Montilla said he was confident that the realm of politics had not tainted the realm of economics.
Spain's investment in the U.S. is minuscule compared with that of Britain, France or the Netherlands. Traditionally, Spain has looked toward South America for most of its trade and business. But some analysts think Spain may be overexposed in that region and must channel its money elsewhere.
In contrast to several larger European countries, Spain has a relatively healthy economy.
Madrid-based economic analyst Paul Isbell said the effect that soured political relations might have on business was limited.
Only in the cases of business based on government contracts would it be an issue, he predicted.
"You can't say it's a complete myth, but it's not really that important," said Isbell, of Madrid's Elcano Royal Institute of International and Strategic Studies. "Spaniards and Americans who can make money together will do it."
Though no one can say that the cozy relations Madrid and Washington had under the previous government have been revived, many Spaniards think the recent arrival of the new American ambassador may help matters.
Cuban-born Eduardo Aguirre, a Bush appointee, has sought to minimize the estrangement. But he also pointedly reiterates the areas of dispute, including Spain's recent decision to sell $1.7 billion in military boats and aircraft to the leftist government of Venezuela, whose president, Hugo Chavez, is a nemesis of the Bush administration.
Aguirre said his opinion of Spain had improved since his arrival.
"I feel that the relationship with the government is warming steadily ... and we are creating an element of personal trust among some of the players," he said last weekend in an interview with the conservative Spanish newspaper ABC.
"The time that has passed has permitted us to recognize that two allies, like Spain and the United States, gain nothing with recriminations," he said.
Spain is also a top destination for U.S. tourists. All told, tourism accounts for 10% to 15% of the country's earnings. But Montilla said his nation would like to broaden the type of visitors it attracts and the parts of the country they visit, with the goal of developing a more "sustainable" tourism.
As it is, many Americans and northern Europeans think of bullfights, beaches and sangria when they think of Spain, Montilla and other officials say, but there is a gold mine of art, architecture and history to explore.
