The Hindu Business Line : Italy sets aside €10 m to boost trade ties with India

India is the focus country at the Rome festival, partly due to the fact that the Italian Government has decided to show special interest in India this year, setting aside a €10-million package to promote trade activities between the two countries.

The Minister of International Trade, Ms Emma Bonino, described it as an ‘extraordinary’ amount befitting the interest shown between institutions and businesses between the two countries.

She is expected to visit India in early December accompanied by a high-level delegation of Governors (Chief Ministers) and commerce ministers of about 20 Italian States to further encourage bilateral trade.

Ms Bonino was addressing the ‘India – Italy Business Forum: From industrial cooperation to cooperation in films’; the Minister’s commitment is to be followed up by major Italian business confederation heads, including Mr Luca Di Montezemelo, President of confindustria, Chairman, Fiat; Mr Roberto Colaninno, President of Piaggio Group; Mr Massimo Mamberti, Director General ICE, Italian Institute of Foreign Trade, and others.

Sectors in focus

While Italy is looking at chemicals, life sciences, carbon trading, and oil and gas sector, the Indian industry represented by FICCI, has stressed on agro processing, leather machinery and power sectors.

They have been favourably received, says Dr Amit Mitra, Secretary General, FICCI.

Bilateral trade currently stands at an annual €5 billion, and according to Mr Massimo Mamberti, CEO and Managing Director, Italian Institute of Foreign Trade, is growing 30 per cent year-on-year.

The President of Vespa maker Piaggio Group, Mr Roberto Colaninno, said the company was considering foraying into four-wheeler pickup sector in India following Piaggio’s €80 million investment in its diesel manufacturing plant at Baramati.

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