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Written by David Asta Arales
New Delhi, February 7 (EFE) – India’s interest in investing in Spain is growing, as evidenced by the recent visits of at least two local government leaders to the country.
The latest local government chief in India to seek Spanish business investment is MK Stalin, chief minister of the southern state of Tamil Nadu.
His visit followed the lead of Mamata Banerjee, chief minister of India’s eastern state of West Bengal.
Stalin returned home on Wednesday and shared his excitement that “memorandums of understanding for investments worth $414 million were signed during this visit and many opportunities are still waiting to be explored.”
“Tamil Nadu’s economic future is brighter than ever,” the Prime Minister wrote in X.
Stalin was the first leader of the southern region to visit Spain for 12 days.
The deal includes investments from Spanish companies already operating in India, including $65 million from educational equipment specialist EdibonE International and $48 million from bathroom equipment manufacturer Roca Group. There is.
Additionally, after discussions with its Spanish subsidiary, the company signed an investment agreement worth approximately $30.1 billion with German group Hapag-Lloyd to develop a container terminal and logistics park.
Stalin said he had “stimulating talks with the heads of Spain’s giant industries, including the international automotive technology group Gestamp, the railway company Talgo and the highway operator Abertis.”
Stalin’s visit follows West Bengal Chief Minister Mamata Banerjee’s recent visit to Spain, but with few tangible results. Banerjee’s visit mainly focused on La Liga’s collaboration with Inditex Group.
Both leaders, representing regional parties opposed to the ruling Bharatiya Janata Party (BJP), faced criticism for their overseas trips, with some seeing it as an imprudent move at the expense of taxpayers.
Nevertheless, as such institutional visits are rare, the attention of regional politicians to Spain has sparked the interest of the Spanish business sector.
According to Óscar Esteban, president of the Indo-Spanish Chamber of Commerce (ISCC), the visit will help position Spain as an economic partner, balance the current trade deficit and strengthen bilateral ties, especially in the area of defence. It is said that it may be useful.
“I don’t remember a visit like this by a head of government that was so organized,” Esteban told EFE.
Bilateral trade between India and Spain reached $6.73 billion in 2021. However, the trade imbalance continues, and the share of Spain’s exports has shrunk in recent years.
Beyond trade, Madrid hopes to see stronger cooperation between the two countries, with deepening cooperation in defense and other areas. EFE
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