Italy and India Forge Stronger Economic Ties
During the ‘Italy-India Business, Science and Technology Forum,’ Italian Deputy Prime Minister and Minister of Foreign Affairs, H.E. Antonio Tajani, underscored the significance of India in ensuring stability within the Indo-Pacific region. He emphasized that enhancing trade relations is vital for both nations, highlighting their strategic partnership as a foundation for future cooperation.
Strengthening Bilateral Trade Relations
In his address, Deputy Prime Minister Tajani noted that India possesses immense economic potential, positioning it as a natural partner for Italy. He stated, “Italy and India are natural economic partners. Together we want to strengthen our cooperation for a partnership that looks at the future through higher education, innovation, and research.” The current bilateral trade between the two countries exceeds $14 billion, and Tajani expressed a desire to increase investments and exports, as well as attract more Indian investments into Italy.
Tajani also pointed out key sectors ripe for collaboration, including innovation, artificial intelligence, supercomputers, space technology, and defense. He urged both countries to focus on attracting investments in these areas, which could lead to significant advancements and mutual benefits.
Opportunities for Expansion
Union Minister of Commerce & Industry, Shri Piyush Goyal, echoed Tajani’s sentiments, stating that there is considerable potential for expanding bilateral trade. He emphasized the importance of seamless cooperation, encouraging investments, and promoting business without obstacles. Goyal projected that India’s economy could grow from $4 trillion to between $30 and $35 trillion by 2047, making a compelling case for deeper engagement between India and the European Union, particularly with Italy.
He highlighted untapped sectors such as fashion, luxury goods, food processing, pharmaceuticals, tourism, green technology, advanced manufacturing, and automobiles as areas for future collaboration. Goyal remarked on the strength of the Italy-India friendship, especially in light of global challenges, and described the forum as a timely opportunity to implement the Joint Strategic Action Plan for 2025-29, launched by Prime Ministers Narendra Modi and Giorgia Meloni.
Collaborative Pathways Ahead
Union Minister of External Affairs, Dr. S. Jaishankar, also spoke at the forum, noting that the synergy between India’s growth trajectory and the capabilities of Italian industry presents a promising opportunity for collaboration. He highlighted the ‘Make in India’ initiative as a platform that facilitates this partnership. Jaishankar’s remarks reinforced the notion that both nations can benefit from working together to harness their respective strengths.
The forum served as a crucial platform for stakeholders from both countries to explore collaborative opportunities and strengthen their economic ties. With a focus on innovation and investment, Italy and India are poised to embark on a new chapter of partnership that promises mutual growth and development.
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