New Delhi: India is determined to provide a conducive environment for business and industry to invest, President Pranab Mukherjee said at a ceremonial banquet in the honour of visiting Spanish King Juan Carlos here.
Mukherjee said Spain, like India, has also taken a number of steps to overcome the global debt crisis.
"Democratic societies such as ours have the inherent ability to convert challenges into opportunities during difficult times. Spain's commitment to the Euro project has sent out a strong and positive signal, as also the fact that you are taking all the necessary steps to overcome the debt crisis.
"In India, similarly, a number of reforms that had been introduced recently, bear testimony to our own determination to overcome the global economic slowdown. We are committed to providing an enabling environment for business and industry to invest in India," he said.
The President said both the countries should recognise the need to preserve the gains of globalisation and "work bilaterally and multilaterally" to shape a new global agenda for inclusive and sustained growth.
"We would like to create a path for future development that goes beyond recovery from the current crisis. Although, it is natural for some governments to resort to protectionist measures for short-term gains, they are increasingly acknowledging that in the longer term, it is counter productive to erect barriers to movement of people, services, and capital.
"Many international financial institutions are currently facing a resource crunch. This is, therefore, the time for effective solutions and even reform of those institutions," he said.
Talking about terrorism, Mukherjee said both the countries have been the victims of some of the "most deadly manifestations" of the menace.
"Terrorism has emerged as one of the biggest threats to international peace and security. Sadly our two countries have, repeatedly, been victims of some of its most deadly manifestations. To defeat this menace, the global community must take concerted action against terrorists and their sponsors," he said.
Mukherjee also hailed the visiting King's role in shaping a parliamentary monarchy in Spain.
"Having presided over a remarkable transition to parliamentary monarchy in Spain, you have remained the symbol of the unity and permanence of the Spanish state. You have safeguarded the institution of Parliament and preserved democracy in your country.
"You have strongly repudiated attempts to unsettle the democratic processes and institutions outlined by your Constitution and ratified by the Spanish people. Under your leadership, Spain has come to be recognised as an outstanding example of a democracy organised in the form of a parliamentary government under a constitutional monarchy," he said.
Mukherjee said Spain has developed cutting-edge technology and expertise in areas like infrastructure, renewable energy, agriculture, water treatment, solid waste management and India finds "priority interest" in these sectors to partner with the European country.
"We too have much to offer Spain in information technology, pharmaceuticals, agricultural products and other key areas of your interest- where high quality and reasonable costs make business with India all the more attractive", Mukherjee said.
The President also had a word of appreciation for the Spanish culture being showcased by some of the Indian films, especially the famous 'Tomatina' festival, which was featured prominently in a recent Hindi movie.
"Indian films shot in Spain have brought the vibrancy of Spain to Indian audiences and I am told that the "Tomatina" festival has caught the imagination of many young Indians!
"They are avidly following Spain's impressive achievements in the field of football and share your pride at achieving the position of reigning World and European football champions. I am confident that the strong affinities and substantial potential will take the abiding friendship between our peoples to a new level," he said.