The Basque Association for the Promotion of Industry (SPRI) informs the Basque Country's business community about the Indian market


SPRI held a seminar today at its headquarters in Bilbao to inform Basque companies about the Indian market. Under the title “Aspectos fiscales y legales de las inversiones extranjeras en India,” several experts shared their experience about setting up businesses in India, the advantages of doing so, and the difficulties that companies must overcome to establish themselves in the Indian market.

India is the fourth major recipient of foreign direct investment among the world’s emerging countries, after China, Russia and Brazil. Of all the emerging markets, it experienced the greatest increase in the inflow of foreign direct investment in 2008 compared to 2007, and looks set to continue in this way. Therefore, AT Kearney has ranked India second, after China, in its Foreign Direct Investment Confidence Index.
The Indian market has also benefitted from the considerable increase in business relationships with Basque companies over the last two years. For example, the Basque autonomous region exported over €187 million to India in 2008, i.e., an increase of 30.4% on 2007. Imports in 2008 came to over €130 million, almost 20% more than in 2007.

Mr. Tomás Orbea, director general of SPRI, opened the session. He was followed by Mr. David Fernández, SPRI’s area manager for Asia; Mr. Iñaki Irigoyen, a partner at Cuatrecasas, Gonçalves Pereira; and Mr. Raja Sujith, managing partner of the Indian firm Majmudar & Co.

SPRI’s international network
SPRI’s international network has delegations in more than 50 countries to guide and advise Basque companies. In 2008, SPRI develop 313 projects compared to 242 in 2007.  Most of its projects were directed towards Europe, where it carried out 159, followed by Africa and the Middle East, where it carried out 44. Forty projects were carried out in Asia, 50 in Latin America, and 20 in NAFTA countries.
Also in 2008, SPRI supported over 2000 international-expansion projects, an increase of 122% on the 836 projects in 2008.

Cuatrecasas, Gonçalves Pereira and Majmudar & Co.
Cuatrecasas, Gonçalves Pereira, one of the main law firms on the Iberian Peninsula, has a team of over 1000 lawyers. Founded in 1917, it advises on all areas of business law, providing its clients with comprehensive legal advice. The firm advises its clients from its network of offices in the main cities in Spain and Portugal (including the Basque Country’s three capital cities), as well as in Brussels, London, New York, Paris, Sao Paulo and Shanghai.
Established in 1943, Majmudar & Co. is one of India’s main law firms, with over 90 lawyers and specialized in financial, legal and tax advice. The firm, with offices in Bangalore and Mumbai, also has an integrated network of offices in Chennai (Madras), Hyderabad, and New Delhi.