TPCI inks MoU with Government of Navarra, Spain, for trade, investment promotion

The Trade Promotion Council of India (TPCI) on Tuesday said it has inked an MoU (Memorandum of Understanding) with the Government of Navarra, Spain to further promote trade and investments between the two countries.

Sandip Das, Deputy DG, TPCI said the council will work with the Government of Navarra for the promotion of trade and investment besides, strengthening the bilateral and commercial relationship.

This MoU will provide a platform for mutual promotion of business of both the countries, he said.

The promotional activities will be mainly focused on sectors such as food and food processing.

Spain is India's seventh-largest trade partner in the European Union. Bilateral trade in 2020-21 stood at USD 4.7 billion, it added.

India's top exports to Spain are Organic Chemicals, Textile and Garments (Non-Knitted), Iron & Steel, Fuels and Mineral Oils, Aluminium and articles of, Manufactured Leather and Leather goods, Marine Products, Garments (Knitted), Vehicles and Automobiles, Machines and mechanical appliances.

There are nearly 250 Spanish companies in India mainly in the sectors of food, chemical, rubber, and the manufacture of electrical material and equipment.

There are about 40 Indian companies in Spain mainly in software and IT services, pharmaceuticals, chemicals, and logistics.

TPCI is a trade and investment promotion organisation facilitating the growth of the Indian Industry with global trade opportunities, and providing strategies for expanding business internationally through organising and participation in specialised business events.

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