New Delhi (TIP)- India and Spain on Monday, October 28, finalised agreements for cooperation in rail transport and customs matters as Prime Minister Narendra Modi and his Spanish counterpart Pedro Sanchez charted a course for bolstering collaboration in political, economic, defence and security ties.
Modi and Sanchez, the first Spanish premier to travel to India in nearly two decades, held talks at the Lakshmi Vilas Palace in Vadodara after inaugurating a new production facility for C295 military transport aircraft. The two leaders also discussed regional and global issues such as the conflicts in Ukraine and West Asia, officials said.
“The partnership between India and Spain is like a prism that is multidimensional, vibrant and ever evolving,” PM Modi said at the inauguration of the plant, speaking in Hindi. “I would invite Spanish industry and innovators to come to India and become our partners in our development journey.”
Sanchez noted that the International Monetary Fund (IMF) has raised the growth forecast for the Spanish economy to 2.9%, which is four times the forecast for the Eurozone. “If Indian companies want to grow, they can trust Spain,” he said.
The two sides signed a memorandum of understanding (MoU) on rail transport, which officials said, will boost cooperation in design, development and operation of infrastructure, rail facilities and equipment, as well as urban and regional railway systems.
They also signed an agreement on cooperation and mutual assistance in customs matters and agreed to set up a fast-track mechanism to facilitate mutual investments. They announced that 2026 will be observed as the “India-Spain Year of Culture, Tourism and AI”.
Tanmaya Lal, secretary (West) in the external affairs ministry, told a media briefing in Vadodara that India perceives Spain as an important partner in the European Union. Spain is the fifth largest economy in the EU and two-way trade is worth almost $10 billion. Spain’s investments in India are worth $4 billion, while Indian investments in the European country have touched $1 billion.
Source: HT