Diplomacyindia.com


India-Italy ties on recovery path via trade

India-Italy ties on recovery path via trade
April 27
21:49 2017

New Delhi, April 27 (IANS) Relations between India and Italy are set on the path to recovery, after strains that developed over the past years, with the Joint Economic Commission slated to meet in Rome in May after a gap of eight years, it was announced here on Thursday.

Visiting Italian Deputy Minister of Economic Development Ivan Scalfarotto said at the Italy-India Business Forum here that Indian Commerce Minister Nirmala Sitharaman will be leading a delegation for the joint commission meeting scheduled to be held in the middle of May.

Scalfarotto is currently in India at the head of a 140-member delegation, that includes representatives of 60 Italian companies, in a bid to boost bilateral trade and investment relations.

Bilateral relations were affected following the death of two Kerala fishermen at the hands of two Italian marines in the Enrica Lexie case in 2012.

“This India-Italy Business Forum is the official launch of a new partnership between both countries and involves the sharing of knowledge and experience,” Italian Ambassador Lorenzo Angeloni said addressing the packed venue.

Noting that some Italian companies like Fiat and Ferrero Rocher are household names in India, Additional Secretary Department of Industrial Policy and Promotion (DIPP) Atul Chaturvedi said the government had asked India’s ambassador in Italy to start an outreach programme to attract small and medium industry to India, on the lines of a similar programme started in Germany.

“This is the first Italian business delegation to India since 2011 and signals the revitalisation of our relationship after its slowing down over the past some years,” Licia Mattioli, Vice President of the Italian Industry Association Confindustria, said.

“Despite the political and bilateral uncertainties of the last few years, Italian companies in India played a central role in keeping our cooperation going,” she said.

Bilateral trade in 2016 amounted to around $7.3 billion. There are over 600 Italian companies present in India.

Italian foreign direct investment in India amounts to around 5 billion euros.

Between Mumbai and Delhi, around 900 business-to-business meetings are planned during the ongoing bilateral business forum towards increasing collaborations.

Italy is offering collaborations in areas of its expertise including food processing, infrastructure, heavy machinery, renewable energy, advanced technology, as well as information and communication technology.

Talking to reporters on the Italian marines’ case, Scalfarotto said it is now with the International Court under the United Nations Convention on the Law of the Sea and relations between the two governments are back on track, as signalled by the meeting between External Affairs Minister Sushma Swaraj and Italian Foreign Minister Paolo Gentiloni in Rome last year.

Regarding a free trade agreement, he said negotiations were on between the European Union and India and Italy is encouraging the EU to expedite the signing of an FTA.

Related Articles

0 Comments

No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment

Your email address will not be published.
Required fields are marked *

Social Icons

Diplomacyindia.com Video Interview with Shri Dnyaneshwar M. Mulay Secretary (CPV & OIA), Ministry of External Affairs speaking on an eventful journey of Indian Passport through its serveral phases, fast expanding network of passport seva kendras, evergrowing numbers, citizen centric service & new Initiatives

Diplomacyindia.com Video Interview with Shri Dnyaneshwar M. Mulay Secretary (CPV & OIA), Ministry of External Affairs speaking on safety & security features of the passport documents in an era of digitalisation his cherished moments & milestones as “Passport Man” of India tranforming the entire passport landscape.

Diplomacyindia.com Video Interview : Mrs. Reva Ganguly Das (IFS) Director General, Indian Council of Cultural Relations Speaking on Yoga Day Celebrations

Exclusive Interview to Diplomacyindia.com with Shri Upendra Tripathi, IAS Interim DG, International Solar Alliance (ISA) speaking on the journey of ISA so far, guiding principles, vision & priority areas & programmes for ISA.

Exclusive Interview to Diplomacyindia.com with Shri Upendra Tripathi, IAS Interim DG, International Solar Alliance (ISA) speaking on expanding rank of international solar alliance & opening the membership to the countries beyond tropics.

Diplomacyindia.com Exclusive Interview with Ambassador of Slovenia to India, H.E. Mr. Jozef Drofenik speaking on Bilateral Relations and Trade between India and Slovenia

Diplomacyindia.com Exclusive Interview with Ambassador of Slovenia to India, H. E. Mr. Jozef Drofenik speaking on Tourism in Slovenia

Pictures of Formal Launch of Website Diplomacyindia.com

Knowledge Partner

Exclusive Interview with Prime Minister of Guyana, H.E. Mr. Moses Veerasammy Nagamootoo during his recent visit to India.Highlights of the interview were Indian Cultural Connect, Vibrant Bilateral Ties and Cultural Connect and India’s Economic Prowess.

Video Message from Shri Prakash Javadekar, MoS (IC) for Forest, Environment & Climate Change on eve of Formal Launch of Website Diplomacyindia.com

Message from Gen. V K Singh, (Retd.) Hon’ble MoS, External Affairs to Diplomacyindia.com

WP2Social Auto Publish Powered By : XYZScripts.com