The world’s emerging nations offer numerous investment opportunities for companies that want to go beyond borders and continue to grow, not all these nations offer the same legal security and stability, or a familiar work culture that facilitates commercial relationships as India.
The risks involved in getting established in India are not different from any other democratic country. India has a well-established democracy; its legal system is stable, independent and based on common law functioning in a normal way. The Indian legislative had made efforts to provide a maximum level of security for foreign investors.
It makes sense to emphasize that there are some challenges businesses need to confront, as they do in other countries. There were and are several difficulties to Spanish/foreign companies to enter Indian market, and vice versa:
- Cultural Differences
- Lack of contacts /Importance of selecting partners
- Bureaucratic obstacles
- Language issues
The legal requirements are not complicated. India is very aware that foreign investment is one of the most important engines of the country’s economic growth. India permits foreign direct investment in every sector, including services. This is an incredible business opportunity for Spain, foreign entities since India has a significant number of large construction firms that are looking for interesting projects outside their borders.
The main investors in the Indian market are Mauritius, Singapore, USA, European UK, Netherlands, Japan, Cyprus, Germany, France and UAE. Spanish companies are working with India and their presence is not very well known with India yet. Many preconceived notions
must be replaced with the real knowledge of both markets/countries. Hence the only way to address this situation was formulating this forum.
With over 15 years of working experience in the Spanish market, the need for such an organization was notice; hence a formal organization to promote technology was necessary to be formed. As the saying goes “Union is strength”, co-operating between all the actors interested in the bi-lateral trade would get better results. As a body it will also lobby with the Governments.
We have strong ties with Indian and Spanish sectorial associations, public and governmental bodies and well known personalities within the industrial and local media sectors.
Hence Indo – Spanish Chamber of Technology was created
- By the industry for the industry
- Different companies joined to create them
- Non-profitable and independent character
- In collaboration with governmental agencies with similar goals
Among the various sectors, the main sectors which are promoted by ISCT which are advantageous to Spain and India are: Renewable energy, Electronics, IT and telecommunications, Automotive component sector, Public works, engineering and management, Construction technologies, Aerospace, Railways, Machinery,Biotechnology,Water treatment
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