By TIOL News Service

ROME, APR 15, 2023: THE Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles Mr Piyush Goyal elaborated on how a plethora of opportunities in India make it one of the world's most trusted business and investment destinations during his address at the CEOs Business Interactive session yesterday in Rome, Italy. He said that India is an open country with global linkages with the trade negotiations underway with EU and EFTA.

The Minister said that high targets must be set in the India-Italy partnership as there is a lot of new potential especially in light of the recently elevated Strategic Partnership. He said that India has witnessed 55% growth in the overall exports in the last 2 years. He said that there are about 700 Italian companies operating in India and this is the most opportune time to be in India. The Minister also mentioned that India will provide a very robust and forward-looking policy framework with retrospective changes.

The Deputy Prime Minister and Minister of Foreign Affairs, Government of Italy, Mr. Antonio Tajani also participated in the interactive session and addressed the industry captains. Mr. Tajani expressed that there is a need to work together to create a better line of next generation in both the countries by backing MSMEs and industry.

Mr Goyal deeply appreciated Mr. Tajani for the deep engagement and said that there is a tremendous potential for growth in the India-Italy partnership and through this visit new ideas have emerged. He said that the countries are connected by tradition, culture, shared values, rule of law and aspiration to achieve more and to work as one. He also expressed that India-Italy will grow together, achieve together, and conquer together.

The CEOs Business Interactive session was organised in Rome, Italy by the Embassy of India in Rome, Italy in association with the Confederation of Indian Industry (CII) and Confindustria. The session had participation from more than 70 CEOs from Indian and Italian companies.

The Italian business was represented by giants like Sparkle, Elettronica, Piaggio, Lamborghini, ITA, etc. The CEOs mentioned that India is an important economic player and it is time to step up the cooperation at both the government and industry level. They also mentioned that Italian companies are exploring various investment opportunities present in India.

Vice President CII and Chairman and Managing Director, ITC Limited, Mr. Sanjiv Puri, emphasised that signing of India – EU FTA could be a catalyst for further enhancing India Italy relationship. Further, Director General CII, Mr. Chandrajit Banerjee thanked Confindustria for their cooperation and suggested different areas of cooperation. President FIEO (Federation of Indian Export Organisations), Dr. A Saktivel mentioned that India has achieved US$ 770 billion export in 2022-23 due to the robust policy and Italian businesses should look at India as their export hub. He said that FIEO will ensure support to their establishments in India.

Ambassador Raffaele Langella from Confindustria said that India is in a very important economic phase, and it is time to step up the cooperation. Piaggio CEO Mr. Matteo Colaninno mentioned that both Governments are working fast to make Enterprises in both countries to explore opportunities. Mr. Jai Shroff, UPL expressed the strong linkages on Food Sustainability and the importance of collaboration on the same.

Mr Goyal during his visit to Italy had very productive one-on-one meetings with Italian CEOs of some prominent companies like SOL, SpA, Piaggio, CIBJO, Nayara Energy and Enel Green Power. He explained to them the investment climate in India, the policy reforms and the potential of investing and expanding in India. The CEOs informed the Minister that they were looking at expanding operations in India for catering to the Indian markets as well as exports. This will not only lead to production expansion and employment generation but also increase exports from India.

Mr Goyal met Executive Vice President, Danieli C SpA, Mr. Andrea Diasparro, whose company operates in the steel scrap and energy sector. The Minister also suggested to them that the Indian market is big with many opportunities and India wants to gradually move to Green Steel manufacturing where there will be a great potential for them to expand.