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.