India invites investment from Spain

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New Delhi, Sep 19 (UNI) India has invited investment from Spain, saying it has a huge potential for investments in the area of food processing industries, ceramics, telecommunication and chemicals.

Interacting with Prime Minister of Spain Jose Maria Aznan here last evening, Union Commerce and Industry Minister Kamal Nath said the Indian market had a huge potential for investments.

Later, both sides agreed for the ninth meeting of the India-Spain Joint Committee in Madrid on a date to be decided mutually. The eighth meeting was held in November 2005.

India-Spain bilateral trade during 2007-08 was to the tune of 3279 million dollars consisting of exports worth of 2286 million dollars and imports of 993 million dollars compared to the figure of 2502 million dollars in 2006-07.

India's exports to Spain was 1.5 per cent of its global exports in 2006-07 and 1.4 per cent in 2007-08.

Major items of Indian exports to Spain are: readymade garments, marine products, machinery and instruments, transport equipment and electronic goods. While major items of imports from Spain are: iron and steel, organic chemicals, project goods and other commodities.

UNI BKS SW UCS1523

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