India, Spain can target 10 times growth in trade, investments in 10 years: Piyush Goyal
New Delhi, July 13
India and Spain should look at increasing their bilateral trade and investments 10 times in the next 10 years, Commerce and Industry Minister Piyush Goyal said on Monday.
He said that advanced manufacturing, mobility, railways, sustainability, innovation, arts, science, and culture are some of the areas of greater collaboration between India and Spain.
"India and Spain must look at a 10x10x10 partnership. We must look at increasing our bilateral trade 10x in the next 10 years. Can we look at an increase in tourists, both sides, 10x in the next 10 years? Can we also imagine that we will increase our investments between the two countries 10x in the next 10 years?" Goyal told the gathering at an event in Madrid.
"It may sound a little extravagant but friends, the real test of the strength of this partnership will come in giving ourselves some truly path-breaking and out of the ordinary, possibly unimaginable targets," he noted.
Goyal further said that immense opportunities await India and the EU with the operationalisation of the India-EU FTA.
"This is perhaps the only free trade agreement that Europe has finalised without any criticism from any of the member states. The 27 member states completely aligned in this partnership with India, as are businesses in India - not a murmur of dissent or dissatisfaction back home in India," Goyal told businesses and leaders.
The EU and India collectively represent nearly 30 per cent of the global trade and global economy, with the potential to take it to much higher levels in terms of engagement in trade, business, investments, exchanges in culture, education, tourism, technology, space and defence.
"Immense possibilities await the European Union and India," said the Commerce Minister.
— IANS
Reader Comments
Good to see India expanding ties beyond the usual partners. Spain has strong design and tech sectors that could complement Indian IT and manufacturing. But 10x tourist exchange? Better visa processing and direct flights first please! 😊
Finally some sensible economic diplomacy! The Spain-India connection has been under-explored for too long. With Spanish companies like Inditex already sourcing from India, and our pharma sector needing European partners, this makes perfect sense. Hope the 10x target isn't just political rhetoric though.
As a small business owner, I'd love to see more Spanish wine and olive oil in India at reasonable prices. But will the bureaucracy support SMEs or just big corporates? The minister's vision is good but implementation is always the challenge. ✌️
Interesting that Piyush Goyal mentioned zero criticism of the EU FTA from Indian businesses. That's actually remarkable considering our usual trade policy debates. Spain could be India's gateway to Latin America too via its cultural ties. Smart move to focus on multiple sectors like railways and innovation.
My only concern: Will this lead to more job opportunities for Indian youth? Trade agreements often benefit large corporations first. I hope the focus on 'sustainability and innovation' translates into real skill development and technology transfer. Good intentions but need concrete metrics.
M We welcome thoughtful discussions from our readers. Please keep comments respectful and on-topic.