India & Spain to work together to promote trade & investment
Updated: Nov 12, 2014 01:49:19pm
New Delhi, Nov 12 (KNN) Representatives of two industry bodies from India and Spain have joined hands to promote trade and investment relations between the two countries and to constantly endeavour to improve cooperation between the two organisations.
A Memorandum of Understanding (MoU) was signed between President Elect, Federation of Indian Chambers of Commerce and Industry (FICCI), Jyotsna Suri and CEO, ICEX Spain Trade and Investments, Francisco J Garzon to strengthen trade and economic relations, said a FICCI release.
ICEX Spain Trade and Investments is mandated to organize and lend financial support to Spanish internationalization projects and attraction of foreign investments within the framework of the government´s economic policy.
The two parties will regularly exchange information connected to laws and regulations related to economic and investment activities, business opportunities, publications and any other information that will strengthen bilateral economic ties, it said.
They will also encourage businesses in their respective countries to hold economic and trade exhibitions in each other’s country and render all necessary help for promoting Indian and Spanish goods and services in each other’s countries, respectively.
Spain ranks 42nd in value terms of bilateral trade with India, among all countries of the world, featuring above economic giants such as Canada, Sweden, Norway, Finland and Ireland.
Amongst countries exporting to India, Spain holds the 40th position. Amongst countries importing from India, Spain holds 30th position.
Indian investment in Spain has been growing and presently stands around USD 900 million. Around 39 Indian companies have an investment presence in Spain, through 100 subsidiaries including Telco, TCS, Ranbaxy and Infosys having a presence in the field of IT, automobiles, pharmaceuticals and road maintenance, added FICCI. (KNN/ST)
A Memorandum of Understanding (MoU) was signed between President Elect, Federation of Indian Chambers of Commerce and Industry (FICCI), Jyotsna Suri and CEO, ICEX Spain Trade and Investments, Francisco J Garzon to strengthen trade and economic relations, said a FICCI release.
ICEX Spain Trade and Investments is mandated to organize and lend financial support to Spanish internationalization projects and attraction of foreign investments within the framework of the government´s economic policy.
The two parties will regularly exchange information connected to laws and regulations related to economic and investment activities, business opportunities, publications and any other information that will strengthen bilateral economic ties, it said.
They will also encourage businesses in their respective countries to hold economic and trade exhibitions in each other’s country and render all necessary help for promoting Indian and Spanish goods and services in each other’s countries, respectively.
Spain ranks 42nd in value terms of bilateral trade with India, among all countries of the world, featuring above economic giants such as Canada, Sweden, Norway, Finland and Ireland.
Amongst countries exporting to India, Spain holds the 40th position. Amongst countries importing from India, Spain holds 30th position.
Indian investment in Spain has been growing and presently stands around USD 900 million. Around 39 Indian companies have an investment presence in Spain, through 100 subsidiaries including Telco, TCS, Ranbaxy and Infosys having a presence in the field of IT, automobiles, pharmaceuticals and road maintenance, added FICCI. (KNN/ST)
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