India invites Spanish investments

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New Delhi, Sept 19 (UNI) Commerce and Industry Minister Kamal Nath has invited investments from Spain to benefit from India's growth story.

Briefing former Spanish Prime Minister Jose Maria Aznan about the conducive investment climate in India, he said there is a huge potential for investments in food processing, ceramics, tele-communications and chemicals.

Joint working groups (JWG) of the two nations already exist in food processing and tourism.

The two leaders said the 9th meeting of the India-Spain Joint Committee would take place in Madrid on a date to be decided mutually. The 8th Meeting was held in November 2005, an official statement said here today.

India-Spain trade in 2007-08 was worth 3.28 billion dollars (exports 2.29 billion dollars and imports - 993 million dollars), up from 2.50 billion dollars in 2006-07. India's exports to Spain constituted 1.5 per cent of its global exports in 2006-07 and 1.4 per cent in 2007-08, the statement added.

India exports readymade garments, marine products, machinery and instruments, transport equipment and electronic goods, while imports comprises iron and steel, organic chemicals, project goods and other commodities.

UNI SAA SG DS1617

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