Spain PM urges Asia to open market to Western companies

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Spanish Prime Minister Pedro Sanchez has urged Asian countries to reciprocate and open their markets to Western companies. | Reuters

EU leaders have been discussing lifting restrictions on state aid in green tech to counter competition from the United States and China.

The European Commission has proposed loosening rules on state aid for investments in renewable energy, decarbonizing industry, hydrogen or zero-emission vehicles, partly in response to the U.S. Inflation Reduction Act . Europe also wants its companies to gain ground in sectors such as solar panels, wind turbine blades and vehicle batteries, which are dominated by China manufacturers with well more than 50 percent of the market.

European markets such as Spain are wide open for Chinese companies and it therefore expects China to reciprocate, Sanchez said. Collaboration can be mutually beneficial, Sanchez said, citing cooperation between Chinese and Spanish engineering and energy companies in Latin America as an example.Your subscription has been successful.

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