India, Italy to Strengthen Ties in Non-Competing Sectors: Piyush Goyal

Piyush Goyal, the Union Minister of Commerce and Industry, stated that India and Italy have committed to enhance co-manufacturing and co-designing in sectors where both nations possess complementary strengths rather than competing.

At a joint press conference with Antonio Tajani, Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation of Italy in New Delhi, Goyal stated that the nations are working to build effective partnerships across various sectors and transform the strategic partnership into a broad relationship that will greatly enhance India-Italy bilateral trade from the existing $15 billion (around ₹1.29 lakh crore).

“We have shared interests in areas like space. We are working together in the India-Middle East European Corridor, Global Biofuels Alliance, the International Solar Alliance (ISA), Coalition for Disaster Resilient Infrastructure and are making together the EU-India FTA a reality by the end of the year,” Goyal said.

Goyal stated that India is confident that combining Italy’s exceptional design with India’s ability to produce high-quality, cost-efficient goods can enhance the resilience of its supply chains and promote collaboration in sectors such as food processing, shipbuilding, pharmaceuticals, textiles, luxury, and fashion.

In his statements, Italian deputy PM Antonio Tajani mentioned that both nations are prepared for collaborative projects and desire to cooperate in Africa. “Tajani stated, ‘There are numerous sectors, such as machinery, agri-food, and space (of shared interest).’” Previously, while speaking at the ‘Italy-India Business, Science and Technology Forum’ meeting, Tajani mentioned that sectors such as innovation, AI, supercomputers, space technology, and defense hold opportunities for collaborative partnerships, and both nations should strive to draw investments in these fields.

Approximately 100 Italian entrepreneurs have joined Tajani to participate in this bilateral forum meeting. The two nations have consented to hold the upcoming joint commission for economic collaboration in Italy. Commerce Minister Goyal will head a sizable group of Indian entrepreneurs for this meeting. Goyal mentioned that the meeting might occur soon, potentially within a month or two.

“The foundation has been laid, the blueprint is clear and now the time is only to invest, create and grow to a bright future,” Goyal said about the collaboration between India and Italy.