Morales, who met King Juan Carlos of Spain on Monday, is expected to hold formal talks with Jose Luis Rodriguez Zapatero, the Spanish prime minister, on Tuesday.
The Bolivian leader said that relations between La Paz and Spanish energy companies have been positive, and added that Bolivia will try to negotiate with Spanish and European companies to produce car parts and lithium batteries.
Morales also spoke about Colombia's agreement with the US government to allow US troops to use military bases in the country.
He called the deal a move by Washington to interfere in the Latin American region, echoing comments by Hugo Chavez, his Venezuelan counterpart.
But Bolivia does not intend to sever relations with Colombia or the United States over the deal, he said.
"Bolivia is not going to break off relations with anyone, not the United States," he said.
"Nobody can prevent us having relationships with other countries."