Italy and India will set up a fast-track mechanism to promote two-way investments and constitute a CEO forum to intensify bilateral economic cooperation, the top leadership of the two countries has decided.
“India invited Italy to explore investment opportunities in the entire food processing value chain particularly in food processing units, equipment manufacture, skill development, research and development and quality assurance,” as per a joint statement released by Prime Minister Narendra Modi and his Italian counterpart Giuseppe Conte following their bilateral meeting in New Delhi on Tuesday.
Conte, who became Prime Minister of Italy in June, is on his maiden official visit to India with a number of his top Ministers and business representatives.
Underlining the importance of economic cooperation for strengthening the bilateral ties, the two sides agreed to convene the next session of the India-Italy Joint Commission on Economic Cooperation (JCEC) in India in 2019.
Recognising the vast business opportunities in the food processing sector in India, the two sides called for greater collaboration. The leaders welcomed the setting up of an India-Italy Joint Working Group on food processing that will be convened at a mutually convenient date, the statement said.
Italy is India’s fifth largest trading partner in the European Union and the annual trade turnover between the two countries was $10.4 billion in 2017-18. Over 600 Italian companies are operating in India.
Conte also participated in the India-Italy Technology Summit, which is being organised by the Department of Science and Technology (DST) in partnership with the Confederation of Indian Industry.
The summit focusses on a number of areas including healthcare, aerospace, education, clean technology, renewable energy and information and communication technology.
A large business delegation from Italy will visit India soon to look for partnerships with their Indian counterparts, Italy’s Deputy Minister for Economy Michele Geraci had told BusinessLine in a recent interaction.