Prime Minister of Italy’s Official Visit to India
The Prime Minister of Italy recently made an official visit to India. During this visit, the Indian and Italian Prime Ministers held bilateral talks, and they also addressed the final session of the Technology Summit in Delhi. This summit was co-hosted by India and Italy.
Outcome of Visit: India-Italy Technology Summit
India and Italy jointly hosted the 24th edition of the Technology Summit, which was organized by the Department of Science and Technology of the Ministry of Science and Technology, Government of India. This time around, Italy was the partner country.
This summit was targeted at further improving cooperation in numerous areas such as clean technologies, renewable energy, Information and Communication Technologies, healthcare, aerospace, education, and cultural heritage.
India-Italy Bilateral Industrial Research and Development Cooperation Programme
During the summit, the India-Italy bilateral Industrial Research and Development Cooperation programme was announced. The aim of this programme is to allow industry and research institutions to collaborate with ease. The two countries also decided to work on lifestyle accessories design industry, with a specific emphasis on leather and transportation and automobile design sectors.
Also on the agenda for strengthening economic cooperation, it was decided that the next session of the India-Italy Joint Commission on Economic Cooperation (JCEC) will be convened in India in 2019.
Proposed CEO Forum and Fast Track Mechanism
Both the countries agreed to move towards forming a CEO Forum and establishing a Fast Track Mechanism. These initiatives are intended to promote bilateral investments and solve problems encountered by businesses in both countries. The countries also supported closing the India-EU Broad Based Trade and Investment Agreement (BTIA).
| Fact | Details |
|---|---|
| Italy’s support for India’s NSG membership | Italy affirmed its support for India’s membership bid at the Nuclear Suppliers’ Group (NSG). |
| Develop Contacts between Italy’s CDP and India’s NIIF | Both countries agreed to develop contacts between Italy’s Cassa Depositi e Prestiti (CDP) and India’s National Infrastructure Investment Fund (NIIF). |
| Invitation to Italy for “Make in India” Scheme | India invited Italy to participate in the defense sector under the “Make in India” scheme. |
Broadening Cooperation in Various Sectors
The countries came to an agreement to collaborate in a plethora of fields including renewable energy, food processing, railways, infrastructure and in defense partnership, climate change, counter-terrorism.
The Glorious History of India-Italy Relations
The relationship between the two nations goes back to ancient civilizations, with historic languages, Sanskrit and Latin belonging to the Indo-European language family. The two countries have known, interacted and traded with each other for over 2000 years. Trade relations between India and Italy strengthened as Italian port cities became crucial trading posts on the spice route.
Economic, Cultural and Scientific Collaboration
Currently, India and Italy have a robust trade relationship with India ranking as Italy’s fifth largest trading partner in the European Union and Italy being the fifth largest investor in India. In 2017-18, the India-Italy trade reached $10.5 billion, up from $8.8 billion in 2016-17. An agreement for cultural cooperation signed in 1976 facilitates the exchange of students in language programs and other academic courses through the Cultural Exchange Programme (CEP).
The Significance of India-Italy Relations
2018 marked the 70th anniversary of diplomatic relations between India and Italy. The Italian Prime Minister’s decision to choose India as one of his initial visits outside the EU highlights the importance given to India by Italy. India has also recently been identified as one of the top five priority countries by Italy for the internationalization of business.
