Minister for Foreign Affairs and Co-operation, José Manuel García-Margallo, inaugurates Spain-India Business Summit

All the speakers at the event underlined the complementary nature of the Spanish and Indian economies, as well as the excellent business outlook as a result of the reform programme and infrastructure projects that the government of Prime Minister Modi has introduced.

Minister García-Margallo highlighted in his speech the promising outlook for bilateral economic relations after overcoming the serious economic crisis in Spain. The minister outlined the threefold strategy for the recovery of the Spanish economy to Indian business leaders, comprising fiscal consolidation, the labour reform and the reorganisation of the financial sector. These three rafts of measures, he pointed out, have once again returned the Gross Domestic Product of Spain back to the path of growth, achieved a reduction in unemployment and allowed the loss of competitiveness of the Spanish economy to be recovered. In fact, Spain has become an export leader, with this sector contributing 32% to our GDP and a surplus being posted in our foreign trade balance. He also referred to the expansive monetary policy of the European Central Bank, the depreciation of the Euro and the lower energy prices as external factors that have also positively contributed to this recovery.

José Manuel García-Margallo underlined that Spain is the fourth largest economy in the EU, the 11th largest investor globally, with privileged relations as a result of its membership of the EU and its close ties with Africa and Ibero-America and its powerful network of infrastructures, all of which mean it is a sound economic partner for India. Finally, the minister expressed his conviction that the 230 Spanish companies that are already established in India - many of them global leaders in their respective sectors - could contribute very positively to the development of the country and to the implementation of the ambitious plans of the government of the country.

Following this event, Minister García-Margallo held a meeting with the Indian Minister for Urban Development, Venkaiah Naidu. The two ministers discussed cooperation possibilities in detail, relating to areas such as the development of metro lines in Indian cities and "smart cities". To this end, Minister García-Margallo handed over a draft Memorandum of Understanding on co-operation in relation to smart cities drawn up by the State Secretary for Trade.