Spain is a world leader in clean energy and our expertise can help India reach its goal of 500 gigawatts of renewable energy by 2030, Spanish President Pedro Sanchez said on Tuesday.

Addressing the 'CII Spain India Business Summit' in the financial capital, Sanchez said the potential for a stronger relationship between India and the European Union (including Spain) is enormous.

"One of the largest economies in the world, Spain has invested $4.2 billion in India this century. We look forward to advancing negotiations on a European Union-India free trade agreement. This will help our markets grow in size and diversity," he told the gathering, adding that "our expertise can help India reach its goal of 500 gigawatts of renewable energy by 2030".

Stressing that the country is committed to partnering with India to boost its energy security and green transition, Sanchez said by combining Spanish innovation with India's potential, “we can make a big impact on the global economy and the environment”.

Spain's advanced railway systems, subway networks, and transport solutions can greatly benefit India's infrastructure projects, he added.

On Monday, both countries signed a Memorandum of Understanding (MoU) on cooperation in the field of rail transport that is expected to boost collaboration in the planning, deployment, operation and maintenance of high-speed and conventional railways.

Praising the huge strides made by India in the infrastructure sector, the Spanish President said their advanced railway systems, subway networks, and transport solutions can greatly benefit India's infrastructure projects.

Union Minister of Road Transport and Highways Nitin Gadkari said that Prime Minister Narendra Modi's dream is to make India carbon neutral by 2070.

"Whether it's fossil fuel or energy, green energy and green mobility are now priorities. There is great potential for wind and solar power. I am pleased that many technologies are available in Spain that have great potential in India. Joint ventures can reduce costs and increase competitiveness in the global market," the minister told the gathering at the event.

Sanchez is the first Spanish President to undertake an official trip to India in the last 18 years.

Chandrajit Banerjee, Director General, CII said Spain is very experienced in urban infrastructure, high-speed rail networks, transport systems, and smart mobility.

"We look forward to new partnerships with Spain to boost our infrastructure development. We've also discussed collaboration opportunities in artificial intelligence, defence, and green technologies. Both countries are committed to joint ventures and co-development in defence to enhance capabilities and strategic autonomy," he mentioned.

In renewable energy, India is embracing cleaner fuels like wind and solar power. Spain's expertise in this area could help us in our energy transition, said Banerjee.