Prince Felipe of Spain urged Madrid to build close ties with the fast growing Indian nation, which he described as a “giant”. Last Tuesday, at a gathering in Madrid, Felipe told top leaders of Indian firms that during all his visits to India, he got fascinated and always felt convinced that Spain and India should move close to each other.

During his last visit to India, Felipe describes his short stay as an experience that made him feel the vital pulse of a modern emerging power that is carrying the role of a growing leader at world level. “Indeed, we’ve come a long way but a lot needs to be done” – he further added.

Back in November 2009, Felipe paid his last visit to India, alongside his wife – Letizia. They spent two days in India and their official trip included stops in New Delhi and Bombay. Ever since 2004 – the exports from Spain to India have increased to 800 million Euros. The initial rate was hitched at 381 million Euros, which was equivalent to $471 million.

Moreover, since 2004 to 2010, the number of Indian firms in Spain has increased significantly. What started as 40 Indian firms has now resulted in the establishment of over 140 Indian firms in Spain.

The Spanish labor community is facing one of the worst labor-intensive construction sector collapses, since the end of year 2008. Currently, the unemployment rate in Spain is 20%, which is considered to be the highest rate in the 27-Nation EU, after Latvia’s unemployment rate.

As compared to the Indian economy, which has expanded by 6.5% since the fiscal year 2008 to 2009, Spain only partially recovered with a slight 0.1% growth rate in the first quarter of 2010. By 2013 double-digit growth is predicted.

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