India and Italy are holding a prime ministerial-level virtual meet today between PM Narendra Modi and his Italian counterpart Giuseppe Conte.
During the meet, the two leaders will be conducting a comprehensive review of the broad framework of the bilateral relationship and will exchange views on major regional and global issues of mutual concern, the Ministry of External Affairs said.
It added that a number of Memorandum of Understanding (MoUs)/Agreements in the field of trade, environment, media, film making, investments, fishseries, etc. are expected to be signed at the virtual summit.
“India and Italy share a warm and multifaceted relationship based on strong historical ties, common democratic traditions, rule of law and a shared goal of international peace and stability. India views Italy as an important member of the EU and values its positive contribution in furthering India-EU ties,” the Ministry of External Affairs said in a press release.
The Italian Marines case was a major break in the ever-growing bilateral relations between India and Italy. However, following the Arbitral Tribunal verdict, Italy wants to build robust economic relations on the foundation of political relationship. Besides, after Brexit, Italy is the third largest economy in the European Union.
India would like to encash the country’s robust manufacturing, technological and design capabilities. PM Narendra Modi is likely to push for strong partnership in ‘Make in India’ and ‘Atmanirbhar Bharat’ projects.
From January 1, India will be part of a G-20 Troika along with Italy and Saudi Arabia. India and Italy will be part of the Troika for two years -- 2021 and 2022 -- when India takes over as the G-20 chair.
High-level bilateral engagements between India and Italy in the past:
- In 2018, both countries celebrated the 70th anniversary of the establishment of diplomatic relations.
- PM Conte visited India in October 2018 for the DST-CII Technology Summit and held talks with PM Modi. They also met on September 23, 2019 on the sidelines of the 74th UN General Assembly. On May 8, 2020 both leaders had a telephonic conversation.
- Indian Prime Minister Jawaharlal Nehru visited Italy in 1953, PM Atal Bihari Vajpayee visited Italy in 2000 and PM Manmohan Singh visited Italy in 2009.
Why Italy is important for India:
- Italy is India's fifth largest trading partner in the EU.
- India ranks 16th as the country of origin for Italian imports, accounting for 1.2 per cent of Italian imports.
- Italy ranks 17th in FDI inflows in India during April, 2000 to March 2020.
- Approximately 600 large Italian companies are active in India.
- Total investment by Indian companies in Italy stood at Euro 209 million (as of 2018);
- Approximately 4,000 Indian students are studying in Italy.
- Italy is a member of prominent regional and global groupings (G7, G20, EU, NATO, OECD etc).
ALSO READ | India, Italy pledge to renew economic ties