SME Times News Bureau | 06 May, 2022
Minister of Commerce and Industry Piyush Goyal has said India looks
forward to significant
transformational and exponential growth in its trade with Italy.
Co-chairing the India-Italy Business Roundtable with Luigi Di Maio,
Minister of Foreign Affairs & International Cooperation, Republic of
Italy, on Friday, Goyal said there are several opportunities in
sectors ranging from tourism, services, merchandise, goods to digital
world, education and design.
“Today's
engagement is only the first in a series that we are planning between
India and Italy. A world of 1.35 billion Indians awaits, aspires for a
better future. India offers the largest business opportunity anywhere in
the world as we progress from a $3 Trillion economy today to a $10
Trillion economy in ten years to a $30 Trillion economy in 20 odd years
and to a $50 Trillion economy, which I believe we all are committed to,
particularly when we see that we still are at very, very initial stages
of development in the country, - the large size of the market, the deep
aspirations of the people of India and the talent and the world of
opportunity that India provides, I hope, will businesses on both sides
to strengthen their partnerships,” said Goyal, in his opening
remarks at the meeting.
Speaking
on the occasion, Luigi Di Maio said Italy and India are
experiencing a dynamic economic cooperation. The Italian Government is
eager to reinforce cooperation between the two countries at the industry
level as well as between entrepreneurs, he said.
“Today’s
meeting is an important step forward in shaping our strategic
partnership,” said Mr. Luigi Di Maio, adding, “Many Italian companies,
in their long term strategy, consider India as a key country whose
market will drive growth on a global scale.”
Luigi Di Maio said bilateral trade between India and Italy reached a record Euro 10 Billion in 2020-21.
“Over
600 Italian companies, mainly concentrated around Delhi and Mumbai,
employ about 50,000 local staff with a global turnover of Euro 5
Billion,” he said.
Earlier, Goyal had a very constructive discussion with Mr. Luigi Di Maio
during their one-to-one meeting on multiple issues of bilateral
interests such as enhancing trade and investment opportunities, India-EU
FTA negotiations, cooperation in the framework of the WTO, Tech Summit
on energy transition, resumption of direct commercial flights and
promotion of SMEs’ partnerships etc.
Due
to the active relationship between India and Italy and the regular
resolution of issues, Goyal suggested evolving and expanding the
fast track mechanism established between India and Italy to focus on
enhancing economic cooperation and harnessing bilateral trade and
investment potential to establish complementarities across focus
sectors.
Both
ministries reiterated the need and potential for closer industrial
collaborations and further expand partnerships and establish trade and
investment linkages across priority areas such as railways, defence and
aviation, automotives & electric mobility, food processing, leather,
textiles and fashion, infrastructure financing, fintech, green energy,
telecom, energy transition, and space and technology cooperation.