties between both countries after holding a series of one-to-one business meetings with more than 200 Indian firms.Tweet
-- The Spanish Commercial Offices in Delhi and Mumbai have organized, on behalf of the Spanish Institute for Foreign Trade (ICEX), and in cooperation with the High Council of the Spanish Chambers of Commerce and the Federation of Indian Chambers of Commerce and Industry (FICCI) an Indo-Spanish Business Meet. The event takes place in Mumbai, on December 13th and 14th 2007 at the Crystal Hall of The Taj Mahal Palace & Tower hotel.
More than 60 Spanish leading companies, willing to invest in India, hope to strengthen economic and commercial ties between both countries after holding a series of one-to-one business meetings with more than 200 Indian firms.
The Business Meet has been inaugurated by the Spanish Minister for Industry, Tourism and Commerce, Mr. Joan Clos, along with Mr. Ion de la Riva Guzmán de Frutos, Ambassador of Spain, and Mr. Habil Khorakiwala, President of Indian Chambers of Commerce and Industry (FICCI). Coinciding with the event, the Minister has also inaugurated the new Commercial Office that has been recently established in Mumbai to improve bilateral economic relations between India and Spain.
Many reasons make of India a great destination for the internationalisation of Spanish firms, specially the size of its market and its speeding growth, its future potential and its political and economical stability. India will be the second world economy to receive more Foreign Direct Investment in the following years after China, according to the World Investment Prospects Survey for 2007-2009, released by the United Nations Conference on Trade and Development (UNCTAD) on November 1st, 2007.
Multiple are the sectors in which Spanish companies have shown interest to invest in. The sectors that this Business Meet mainly focuses on are:
- Renewable energies
- Transport infrastructures
- Automotive components
- Machine Tool
- Machinery for food industry
- Agricultural machinery
- IT (Information Technology)
- BPO (Business Process Outsourcing)
Spain has set its sights on India
As part of Spain’s interest to know better the Indian market and understand how it works, and to promote the possibilities offered by Spanish companies, the Spanish Minister for Industry, Tourism and Commerce, Mr. Joan Clos, has visited CEO’s and Managing directors of important Indian companies and conglomerates based in Mumbai, like Jet Airways and Tata Motors.
Spain is getting closer to India everyday. Not only Jet airways has announced that it will start operations to Madrid via Brussels, but Qatar Airways also plans to increase the number of flights from India to Madrid via Doha. In the meantime, delegations from both governments have already set the cornerstone to future direct flights between India and Spain.
New Commercial Office of the Embassy of Spain in Mumbai
The opening of the new Commercial Office of the Embassy of Spain in Mumbai is part of the Comprehensive Market Development Plan for India, developed by the Spanish Government since 2005 to handle the opportunities brought by the immense potential, large dimensions and dynamics of the Indian market.
The new 6,500 square feet office, located at Worli, in South Mumbai, offers Spanish and Indian companies a Business Centre where they can work together in addition to all the services offered up to now by the Commercial Office of the Embassy of Spain in New Delhi.
Indo-Spanish trade and investment figures
Spanish companies inverted only 55.85 million in India in 2006. That, however, is set to change with the big Spanish companies planning new investments in India. The sectors in which the companies are showing interest are primarily infrastructures: roads, ports, airports and renewable energies such as wind energy and hydroelectric power, among others.
Bilateral trade between the two countries was of 2.4 billion euros in 2006, a 13.4% more than the previous year and 5 times higher than in 1994. Imports of goods from Spain into India were worth 550 million euros in 2006, 90 per cent of which were industrial goods. Exports from India to Spain are much higher, totalling 1.8 billion euros in 2006. Textiles and fish were the main goods exported to Spain. In fact, almost half the volume of fish consumed in Spain comes from India.
Figures for the period January-September 2007 are exceptional, with increased exports and imports of 40.87% and 18.72%, respectively, compared with the same period of 2006.
Spanish companies have expertise in infrastructure creation. Almost three out of every five airports across the world are managed by Spanish companies. These include London's Heathrow airport. The Spanish company Dragados has tied up with Gammon for expansion of the Jawaharlal Nehru port in Mumbai at an investment of around euros 250 million.
Notes to Editor
Outstanding economic performance
Spain one of the most internationally-oriented countries in the world
Not only is Spain the eighth largest global economy, but it has also grown more than the European average during the last ten years (3.9% in 2006 in comparison to 2.9% in the European Union and 2.6% in the euro-zone). It is also the eighth biggest global investor and the ninth recipient of FDI.
In addition, Spain offers a privileged geo-strategic position within the European Union giving access to over 1,200 million potential clients in the EMEA Region (Europe, Middle East and Africa). Its strong economic, historic and cultural ties also make Spain the perfect gateway to Latin America. In fact, some multinational companies have already settled in Spain their headquarters for Central and South America.
Furthermore, Spain is a modern knowledge-based economy with services accounting for 66 percent of economic activity. The country has become a centre of innovation supported by a young, highly-qualified work force and competitive costs.
What Spain has achieved over the past 30 years is quite without parallel. During that time it has established an effective democracy and become a leading member of the European Union. It has also built a flourishing economy and turned itself into an international focal point for culture and the arts.
Spain: A Leader in Public Private Partnerships and Infrastructure Development
For many years now, Spanish firms have been using the different modalities of PPP’s in projects around the world: BOT (Build-Operate-Transfer), shadow tolls, BOO (Build-Operate-Own), PFI (Private Finance Initiatives), and so on. Spanish firms account for 52% of all new concessions and PPP projects worldwide. These companies are taking their knowledge and experience into an increasing number of markets each year.
According to the leading industry magazine Public Works Financing, six Spanish companies are among the top ten private infrastructure management companies of 2005: ACS (1st), Ferrovial (3rd), Sacyr (7th), Abertis (5th), FCC (4th) and OHL (9th).
A Renewable Energy Powerhouse: Technnology to Save the Planet
Last year, the Spanish wind power industry reported a record number of installations, putting Spain in the lead worldwide in terms of annual megawatt production. The country accounts for 23.6% of worldwide turbine manufacturing, with two companies (Gamesa and Ecotecnia) among the world’s top ten in 2005. Acciona Energía, meanwhile, is the world’s largest wind-park constructor and developer.
Spain is also a major world centre for the photovoltaics and biofuel industries. As researchers continue to explore new ways to promote and improve solar power, Spanish companies are becoming world leaders in this emerging field. Regarding biofuel, Spain is home to Abengoa Bioenergía, the first bioethanol producer in Europe and second in the world.
Spain’s crucial role in Europe
Spain became a full member of the European Economic Community in 1986 and is a founding member of the European Monetary Union, established in 1999. The adoption of the Euro as the single European currency implies a strict monetary and fiscal discipline that Spain fulfils, the proof of which are the following indicators:
- Stable economic environment with low inflation and low interest rates
- Public surplus. This result in 2006 was 1.8% of GDP.
- Highest credit ratings by most prestigious agencies (Standard & Poors, Fitch & Moody’s)
Not only Spain grows above the European Union average, but it accounts for 60% of all jobs created in Europe in 2005.
•The 8th largest economy in the world.
•The 8th investor in the world, with total gross FDI of 57,669 million euros (Rs 337,531 crore) on 2006, and 9,845 million (Rs 57,616 crore) received the same year.
•Growing steadily and faster than the European Union average (3.9% in terms of GDP, 2006).
•The third largest machine-tool and motor-vehicle manufacturer in the European Union.
•The world’s 2nd tourism destination and 5th destination in meetings, incentives, conferences and exhibitions.
•One of Europe’s most liberalized Information and Communications Technology markets since full telecom. market liberalization in 1998