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Our Bureau

New Delhi , July 7

Italy is keen to promote closer trade and economic engagement with India, the Italian Minister of State for Foreign Affairs Mr Sen Gianni Vernetti said at a meeting with the Union Minister of Commerce and Industry Mr Kamal Nath.

An official release issued here said that while bilateral trade between the two countries in 2005-06 was $4.3 billion, showing a growth of about 18 per cent over the previous year, both the Ministers agreed that there was potential for doing much more.

Mr Nath highlighted in particular the scope for Italian investment in infrastructure projects. Foreign direct investment approved from Italy to India since 1991 to March 2006 amounted to $134 billion, of which actual flows were only $500 million. The discussions centered on possibilities for cooperation between small and medium enterprises of the two countries.

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