Economy

Modi, Conte adopt India-Italy ‘Action Plan’ for 2020-2025

Our Bureau New Delhi | Updated on November 06, 2020 Published on November 06, 2020

A total of 15 agreements signed during the India-Italy virtual Summit

Prime Minister Narendra Modi and his Italian counterpart Giuseppe Conte, on Friday, underlined the need to intensify cooperation in high technology, clean energy, infrastructure and food processing, and the two countries signed 15 agreements ranging from trade and investments to energy and archeology.

The two also decided to adopt an ‘Action Plan’ to set up priorities, strategic goals and mechanisms for a bilateral partnership for the period 2020-2025, according to the joint statement issued after the virtual India-Italy Summit.

“The two leaders acknowledged the untapped potential of bilateral industrial partnership and projects and encouraged respective “national champions” and SMEs to explore new avenues of cooperation,” according to the statement.

In his opening remarks, Modi said it was clear that the Covid-19 epidemic would remain a watershed in history, just like World War-II. “We all have to adapt ourselves to this new world,” he said, adding that there was a need to be ready for the challenges and opportunities arising out of the pandemic.

The two leaders affirmed their commitment to work closely on common priorities and a development-oriented global agenda for their respective G-20 Presidencies in order to address, inter alia, the impact of and the response to Covid-19 in all the relevant domains, the statement added.

Bilateral pacts

The agreements and memorandums of understanding signed included those between the Italian Trade Agency and Invest India to promote investment, and between Cassa Depositi e Prestiti SpA, Italy and NIIF, India to promote co-financing.

There were also pacts to promote scientific and technological cooperation between the countries, create network and sharing skills for restoration and protection monuments and cooperation in the area of audio-visuals and ship-building.

Snam S.p.A. Italy signed a cooperation agreement with Adani Gas to set up a CNG compressors factory in India, and a pact with Indian Oil Corporation to promote energy transition and cooperate on gas infrastructure development.

The two leaders deeply appreciated holding of the High Level Economic Dialogue at the level of CEOs of Indian and Italian companies on October 28, 2020, and ministerial interaction on November 2, 2020, prior to the Summit.

The volume of bilateral trade between India and Italy was €9.52 billion in 2019. Around 600 large Italian companies covering varied sectors such as fashion and garments, textiles and textile machinery, automotive components, infrastructure, chemicals, energy confectionery and insurance are currently active in India.

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Published on November 06, 2020
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