India and Spain Deepen Economic Partnership During Piyush Goyal Visit

The visit comes at a symbolic moment as both countries mark 70 years of diplomatic relations while celebrating the India-Spain Dual Year of Culture, Tourism and Artificial Intelligence 2026.

India and Spain have taken fresh steps to strengthen their economic partnership as Union Commerce and Industry Minister Piyush Goyal began the Spain leg of his official visit with a series of meetings focused on trade, investment, industrial cooperation and innovation. The visit comes at a symbolic moment as both countries mark 70 years of diplomatic relations while celebrating the India-Spain Dual Year of Culture, Tourism and Artificial Intelligence 2026.

Ministers focus on trade, investment and emerging industries

During the visit, Goyal held talks with Spain's First Vice-President and Minister of Economy, Trade and Business, Carlos Cuerpo Caballero, where both sides reviewed ways to expand bilateral trade and encourage greater investment between the two countries. The discussions covered improving market access, strengthening resilient supply chains and increasing cooperation in renewable energy, green hydrogen, advanced manufacturing, infrastructure, digital technologies and innovation.

The two leaders also exchanged views on the proposed India-European Union Free Trade Agreement and explored measures to deepen commercial engagement between India and Spain. They agreed to make greater use of the Fast Track Mechanism to support new investments and boost investor confidence while looking forward to holding the next India-Spain Joint Commission on Economic Cooperation later this year.

Goyal also met Spain's Minister of Industry and Tourism, Jordi Hereu Boher. Their discussions centred on expanding industrial collaboration in clean energy, sustainable manufacturing, mobility, automotive, railways and smart infrastructure. Both ministers highlighted the C-295 aircraft programme as a successful example of industrial cooperation under India's "Make in India" initiative. Tourism also featured prominently in the talks, with both sides recognising the importance of cultural exchanges and people-to-people connections during the special India-Spain Year of Culture, Tourism and Artificial Intelligence.

Business forum highlights India's investment opportunities

A major event during the visit was the India-Spain Business Forum, jointly organised by the Federation of Indian Chambers of Commerce and Industry (FICCI), the Chamber of Commerce of Spain, the Spanish Confederation of Business Organizations (CEOE) and ICEX Spain Trade and Investment. Senior government officials, business leaders and industry representatives from both countries gathered to discuss new opportunities for commercial partnerships.

In his keynote address, Goyal showcased India's position as the world's fastest-growing major economy and outlined the country's expanding opportunities in manufacturing, infrastructure, renewable energy, digital technologies, innovation and the digital economy. He encouraged Spanish businesses to increase their investments in India and become active partners in the country's development journey.

The event also featured an interactive discussion where business leaders exchanged ideas on expanding investment, strengthening industrial cooperation and building stronger commercial relationships between Indian and Spanish companies.

Investment agencies and industry leaders explore future collaboration

Alongside the business forum, Goyal met senior officials of ICEX España Exportación e Inversiones, Spain's national trade and investment promotion agency. The discussions focused on increasing bilateral investment flows, encouraging technology partnerships and creating stronger business linkages between companies in both countries.

The minister later held a debriefing session with members of the Indian business delegation led by FICCI, where industry leaders reviewed the opportunities identified during the visit and discussed ways to expand Indian investment in Spain while building long-term business partnerships.

The engagements reinforced the commitment of both governments to deepen cooperation across trade, investment, manufacturing, innovation and tourism. With strong political ties already in place, India and Spain are looking to translate these discussions into greater economic collaboration that creates new opportunities for businesses, investors and industries in both countries.