PM Modi and Italian PM to hold Bilateral Summit.

The Prime Minister of India, Narendra Modi, will held a virtual bilateral summit with his Italian counterpart, Giuseppe Conte on November 6, 2020. During the virtual summit,  both the leaders would sign 15 pacts in the field of trade, energy, ship building and culture.

Highlights

The summit will explore possibilities of Italian investments in India. The primary focus will be on investments in defence. Both the countries will also discuss about hosting the G20 summit. Italy have agreed to host G20 summit in 2021 after India requested. This summit is preceding the Indo Italian High-Level Dialogue.

Indo Italian High-Level Dialogue

During the high-level dialogue, the Italian firm Fincantieri had agreed to enhanced it presence in India. The long-standing partnership of the firm with the Cochin Shipyard Limited (CSL) of Government of India was further strengthened. Both the firm signed a memorandum of  understanding (MoU) on the basis of –

  1. Naval Automation
  2. Ship Repair
  3. Training Indian Personnel
  4. Design, procure and local construction of new vessels.

India Italy Relation

The Diplomatic relations between the India and Italy was established in 1947. Indian Prime Minister Jawaharlal Nehru became the first PM that visited Italy in 1953. Following that, President Oscar Luigi Scalfaro became the first Italian head of state to visit India in February 1995.  This relation was took forward by the Narendra Modi led government also. In the line, Italy is the fifth largest trading partner of India among the European Union countries after Germany, Belgium, UK and France. The bilateral trade between India and Italy stands at 9.52 billion Euros as of 2019. More than 600 large Italian companies are active and investing in India. These companies cover the sectors including textiles, infrastructure, fashion garments, automotive components, chemicals,  insurance and energy confectionery.