From fashion to tech, how is India-Italy trade unbreakable? Business reached 14.56 billion dollars

Prime Minister Narendra Modi has now reached Italy after visiting 5 Nordic countries. On Wednesday he met Italian Prime Minister Georgia Meloni. Pictures of their meeting are viral on social media. Georgia Meloni took a selfie with PM Modi and said, ‘Welcome to Rome, friend.’ The friendship between the Prime Minister and Meloni is once again in the headlines.

Prime Minister Narendra Modi has said about this visit that increasing mutual cooperation between India and Italy and India-West Asia-Europe Economic Corridor (IAMEC) will be discussed. Both countries will also review the Joint Strategic Action Plan 2025-2029. Prime Minister Narendra Modi will also visit the Fertilizer and Agriculture Organization (FAO). Food security will be discussed between the two countries.

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What is India expecting from Italy?

Randhir Jaiswal, Spokesperson, Ministry of External Affairs:-
A new chapter is being written in the India-Italy strategic partnership. Prime Minister Narendra Modi has reached Rome on an official visit. India and Italy have a long-term and multidimensional partnership. This visit will provide new impetus to India-Italy partnership.

How have been the relations between India and Italy?

Ministry of External Affairs Had said in a joint statement on 18 November 2024, ‘India and Italy are two ancient civilizations, which have centuries-old cultural and trade relations. Ports such as Venice in Italy were important on the ancient spice route. In the 13th century, the Venetian merchant Marco Polo came to India and wrote about his travel experiences.

According to the Ministry of External Affairs, Rabindranath Tagore went to Italy in 1926, while Mahatma Gandhi reached Rome in 1931. In World War II, Indian soldiers fought against the German and Mussolini forces in Italy. Diplomatic relations were established between the two countries in 1947. Today there is strong people-to-people contact between the two.

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Official friendship is more than 78 years old

A large number of Indian expatriates live in Italy. In the year 2023, both the countries celebrated the 75th anniversary of diplomatic relations. The Prime Minister also went to Italy in the year 2024. In October 2021, Prime Minister Narendra Modi visited Italy for the G20 summit. Italian Prime Minister Georgia Meloni came to India in March 2023 and was the chief guest of the Raisina Dialogue. During this, both the countries gave the relationship the status of strategic partnership.

In which areas India and Italy are together?

There is a good partnership between India and Italy in areas like energy, cyber security, defence, space, green economy and blue economy. In June 2024, Prime Minister Narendra Modi reached Italy for the G7 summit. Georgia Meloni and Prime Minister Modi meet warmly on global platforms. The diplomatic friendship between the two remains in discussion. The two leaders announced a Joint Strategic Action Plan for 2025-29 during the G20 Summit in November 2024.

How are trade relations with Italy?

According to the Ministry of External Affairs, Italy is India’s fourth largest trading partner in the European Union. Bilateral trade will reach $14.56 billion in the year 2023-24. India’s exports stood at about $8.76 billion. Foreign direct investment worth $3.5 billion has come to India from Italy.

Investment is prominent in automobiles, machinery and services. Italian companies are active in India in the fashion, automobile, energy and food sectors, while Indian companies are operating in Italy in the IT, engineering and pharma sectors. Defense cooperation is also increasing. Remembering the contribution of Indian soldiers in World War II, both the countries are now carrying out modern defense cooperation.

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What are the possibilities?

Cultural, educational and diaspora ties between India and Italy also run deep. There is more than 2 lakh Indian community in Italy. More than 6700 Indian students are studying there. Both countries have strong agreements on culture, education and migration-mobility. Yoga Day, Diwali and Indian cultural programs are organized regularly.

The ancient cultural ties between India and Italy have now transformed into a modern strategic, economic and defense partnership. The two countries are also working together on global issues like climate change, renewable energy, space and cyber security.