China Spain Photo: VCG

China and Spain have seen broader possibilities for cooperation not only in traditional sectors such as agricultural products but also in new areas like green energy and the digital economy where both sides are highly complementary, experts said on Tuesday.

The remarks were made amid the official China visit by Spanish Prime Minister Pedro Sánchez from Sunday to Wednesday by invitation, during which several key meetings were held, including the China-Spain Business Forum on Tuesday, the first event Sánchez attended during his current China visit.

When attending the China-Spain Business Forum held on Tuesday, the Spanish prime minister expressed his optimism about the huge potential of China's economic development while extending his expectations to further deepen economic and trade cooperation with China. Spain is also willing to provide a good environment for Chinese companies, Sánchez said, as CCTV news reported. 

The business forum, with a focus on future opportunities and the green transformation, among other key agendas, drew the participation of more than 700 industry representatives from both sides.

There are many opportunities for collaboration between China and Spain, such as in the deep processing of agricultural products, Zhou Mi, a senior research fellow at the Chinese Academy of International Trade and Economic Cooperation, told the Global Times on Tuesday.

Additionally, joint efforts can be expected to tackle climate change challenges, including the development of new-energy vehicles and the growth of the digital economy, where both sides are highly complementary, Zhou said.

"The prime minister's visit will primarily center on economic issues, particularly trade and investment," Miguel Otero-Iglesias, a senior analyst at the Elcano Royal Institute and professor at the IE School of Global and Public Affairs, told the Global Times during an exclusive interview via videolink on Monday evening.

As China continues to push for wider opening-up, and with concrete strides in the future, immense opportunities may arise for Spanish and European companies in various sectors including food products, digital services, financial services, and possibly infrastructure projects, Otero noted.

In recent years, China-Spain economic and trade cooperation has achieved fruitful results and has broad prospects. Bilateral trade has grown, expanding from $37.9 billion in 2020 to $48.6 billion in 2023, an increase of 28.23 percent, according to China's General Administration of Customs.

Speaking on Monday at the China-Spain Business Advisory Council Meeting with the Spanish delegation led by Sánchez, Chinese Commerce Minister Wang Wentao said that China is ready to work with Spain to deeply tap the cooperation potential that exists in emerging industries such as new energy and the green and digital economies.