India and Italy have identified some 10 areas including infrastructure, automotive and food processing for joint cooperation and expansion of bilateral trade and investments.

The Commerce and Industries Minister, Mr Anand Sharma, met the Italian Minister for Economic Development, Mr Paulo Romani, and identified the areas for cooperation that also included manufacturing, information technology, tourism, pharmaceuticals, renewable energy and leather.

The two nations would set up a joint business council (JBC) to focus on these areas where the trade linkages could be enhanced, Mr Sharma said addressing the Italian industry members.

The JBC, which will be managed by FICCI from India and Confindustria from Italy, will meet once a year coinciding with the bilateral ministerial meeting. Mr Sharma is heading an industry delegation to Italy that consists of the FICCI President, Mr Rajan Bharti Mittal, among others.

Mr Sharma also sought Italian cooperation in the areas of design and skill development, as the Government proposes to set up four more National Design Institutes. Making a strong pitch on the cooperation in the leather industry, where Italy has a strong presence, Mr Sharma said India is keenly interested in upgradation of the technology and skills of this labour-intensive industry.

Mr Sharma said India efforts to double the share of manufacturing in its Gross Domestic Product (GDP) will open investment opportunities for the Italian companies. The bilateral trade between the two countries touched $7.36 billion during January-November 2010 as compared with $6.75 billion in 2009.

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