Italian CEOs looking at expanding operations for catering to Indian-export markets
Commerce and Industry Minister Piyush Goyal has assured Italian businesses that India will provide a very robust and forward-looking policy framework with retrospective changes.
High targets must be set in the India-Italy partnership as there is a lot of new potential especially in light of the recently elevated Strategic Partnership, he said on 13 Apr 2023 during a visit to Italy.
This is the most opportune time to be in India, he said, highlighting that about 700 Italian companies are operating in India.
Goyal elaborated on how a plethora of opportunities in India make it one of the world’s most trusted business and investment destinations.
“India is an open country with global linkages with the trade negotiations underway with EU and the European Free Trade Association (EFTA),” he told the CEOS business Interactive Session in Rome.
The Deputy Prime Minister and Minister of Foreign Affairs, Antonio Tajani, also participated in the interactive session and addressed the industry captains, underlining the need to work together to create a better line of next generation in both the countries by backing MSMEs and industry.
The session was organised by the Embassy of India in Rome in association with the Confederation of Indian Industry (CII) and Confindustria.
More than 70 CEOs from Indian and Italian companies participated in the session.
The Italian business was represented by giants like Sparkle, Elettronica, Piaggio, Lamborghini, ITA, etc.
Acknowledging that India is an important economic player, the CEOs called for stepped up cooperation at both the government and industry levels.
Italian companies are exploring various investment opportunities present in India, the CEOs told the Ministers at the session.
The CEOs informed Goyal that they were looking at expanding operations in India for catering to the Indian markets as well as exports. This will not only lead to production expansion and employment generation but also increase exports from India.
Ambassador Raffaele Langella from Confindustria noted that India is in a very important economic phase, and added, “it is time to step up the cooperation”.
Piaggio CEO Matteo Colaninno noted that both the Governments are working fast to make Enterprises in both countries to explore opportunities.
Signing of India – EU FTA could be a catalyst for further enhancing India Italy relationship, added Sanjiv Puri, Vice President CII and Chairman and Managing Director, ITC Limited.
FIEO President Dr. A Saktivel told the Italian businesses to look at India as their export hub, highlighting that the country has achieved US$770 billion export in 2022-23 due to the robust policy.
Goyal’s visit to Italy had been very productive with one-on-one meetings with Italian CEOs of some prominent companies like Piaggio, CIBJO, Nayara Energy and Enel Green Power, the Ministry of Commerce and Industry said on 14 Apr 2023. fiinews.com
