The collaboration between China and Spain in advancing green energy transition will yield mutually beneficial outcomes as the strengths of the two countries are highly complementary, said an executive of a leading Spanish petrochemical company.
Juan Manuel Reina Moreno, General Manager of Cepsa Chemical (Shanghai) and Vice President of the Spanish Chamber of Commerce in China, made the remarks as China and Spain signed various green investment agreements this year, covering areas including electric vehicle (EV) manufacturing and green hydrogen technology.
"These agreements reflect a deepening of bilateral relations and a commitment to a more sustainable future, setting the stage for technological cooperation and growth in sustainable industries. China, as a leader in EV production and green technologies, can benefit from Spain's growing markets and expertise in renewable energy. Conversely, Spain is an attractive investment destination due to its strategic location and dedication to any transition. In green hydrogen, Spain's natural resources and infrastructure support large-scale production, while China's advancement in clean energy, technology can accelerate this progress. This partnership is a win-win, enhancing both countries' sustainability goals and creating new opportunities for collaboration in the clean energy transition," said Moreno during an interview with China Global Television Network (CGTN).
Moreno discussed the establishment of a Cepsa plant in Shanghai in 2015, the company's first industrial plant in Asia and the world's second largest phenol and acetone producer. He emphasized that the decision of choosing China was influenced by its status as the world's largest consumer of phenol.
"Shanghai is a key part of Cepsa's global growth strategy, giving us access to the fast-growing Asian markets. Our decision to invest in China is driven by its position as the world's largest consumer of phenol, helping Cepsa Chemical solidify its role as the second largest global producer of this essential raw material. This investment not only opened doors to the Chinese market, but also strengthens commercial ties between Spain and China, supporting greater cooperation in industry and technology," he said.
Moreno also hailed China's recent policy of lifting foreign investment access restrictions, achieving zero restrictions on the manufacturing sector.
"From my observations, foreign investors have generally welcomed these changes, especially those seeking new opportunities in key sectors. Moreover, the removal of restrictions on foreign investment offers greater flexibility and confidence, showing China is committed to a more open and transparent business environment. This is crucial for companies aiming for long term growth in China's fast evolving market," he added.
China-Spain cooperation in green energy transition benefits both sides: Spanish executive
China-Spain cooperation in green energy transition benefits both sides: Spanish executive
