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India, Spain ink pact to strengthen Exim trade

India, Spain ink pact to strengthen Exim trade

India, Spain ink pact to strengthen Exim trade
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By Timsy Jaipuria  Nov 16, 2021 8:09:51 PM IST (Updated)

Trade Promotion Council of India (TPCI) has signed a partnership with the Department of Economy and Business Development of the Government of Navarra, Spain, to give a boost to businesses in the tech, medical equipment, retail and e-commerce space.

In a bid to push trade and investments and strengthen the Exim relationship with existing geographies, Trade Promotion Council of India (TPCI), under the aegis of the Ministry of Commerce and Industry, has signed a fresh partnership with the Department of Economy and Business Development of the Government of Navarra, Spain.

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The move will give a boost to businesses in the technology, medical equipment, retail and e-commerce space.
“An MoU was signed by Sandip Das, Deputy Director General, TPCI and Izaskun Goñi, General Director of Business, Internationalisation and Work Policies, Gobierno de Navarra. Goñi, General Director of Business, Internationalisation and Work Policies, pointed out that this agreement is very relevant for the Government of Navarra as India is one of the priority international markets for Navarra. In the past few years, Navarra has strengthened its relationship with India through different businesses and institutional meetings. We hope that this Memorandum of Understanding with TPCI will boost the commercial relations between Navarra and India,” a press statement from TPCI said.
Sandip Das, also added that “India is at the cusp of global attention because of its huge potential and right ecosystem for doing business. TPCI will work with the Government of Navarra for promotion of trade and investment, besides strengthening the bilateral and commercial relationship. This MoU will provide a platform for mutual promotion of business of both countries.”
Spain is India’s seventh-largest trade partner in the European Union. Bilateral trade in 2020-21 stood at $4.7 billion, with exports from India to Spain at $3.2 billion and imports at $1.5 billion.
India's top exports to Spain are organic chemicals, textile and garments (non-knitted), iron & steel, fuel and mineral oils, aluminium and articles made of it, manufactured leather and leather goods, marine products, garments (knitted), vehicles and automobiles, machines and mechanical appliances.
Spain is the 15th largest investor in India with cumulative FDI stock of $1.43 billion (January 2000 to September 2019).
There are nearly 250 Spanish companies in India, mainly in the food, beverages, chemicals, rubber products, plastic products, electrical material, electrical equipment, machinery and equipment, and motor vehicles space.
There are nearly 40 Indian companies in Spain, mainly in software & IT services, pharmaceuticals, chemicals and logistics. India is among the top 30 investors in Spain globally and among the top five from Asia.
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