How Are India and Italy Strengthening Their Trade and Investment Relations?
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Synopsis
On December 11, 2023, India's Union Minister Piyush Goyal and Italy’s Deputy Prime Minister Antonio Tajani engaged in pivotal discussions in Mumbai to fortify trade and investment ties. Their meeting, which included the signing of key agreements, aims to enhance cooperation in technology, clean energy, and advanced manufacturing, setting the stage for robust economic collaboration between the two nations.
Key Takeaways
- Strengthened bilateral trade between India and Italy.
- Focus on technology partnerships for mutual economic growth.
- Key agreements signed in sectors like steel, fashion, and retail.
- Enhanced collaboration in sustainable industries and innovation.
- Support for startups and unicorns in digital innovation.
Mumbai, Dec 11 (NationPress) Union Minister of Commerce and Industry Piyush Goyal and Italy’s Deputy Prime Minister and Foreign Affairs and International Cooperation Minister Antonio Tajani engaged in talks on Thursday aimed at enhancing bilateral trade, fortifying supply chain resilience, fostering technology partnerships, and advancing cooperation in areas like clean mobility, green energy, advanced manufacturing, and food processing.
The meeting, along with the signing of the 22nd Italy Joint Commission for Economic Cooperation (JCEC) minutes, signifies a determined effort to convert the strategic alliance into real economic benefits for the citizens and enterprises of both countries, as stated in an official release following the discussions.
Italy remains a vital economic ally for India within the European Union. The meeting on Thursday was a crucial step in enriching trade dynamics, focusing on leveraging the robust complementary strengths of both economies, according to the statement.
The talks were a continuation of the momentum established by the elevation of bilateral relations to a 'Strategic Partnership' during Italian Prime Minister Giorgia Meloni's visit to New Delhi in March 2023.
By hosting the meeting in Mumbai, India’s financial hub, both governments showcased their dedication to bolstering direct business-to-business interactions and facilitating investment flows.
The India–Italy Business Forum took place during the visit of the Italian Deputy Prime Minister, gathering senior government officials, industry groups, unicorn founders, and more than 150 companies from both nations.
The ministers also interacted with leading Indian unicorns to discuss collaborations in digital innovation, startup ecosystems, AI, deeptech, fintech, and industrial technology solutions.
The Business Forum underscored the commitment of both countries to enhance industrial collaboration across key sectors such as automotive, waste-to-energy, renewables, sports technologies, agri-food, and connectivity, aligning with both nations' emphasis on tech-driven growth and sustainable industrial development.
These sessions facilitated structured industry-to-industry engagements, presentations by Italian firms, and the discovery of joint ventures, co-development opportunities, R&D partnerships, and value-chain integrations.
The Forum also included a substantial B2B matchmaking event with over 100 business interactions between Indian and Italian firms across various sectors including manufacturing, renewables, food processing, sports innovation, and transportation systems.
The following agreements were executed at the forum:
SAIL awarded three significant steel plant projects to Italy’s Danieli Group, which will deliver cutting-edge green technology for a Blast Furnace, Slab Caster, and Hot Strip Mill with a combined capacity exceeding 4 million tonnes/year, representing a contract value of around 500 million euros.
Prada S.p.A., Lidcom, and Lidkar have signed a Memorandum of Understanding to develop a limited-edition sandal line inspired by traditional Kolhapuri chappals, merging Italian design with Indian craftsmanship.
Kuvera S.p.A. and Neopolis Brands Pvt. Ltd. have formed an agreement to expand Carpisa retail operations in India, with a long-term objective of opening 100 stores by 2045.
The Cavagna Group has initiated a new joint venture, Cavagna Group Ace Brass Tech Pvt. Ltd., along with Gatayla, marking a 5 million euros Italian investment with Cavagna retaining a 51 percent stake.
Point of View
The discussions between India and Italy mark a significant step forward in enhancing diplomatic and economic relations. This partnership, focused on technology and sustainability, reflects a commitment to building a resilient future for both nations. The collaborative spirit demonstrated in Mumbai is essential for fostering innovation and economic growth that will benefit citizens and businesses alike.
NationPress
11/12/2025
Frequently Asked Questions
What was the purpose of the meeting between India and Italy's ministers?
The meeting focused on expanding bilateral trade, enhancing supply chain resilience, and promoting collaboration in technology partnerships, clean mobility, and green energy.
How many companies participated in the India–Italy Business Forum?
Over 150 Indian and Italian companies participated in the Business Forum.
What agreements were signed during the forum?
Agreements included projects with the Danieli Group, collaborations with Prada S.p.A. for sandal designs, and retail expansion by Kuvera S.p.A. in India.
