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India-Italy set up Fast–Track Mechanism for Investors-Companies

System to identify and solve problems

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System to identify and solve problems

 

PIB.
DPIIT Secretary Ramesh Abhishek and Italian Ambassador Lorenzo Angeloni exchanging documents on setting up fast track mechanism.

India and Italy have decided to establish fast-track system to support the activities of companies and investors of both the countries in each other markets, Commerce and Industry Ministry said on 16 July 2019.

The key objectives of the fast–track system will pave the way for and identify and solve problems faced by Italian companies and investors with their operations in India.

The system will also serve as a platform for discussing general suggestions from Italian companies and investors relating to ease of doing business in India.

Department for Promotion of Industry and Internal Trade (DPIIT) in close cooperation with Invest India will represent the India side in this system.

DPIIT will facilitate the participation of other relevant Ministries and authorities on a case by case basis.

Invest India will be the responsible agency to pursue and monitor individual cases. They will be constantly reviewed by DPIIT.

The Italian Embassy in India, in close cooperation with the Italian Trade Agency and relevant Ministries in Italy, will represent the Italian side of the system in India.

A continuous updated list of relevant concerns of Italian companies and investors in India will be prepared by Italian Embassy and form the basis of the fast–track system in India.

The fast-track system will be reviewed twice a year at the level of Secretary, DPIIT and Italian Ambassador in India.

The Italian Embassy and DPIIT will meet on the working level at shorter intervals as and when required to review the progress achieved.

Fast-track system for Indian companies and investors in Italy

Key objectives of the fast–track system in Italy will pave the way for and identify and solve problems faced by Indian companies and investors with their operations in Italy.

The fast-track system will also serve as a platform for discussing general suggestions from Indian companies and investors with regard to ease of doing business in Italy.

The Italian Economic Development Ministry, in close cooperation with the Italian Trade Agency, will represent the Italian side in this system in Italy.

The Ministry will facilitate the participation of other relevant Ministries and authorities on a case by case basis. Italian Trade Agency will be the responsible agency to pursue and monitor individual cases. They will be constantly reviewed by the Ministry.

The Indian Embassy in Italy, in close cooperation with DPIIT and the relevant Indian Ministries, will represent the Indian side of this system in Italy.

A continuous updated list of relevant concerns of Indian companies and investors in Italy will be prepared by Indian Embassy and form the basis of the fast–track system in Italy.

The fast-track system will be reviewed twice a year at the level of Director General for Internationalization and Trade Promotion, Economic Development Ministry, Italy and Indian Ambassador in Italy.

The Indian Embassy and the Italian Ministry will meet on the working level at shorter intervals as and when required to review the progress achieved.

A meeting was held in New Delhi on 16 July 2019 by the Italian to India, Lorenzo Angeloni, and Secretary, DPIIT, Ramesh Abhishek, and other senior officials from both sides, to deliberate upon issues of five Italian companies. Fiinews.com

Secretary, DPIIT, Ramesh Abhishek and Ambassador of Italy to India, Lorenzo Angeloni exchanging documents on setting up fast track mechanism.

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