“We have decided to work towards doubling our bilateral trade in the next 7 years,” Sharma told reporters after the meeting. The bilateral trade between India and Italy touched $8.1 billion during 2008-09 compared to $7.8 billion. Scajola, who is leading a high-level business delegation from Italy, said “Italy is keen in expanding its economic ties with India with special focus on infrastructure development and energy production—especially in the field of non-conventional and nuclear energy.”
Infrastructure project
India impressed upon the Italian delegation that infrastructure development was an attractive investment opportunity and invited investment and joint ventures from Italy in areas like ultra mega power projects, textile machinery, agricultural food processing, automotive components and wine technology. It has also offered expertise in the fields of railways, information technology and textile sectors. The Italian side offered partnership in e-identity cards and creation of a fashion design centre at Ahmedabad.
A Memorandum of Intent (MoI) between ‘Invest India’ and ‘Invitalia’ signed a Memorandum of Understanding to promote bilateral investment. Ficci signed two more agreements with Italian organisations with a view to facilitating direct foreign investment into India and Italy, enhance cooperation with Italian companies and facilitate arbitration amongst Indian and Italian companies in the event of a business dispute.