- Trade
- 9/11/2024
Spain and China commit to building a more balance economic and trade relationship.
Official visit to the People’s Republic of China
The Secretary of State for Trade, Amparo López Senovilla, has accompanied the president of the government of Spain on his official visit to China, which has had many business-focused events on the agenda.
One of the objectives of the trip is to strengthen trade and economic relations in order to promote a more balanced partnership.
In the framework of this visit, a meeting of businesses was held, as was the second meeting of the Spain-China Business Council, where Spanish and Chinese companies were able to share joint business opportunities.
An agreement was signed to create a permanent mechanism for cooperation and dialogue on trade and investment matters, and another agreement was adopted for trade cooperation in services and the digital economy.
In addition, the Spanish delegation visited the Kunshan technological business cluster, an industrial park where many Spanish companies have production plants to support their international projects in Asia.
September 11, 2024.- The Secretary of State for Trade, Amparo López Senovilla, accompanied the President of the Government of Spain on his official trip to China with the aim of strengthening commercial relations and promoting investment between the two countries.
To this end, the trip's agenda included a wide range of activities focused on strengthening business cooperation and seeking alliances between both countries. In Beijing, the second meeting of the Business Advisory Council was held, and in Shanghai, the Spain-China Business Meeting took place, organized by the Ministry of Economy, Trade and Business, through the Secretariat of State for Trade and ICEX, along with CEOE and the Spanish Chamber of Commerce.
In addition, the President of the Government, together with the Spanish delegation, held meetings with Chinese authorities, as well as with Chinese investors and companies to increase bilateral relations and make them more balanced.
To this end, an agreement has been signed to create a permanent mechanism for cooperation and dialogue on trade and investment matters, and another agreement for cooperation in trade of services and the digital economy.
A Memorandum of Understanding (MoU) was also signed with the company Envision, committing to lead a $1 billion investment for the development of an electrolyzer production plant in Spain for the production of green hydrogen.
These MoUs are part of the eight agreements signed during this trip with both institutions and private entities, in the areas of trade and investment, culture and education, as well as science and green development.
Presence of Spanish companies in China
The trip concluded with a visit to the Spanish technology business cluster in Kunshan, in the province of Suzhou. This city is home to an industrial park where many national companies established in China have their production plants. They visited the facilities of Mondragón Internacional, Fagor Arrasate, and Gestamp.
Today, more than 600 Spanish companies operate in the Asian country, covering high-value-added sectors such as financial services, infrastructure, information technologies, advanced industrial technology, and agri-food.
Trade relations and bilateral investment
Trade between Spain and China has grown substantially over the last decade. In 2023, the exchange of goods between the two countries exceeded 50 billion euros.
Currently, Spain is the 5th economy in the EU with the largest commercial flows with the Asian giant.
Meanwhile, Spanish direct investment in China totaled 4.76 billion euros, while Chinese investment in Spain exceeded 11 billion euros. This interaction is reflected in the significant presence of Chinese companies in Spain and Spanish companies in China.