European firms risk missing 21st‑century growth if they overlook India, says ex‑Spanish foreign official

European firms that ignore India risk missing a large share of 21st‑century growth, warned Manuel Muñiz, former Secretary of State for Global Spain in Spain’s Ministry of Foreign Affairs, EU and Cooperation, and current rector of IE University in Madrid. In an interview with The Hindu, Muñiz said that the pending India‑EU trade agreement is projected to double overall trade between the two regions. He noted that about half of the expected boost will come from services rather than goods, highlighting a mature partnership focused on technology, finance and education. Muñiz pointed out that services growth signals deeper integration and higher value‑added opportunities for European companies. The comment arrives as both sides prepare to roll out the agreement, which EU officials view as a chance to expand market access for their firms. By stressing India’s importance, Muñiz underscored that missing the Indian market could mean missing a substantial part of future global economic expansion.

Context

India’s large and youthful consumer market, combined with rapid growth in digital and professional services, makes it a prime destination for foreign investment. The EU‑India deal aims to lower barriers and create new avenues for European service providers, aligning with both regions’ goals to diversify supply chains and attract capital.