India and Italy have been sharing cordial relations since long. At present, total trade between the two countries stands at US$9.5 billion. But the sluggish economic growth of the European countries due to the global financial downturn has prompted the European giants to actively woo developing countries like India for investments and collaborations. In this regard, the Italian economic development minister, Claudio Scajola, recently led a trade delegation to India and participated in the Indo-Italy forum to discuss new avenues for growth, especially for the SMEs. The Indo-Italy forum revealed opportunities for investment and strategic tie-ups in sectors such as engineering, textiles, automobiles, life sciences, agriculture and food processing and travel and tourism. â€After a prolonged lull, this is indeed a good piece of news for the small Indian firms since it will help them to expand their global reach,†says Dr Villoo Morawala-Patell, founder and chairperson of Avesthagen, a mid-sized biotech firm in Bangalore. Dr Villoo further added that Scajola’s visit to India will give a further fillip to the bilateral trade relation between India and Italy. Potential tie-up According to forum sources, both the countries are deliberating over a tie-up between India’s Chennai and Mumbai ports with Venice and Genoa ports in Italy. The tie-up will facilitate transfer of advanced technologies, training and cost-effective business strategies to India. â€There is no doubt that Indian SMEs will immensely benefit from this and will be able to maximise their profitability,†says Krishnendu Ghosh, proprietor of Energy Plus, a mid-sized engineering firm in Durgapur, West Bengal. In addition to this, the potential tie-up will give Italy’s Venice and Genoa ports the opportunity to transform themselves as the European gateway for Indian goods.
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