India and Spain signed five pacts on cooperation in defence, roadways, high speed railways and upgradation of speed of passenger trains, promoting co-production of films here on Friday after the delegation level talks between the Indian Prime Minister Dr Manmohan Singh and the visiting Spanish monarch Juan Carlos I.

Both the countries also signed the agreement for amendment to the Convention and Protocol for avoidance of double taxation and prevention of fiscal evasion signed earlier in February 8, 1993.

Later addressing a business summit jointly organized by the three apex Indian industry bodies – Assocham, FICCI and CII – in cooperation with the Spain Trade and Investment Department of Multilateral Financing. ICEX, King Juan Carlos I said that his country was “facing the challenges of economic crisis” and suggested the need for close cooperation between India and Spain and collaboration between the private sectors of the two countries.

He suggested that Spanish companies can collaborate with Indian companies in infrastructure sector. Indian and Spanish companies can go for joint ventures in Latin American countries.

Apart from infrastructure development, the Spanish companies have expertise in renewable energy and can help India is this sector.

India-Spain bilateral trade grew by an impressive 92% between 2006-07 and 2011-12. But the bilateral trade is far below the potential being at $4.8 billion last fiscal, which is not even 1% of India’s global trade.

Cumulative Spanish investment in India amounted to $1.1 billion over the period April 2000 to March 2012, which is just 0.65% of the total FDI inflows in the country in the same period. Indian investments into Spain total a little over $900 million.

Speaking on the occasion, Indian Commerce and Industry and Textiles Minister, Anand Sharma said that India-Spain partnership should be “beneficial and rewarding”. He invited Spanish investments in manufacturing and infrastructure sectors urging to take advantage of the new Manufacturing Policy which aims to boost the growth in the manufacturing sector from the existing 16% to 26%.

He called for investments in plant-integrated-greenfield townships, food processing in 64 agri processing zones, single and multi-brand retail chains, renewable energy, water purification, desalination, waste management, textile designing, pharmaceuticals, IT, chemicals and Delhi Mumbai Industrial Corridor.

The MoU on defence cooperation signed between the Indian Defence Minister AK Antony and the Spanish Defence Minister Pedro Morenes Eulate aims at exchanging defence related experience, information, encouraging visits of personnel, collaboration in defence industry and other similar areas of cooperation.

The MoU for cooperation in development of roadways signed by the Indian Road Transport and Highways Minister, CP Joshi and the Spanish Minister of Public Works and Transport, Ana Pastor Julian aims to promote efficient and environmentally sustainable transport systems and to institutionalize a technical and scientific cooperation in the fields of road infrastructure, construction, maintenance and management of roads.

There will be exchanges of information between Government officials and specialists of the Highway Departments in the field of transportation by road. The MoU also aims at promoting and developing the relations between enterprises (consultancy, engineering and road transport service provider companies) to enable transfer of technology in the field of road and road transport.

The MoU for technical cooperation in railways signed by Indian Road Transport and Highways and Railway Minister CP Joshi and Spanish Minister of Public Works and Transport Ana Pastor Julian is designed to promote cooperation and information exchange in the areas of High Speed Railway, upgradation of speed of passenger trains on existing lines, improving safety of train operations, modernization of rolling stock, construction and maintenance technologies for fixed infrastructure – track, bridges, tunnels, OHE, power supply systems, signaling and telecommunications and other cooperation in railway related technology developments.

After successful filming of the Indian Hindi film “Zindagi Na Milegi Dobara” (You won’t have a second chance to enjoy life) in the naturally blessed exotic areas in Spain, the Indian film industry is taking keen interests in shooting films in that country.

The Indian Information and Broadcasting Minister Ambika Soni signed an agreement in audiovisual cooperation with the Spanish Foreign Affairs and Cooperation Minister Jose Manuel Garcia-Margallo y Marfil. The agreement aims to promote and facilitate the co-production of films between the two countries. A film co-produced in compliance with this Agreement shall be deemed to be a national film in the territory of each country and shall be fully entitled to all the benefits which are granted under the laws and regulations of each country.