Mr Antonio Tajani, Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation, Italy today while addressing the ‘Italy-India Business Forum’, said there is need to collaborate more in areas like innovation, research and education, which are essential for global competitiveness. “I see strong potential in India. Italy aims for 700 billion euros in exports by 2027, and India is a key partner. Many Italian companies are active in India and sectors like sports; automotive industry offer further opportunities. We want to invest more in India, increase our exports, and welcome Indian investments in Italy,” he added.
He further stated that Indian market has opportunities and key sectors for Italian companies include sports, automotive, defence, pharma, space along with culture. “We want to invest in your (India) country, export more to India along with increased investments. We also want to become part of Indian innovation strategy. Innovation for industries is fundamental. We are proud of our strategic partnership and want to support our diplomacy for growth,” he highlighted.
Mr Piyush Goyal, Minister of Commerce & Industry, Govt of India said that this is the third business engagement in last eight months. It reflects the strong bond between our countries, and we are working on strengthening our strategic ties, advancing the EU–India FTA, and creating joint business and investment opportunities, he added. “Together we will work to make sure that India-Italy relationship will become the defining relationship of 21st century. India is committed towards the FTA which will create the enabling framework which will be a fair, equitable and balanced Free Trade Agreement. It will be a win-win for EU and India, and we should be able to get this over the finishing line,” he emphasized.
Mr Goyal also stated that India and Italy are taking proactive steps towards implementation of the Italy-India Joint Strategic Action Plan across key sectors including trade, investment, research, innovation, and people-to-people ties. Highlighting key sectors with investment opportunities, he said that auto components, textiles, leather goods are some of the areas where Indian and Italian industry can jointly work. Indian companies are willing to work in areas like R&D, technology, innovation, sports goods, defence, space technologies, agri and processed foods. “Sports is an important sector for us since India is hosting the Commonwealth Games in 2030 and making a bid for the Olympics for 2036. India is keen to bring the sporting culture in the country,” noted Mr Goyal.
Speaking on the India-Middle East-Europe Economic (IMEC) Corridor, Mr Goyal said that it will pave the way for smoother and fast flow of goods. He further stated that there is a need to bring down cost of raw materials in order to make our supply chains more resilient. “In an era where we are seeing weaponization of trade, we cannot take the risk associated with concentrated geography for supply chains. It is important that countries believing in open trade, trust each other to work together to provide global markets with competitively priced products. We must also look at mutual recognition agreements to benefit our industry,” he added.
Mr Anant Goenka, President, FICCI and Vice Chairman, RPG Group said that Indian industry, with FICCI as a facilitator, is ready to translate policy momentum into business action through investments, technology transfer, and co-manufacturing. “The foundations are strong, complementarities are clear, and the intent on both sides is unmistakable. We are here to shape the next decade of collaboration,” he added.
Mr Amit Kumar, Vice President (Group Strategy), Mahindra Group; Mr Riccardo Dalla Costa, Consul General of Italy in Kolkata; Dr Amit Bhalla, Co-Chair, FICCI Sports Committee & Vice President, Manav Rachna Educational Institutions; Mr Giandomenico Milano, Consul General of Italy in Bangalore also shared their perspective during the session.
