By David Asta Alares
New Delhi, Feb 7 (EFE).- Indian interest in Spanish investments is on the rise, evidenced by recent visits to Spain by at least two regional government leaders.
The latest regional government head from India to seek Spanish business investment was MK Stalin, the chief minister of the southern state of Tamil Nadu.
His visit followed a lead from Mamata Banerjee, the Chief Minister of West Bengal in eastern India.
Stalin returned home on Wednesday, sharing his excitement over “the signing of MoUs for investments worth $414 million during this trip, with numerous opportunities still awaiting exploration.”
“Tamil Nadu’s economic future is brighter than ever,” the chief minister wrote on X.
Stalin was on a 12-day visit to Spain, the first leader of the southern region to do so.
The agreements include investments from Spanish companies already operating in India, like $65 million from EdibonE International, specializing in educational equipment, and $48 million from the Roca Group, a manufacturer of bathroom facilities.
Additionally, an investment agreement worth approximately $30.1 billion was secured with the German group Hapag-Lloyd for the development of container terminals and logistics parks, following discussions with the Spanish subsidiary.
Stalin said he had “exhilarating talks with top executives from Spain’s industrial giants, including international automotive engineering group Gestamp, railway company Talgo, and highway manager Abertis.
This visit by Stalin follows another recent trip to Spain by West Bengal Chief Minister Mamata Banerjee, albeit with fewer tangible outcomes. Banerjee’s visit primarily focused on collaborations with La Liga and the Inditex Group.
Both leaders, representing regional parties in opposition to the ruling Bharatiya Janata Party (BJP), faced criticism for their overseas trips, which some viewed as frivolous at the expense of taxpayers.
Nonetheless, the attention from regional politicians towards Spain has piqued the interest of the Spanish business sector, as such institutional visits are rare.
According to Óscar Esteban, president of the Indo-Spanish Chamber of Commerce (ISCC), the visits can help position Spain as an economic partner, balancing the current trade deficit, and strengthening bilateral relations, particularly in defense.
“I don’t remember a visit like this that is more institutional and from a head of government,” Esteban told EFE.
Bilateral trade between India and Spain reached $6.73 billion in 2021. However, the trade imbalance persists, with Spanish exports accounting for a smaller share in recent years.
Looking beyond trade, Madrid hopes cooperation in defense and other sectors will deepen, bolstering ties between the two countries. EFE
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