By TIOL News Service

NEW DELHI, MAY 07, 2022: MINISTER of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Piyush Goyal, has said India looks forward to significant transformational and exponential growth in its trade with Italy. Co-chairing the India-Italy Business Roundtable with Mr. Luigi Di Maio, Minister of Foreign Affairs & International Cooperation, Republic of Italy, here today, Goyal said there are several opportunities in sectors ranging from tourism, services, merchandise, goods to digital world, education and design.

"Today's engagement is only the first in a series that we are planning between India and Italy. A world of 1.35 billion Indians awaits, aspires for a better future. India offers the largest business opportunity anywhere in the world as we progress from a USD3 Trillion economy today to a USD10 Trillion economy in ten years to a USD30 Trillion economy in 20 odd years and to a USD50 Trillion economy, which I believe we all are committed to, particularly when we see that we still are at very, very initial stages of development in the country, - the large size of the market, the deep aspirations of the people of India and the talent and the world of opportunity that India provides, I hope, will businesses on both sides to strengthen their partnerships," said Goyal, in his opening remarks at the meeting.

Speaking on the occasion, Mr. Luigi Di Maio said Italy and India are experiencing a dynamic economic cooperation. The Italian Government is eager to reinforce cooperation between the two countries at the industry level as well as between entrepreneurs, he said.

"Today's meeting is an important step forward in shaping our strategic partnership," said Mr. Luigi Di Maio, adding, "Many Italian companies, in their long term strategy, consider India as a key country whose market will drive growth on a global scale."

Mr. Luigi Di Maio said bilateral trade between India and Italy reached a record Euro 10 Billion in 2020-21.

"Over 600 Italian companies, mainly concentrated around Delhi and Mumbai, employ about 50,000 local staff with a global turnover of Euro 5 Billion," he said.

Earlier, Goyal had a very constructive discussion with Mr. Luigi Di Maio during their one-to-one meeting on multiple issues of bilateral interests such as enhancing trade and investment opportunities, India-EU FTA negotiations, cooperation in the framework of the WTO, Tech Summit on energy transition, resumption of direct commercial flights and promotion of SMEs' partnerships etc.

Due to the active relationship between India and Italy and the regular resolution of issues, Goyal suggested evolving and expanding the fast track mechanism established between India and Italy to focus on enhancing economic cooperation and harnessing bilateral trade and investment potential to establish complementarities across focus sectors.

Both ministries reiterated the need and potential for closer industrial collaborations and further expand partnerships and establish trade and investment linkages across priority areas such as railways, defence and aviation, automotives & electric mobility, food processing, leather, textiles and fashion, infrastructure financing, fintech, green energy, telecom, energy transition, and space and technology cooperation.