India and Italy Bilateral Relations: India’s Prime Minister Modi has reached Italy to participate in the G7 Summit. As soon as he reached Brindisi Airport in Italy, Modi posted on social media that I have reached Italy to participate in the G7 Summit. I am looking forward to having meaningful discussions with world leaders. The G7 includes the US, UK, France, Italy, Germany, Canada and Japan. Italy is currently chairing and hosting the G7 Summit. Italy is important for India and this visit of PM Modi will further strengthen the bilateral relations between the two countries. This is PM Modi’s first foreign visit after becoming the Prime Minister of India for the third time. So let us understand in this report how important PM Modi’s visit is for India-Italy bilateral relations.
Economic cooperation will increase
Italy and India have a strong economic partnership. This visit of PM Modi is likely to further increase it. Indian investment in Italy is estimated to be around US$ 400 million. Indian companies in Italy are mainly in the IT, pharma, electronics, manufacturing and engineering sectors. Bilateral trade between India and Italy was US$ 15 billion in 2022-23, with exports at US$ 8.691 billion, the highest ever. Both countries are focusing on promising sectors such as food processing, textiles, design, manufacturing and financial services.
trade barriers will be removed
The items exported from India to Italy include iron and steel, telecommunication equipment, petroleum products, iron and steel products and other items like tea. The main items of import from Italy include industrial machinery for dairy, electric machinery and equipment, chemicals, various engineering items and machine tools. Meanwhile, to further strengthen the trade relations between the two countries, the obstacles in it will have to be removed. There are more than 700 Italian companies in India, which employ about 60,000 people and the total turnover is 9.7 billion euros. Major Italian companies working in India include Ferrero, Fiat, CNH and Perfetti. This visit of PM Modi will also accelerate the pace in the field of trade.
India-Italy have strong relations
India and Italy are both democratic countries and enjoy close friendly relations. Both countries are committed to achieving the goals of economic development through the rule of law, respect for human rights and inclusive growth. The two countries also celebrated 75 years of establishment of diplomatic relations last year. PM Narendra Modi visited Italy for the G20 summit in October 2021. Italian PM Giorgia Maloney visited India on a state visit in March 2023. Maloney also visited India for the G20 summit.
A long series of talks between India and Italy
India and Italy work together on many issues including defense, energy and science and technology. This visit of PM Modi can also elevate bilateral relations between the two countries to the level of ‘strategic partnership’. Earlier, several Italian ministers visited India in 2023 for G20-related meetings. During this, topics like trade, finance, agriculture, education and culture were discussed between the two countries. The Speaker and President of the Italian Senate and Chamber of Deputies also attended the P20 meeting last year.
Ministers’ visit to Italy
In the previous government, External Affairs Minister S Jaishankar, Defence Minister Rajnath Singh and Union Commerce and Industry Minister Piyush Goyal visited Italy in November, October and April respectively last year. The visits of these leaders set the agenda for working between India and Italy in the field of defence, economy, science and technology. In this sequence, India and Italy are jointly funding three networks of excellence in the areas of biomedical/health sciences and technologies applied to cultural and natural heritage, under the Executive Programme of Cooperation for the period 2022 to 24. ISRO has launched five satellites of Italy on commercial mode.
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