Spain Pledges Support for India's Energy Security and Green Transition

Mumbai, Oct 29 (PTI) Spanish President Pedro Sanchez on Tuesday affirmed Madrid's commitment to help New Delhi enhance its energy security and green transition.

He also said that the country is eager to advance negotiations for a free trade agreement (FTA) between India and the European Union.

Addressing a business meeting in India's financial capital, the President of EU's fourth-largest economy spoke strongly for greater partnerships on the digitalization front between India and Spain, and also bought a Ganesh idol using the Unified Payment Interface (UPI) at a merchant here.

"We will be eager to advance the negotiations on an EU-India FTA. It is something essential to build up our position in the world economy for our two markets to grow both in size and diversity," Sanchez, who is on a three-day visit to India, said.

He said India and the 27-member bloc need to develop "ambitious proposals" for the agreement, negotiations for which were relaunched in 2022 after a nine-year hiatus.

"I am confident that we have the right incentives to make this agreement a reality as soon as possible," Sanchez said.

As of 2021, the EU was India's second-largest trading partner, after the US.

The India-EU merchandise trade had grown 43.5 per cent to USD 116.36 billion in FY22, with India enjoying a trade surplus.

Sanchez said India is experiencing "one of the most outstanding global development stories" and an "unprecedented economic boom" currently, and lauded New Delhi's commitment to sustainable growth and the talent pool.

Stating that Spain is a world leader in clean energy, Sanchez said, "We are committed to building partnerships to enhance India's energy security and accelerate its green transition."

The EU country seeks to combine its innovation with the potential for renewable energy in India, Sanchez said, underlining that Spain possesses expertise in solar, wind, green hydrogen and smart grid technologies and companies of the two countries can collaborate to make the planet greener.

Union Minister Nitin Gadkari, who was also present at the event, said that a lot of technology is available with the Spanish companies on the renewable front, and asked stakeholders from both countries to forge joint ventures for mutual benefit.

He also said that the Spanish solution on solid and liquid waste management, and transportation sector will be helpful for India.

Sanchez also said that Spanish companies in engineering and infrastructure are ready to contribute expertise to developing efficient, safe and sustainable transport systems and mobility solutions.

Acknowledging India's emergence as an eminent player in auto manufacturing, Sanchez said companies from the two countries can work on of electric vehicles, batteries, and charging infra.

The visiting head of state also pitched for collaborations and partnerships between Indian and Spanish startups.

"Our collaboration holds great promise for the future. We are here to grow our trade, to multiply our investment and to deepen our relationship," he said, adding that 230 Spanish companies have invested over Euro 4.2 billion in India since the year 2000.

The total trade between India and Spain increased 30 per cent to Euro 7.5 billion in the two years to 2023, he said, and added that economic relations between the two countries go beyond bilateral trade.

He said Indian companies from the information technology, pharma and automobile sectors have already invested in Spain.

Sanchez had a busy calendar during the Mumbai-leg of his visit, which included the address to the business meet that was organized by domestic industry's lobby grouping CII, launching an ambulance service by an arm of Spain's SSG Matrix SL, a luncheon with Maharashtra Governor C. P Radhakrishnan at the Raj Bhavan and a visit to a facility of India's largest IT services exporter TCS.

He is also scheduled to visit a premier film production studio during his visit to the home city of India's biggest entertainment industry, 'Bollywood'.