Spanish Economy Minister Embarks on Key Trade Mission to China
Spain is seeking to deepen economic ties with China, as evidenced by the state visit of Economy, Commerce and Enterprise Minister Carlos Cuerpo, beginning Sunday, November 9th. The trip aims to bolster commercial relationships and explore new investment opportunities in the world’s second-largest economy.
Spain views China as a crucial market, with significant potential for a more balanced trade relationship, according to the Ministry of Economy. Bilateral trade between the two nations reached nearly €53 billion in 2024, making China Spain’s primary Asian trade partner and fourth-largest globally.
Cuerpo’s agenda, commencing Monday, November 10th, will begin in Chengdu with a meeting with Contemporary Amperex Technology (CATL), the world’s leading manufacturer of batteries for electric vehicles. This meeting underscores Spain’s interest in securing partnerships within the rapidly expanding electric vehicle sector.
On Tuesday, November 11th, Cuerpo will participate in the inauguration of the Spain-China Business Forum, designed to “support and strengthen business relations between both countries.” This forum will serve as a platform for fostering collaboration and identifying new avenues for trade and investment.
Currently, Spain’s exports to China are largely focused on pork, copper, pharmaceutical products, and plastics, while imports consist primarily of consumer electronics, automobiles, and machinery. Investment flows are substantial in both directions, with Chinese capital concentrated in infrastructure, energy, and telecommunications, and Spanish companies investing particularly in China’s consumer sector.
More than 400 Spanish companies are already established in China, operating across diverse industries including automotive, financial services, advanced industrial technology, and cosmetics.
Following the business forum, Cuerpo will visit the Chengdu Airport control tower alongside the Indra team and accompany King Felipe VI in a meeting with the Secretary General of the Chinese Communist Party, Wang Xiaohui, and the Governor of Sichuan Province, Xie Shaolin.
The following day, in Beijing, King Felipe VI and Cuerpo will meet with Chinese President Xi Jinping, the President of the National People’s Congress, Zhao Leji, and the Premier of the People’s Republic of China, Li Qiang. A Memorandum of Understanding between the two countries is also slated for signing. Further meetings are scheduled with Chinese Minister of Commerce Wang Wentao and Minister of Finance Lan Fo’an.
Investment relationships have evolved significantly over the past decade. China is currently the 19th destination for Spanish investment, while ranking 14th as an investor in Spain, with a growing focus on strategic sectors linked to the energy transition and the automotive industry.
Cuerpo is also scheduled to tour the facilities of Gestamp, a manufacturer of automotive components. This visit highlights the importance of the automotive sector in the broader economic relationship.
.
The Spanish government believes that strengthening ties with China is vital for future economic growth and stability. This state visit represents a significant step towards achieving a more robust and mutually beneficial partnership.
