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Political relations between India and Italy were established in 1947. There has been a regular exchange of visits at political and official levels between both countries. Over the past few years there have been several visits at the Prime Ministerial level, EAM level, Commerce Minister, Agriculture Minister, Health and so on, with several MoUs being signed during these visits. From the Indian side, at the level of Head of State/Government, the visit(s) date back to 1953 & 1955 when Prime Minister Pandit Jawaharlal Nehru visited Italy, Prime Minister Smt. Indira Gandhi in November 1981; President Dr. Shanker Dayal Sharma in October 1996; Prime Minister Shri H.D. Deve Gowda in November 1996; Prime Minister Shri I.K. Gujral in September 1997; Prime Minister Shri A.B. Vajpayee in June 2000; Prime Minister Dr. Manmohan Singh in July 2009 and Prime Minister Shri. Narendra Modi in October 2021 to participate in the G20 Leaders Summit in Rome. From the Italian side, the first visit at the level of Head of State/Government took place in 1988 when Prime Minister Mr. Giovanni Goria visited India, followed by President Dr. Oscar Luigi Scalfaro in Feb 1995; Prime Minister Prof. Romano Prodi in Jan 1998; President Mr. Carlo Azeglio Ciampi in Feb 2005; Prime Minister Mr. Romano Prodi in Feb 2007; Prime Minister Paolo Gentiloni in October 2017 and Prime Minister Giuseppe Conte in October 2018. Both countries regularly hold an institutionalized Senior Officials Dialogue (Foreign Office Consultations) which was held in Rome on 14 February, 2022.
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Year 2011 was marked by visit of then EAM Shri SM Krishna to Italy to participate in the 150th anniversary celebrations of Italy’s unification. The same year MOS (External Affairs) also visited Italy to meet Indian Business community and had Bilateral Talks with Italian counterpart. In 2012, Italian Foreign Minister Giulio Terzi visited India and held bilateral discussions with EAM and CIM. Home Minister, Shri Sushil kumar Shinde visited Rome from 4-5 November 2012 to participate in the triennial Interpol Ministerial Meeting. The then EAM, Smt. Sushma Swaraj led an official delegation for the Canonization ceremony of Mother Teresa at the Vatican from 2-5 Sept 2016. During her visit, she met then Italian Foreign Minister Paolo Gentiloni. In 2018, both countries celebrated the 70th Anniversary of the establishment of Diplomatic relations through a series of cultural events. EAM Dr. S. Jaishankar visited Rome on 06-08 December 2019 to attend MED Conference and met Prime Minister Giuseppe Conte on the margins of the Conference. EAM also attended the MED 2020 on 04 Dec 2020 in virtual format. EAM also participated in the G20 Foreign Ministers meeting in Matera in June, 2021.
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An Italy-India Parliamentary Friendship Association under the IPU Italy Chapter was established in 2004 with Senator Maria Claudia Lannucci as President. The reconstituted Italy-India Parliamentary Friendship Association, under Mr. Sandro Gozi, MP, visited India in December 2011. In 2019, Italian Parliament constituted an Italy-India Parliamentary Friendship Group. Presided by former Defence Minister Senator Roberta Pinotti, Group was a cross-party grouping of 17 Senators and Deputies. On 02 October 2019, 150th birth anniversary of Mahatma Gandhi was celebrated in the Senate with the participation of Speaker Elisabetta Casellati, Senator Pinotti and other MPs and guests. The second India-Italy Parliamentary Interaction was held on March 22, 2021, which was the first ever virtual interaction for Indian Parliamentarians.
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PM Modi and PM Conte co-chaired a Virtual Summit between India and Italy on 06 November 2020 and held extensive talks on bilateral, regional and global issues. 2020-2025 Action Plan was adopted that set an ambitious agenda for an enhanced Partnership between the countries. A total of 15 MoUs covering areas like energy, media, finance, ship building were signed.
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PM Modi paid his first official visit to Italy in October 2021 to attend the G20 Summit at the invitation of PM Draghi. On the sidelines of the Summit, PM held bilateral meeting with PM Draghi. The two sides exchanged views on bilateral relations as well as international and regional issues of mutual interest. A Joint Statement announcing a Strategic Partnership on Energy Transition was issued and a Statement of Intent on Textiles cooperation was released.
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As a prelude to the G20 Summit in Italy in 2021, there were several visits by Indian Cabinet Ministers for G20 ministerial meetings- two by External Affairs Minister (June and October 2021), two by Commerce and Industry Minister (Oct 2021), Finance Minister (Oct 2021), and Health Minister (Sept 2021). Hon’ble Speaker of Lok Sabha visited Italy for P20 in October 2021. Many other ministers attended G20 Ministerial virtually.
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The then Foreign Minister Luigi Di Maio paid a bilateral visit to India from 4-6 May, 2022 and held bilateral meetings with EAM and CIM. Business round table was also held in which top Italian and Indian CEO participated. In September 2022, Minister for Petroleum and Natural Gas Shri Hardeep Singh Puri participated in the 50th edition of Gastech Conference in Milan.
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On 2-3 March 2023, PM Meloni paid her first ever state visit to India following her victory in the Italian general elections in September 2022. This was the first high level visit from Italy to India after a gap of 5 years. The visit also came in the backdrop of the 75th anniversary of establishment of diplomatic relations between India and Italy. During the visit, PM Meloni met PM Modi at Hyderabad House and held discussions on promoting green economy, energy security and transition, defence co-production and co-innovation, blue economy. Both sides also expressed satisfaction on collaboration within the G20, International Solar Alliance, Coalition for Disaster Resilient Infrastructure, Indian Ocean Rim Association and various other multilateral fora. The major outcome of the visit was the elevation of the bilateral relationship to the level of Strategic Partnership as India and Italy have potential for enhancing collaboration in the fields of cyber security, innovation, defence and outer space. A startup bridge between Indian and Italian startup companies was also established. PM Meloni also called on President of India Smt. Draupadi Murmu in Rashtrapathi Bhavan. She was also the Chief Guest and Keynote Speaker at the Raisina Dialogue 2023.
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With a bilateral trade of USD 13.229 bn in 2021-22, which is 53.86% increase over the previous financial year. Italy is India's 4th largest trading partner in EU, after Germany, Belgium and the Netherlands. India ranks 15th as country of origin of Italian imports, accounting for 1.5% of Italian imports. The top items of exports from India to Italy are: organic basic product, clothing, precious metals and other non precious metals, pharmaceuticals, dyes, pigments and yarns, Motor Vehicles & Parts, Refined petroleum Products etc.
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Indian companies in Italy are mainly in IT, electronics and engineering sectors. Prominent ones are: Titagarh Industries, TCS, Mahindra, Ranbaxy, Bombay Rayon, Zydus Cadila, Dr. Reddy’s Laboratories, Aurobindo Pharma Italia, Himatsingka Seide, Varroc Group, Endurance Technologies, Gammon, ABG Group, Aditya Birla, Raymond Zambaiti, Sun Pharma etc. Over 600 large Italian companies are active in India, covering varied sectors such as fashion and garments, textiles and textile machinery, automotive and automotive components, infrastructure, chemicals, energy, confectionery, insurance, etc.
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Four Italian banks have representation in India (namely Banco BPM, Intesa Sanpaolo, Monte dei Paschi di Siena – MPS, Unicredit Group). Banca Nazionale del Lavoro-BNL is now part of the French group BNP Paribas. Top sectors attracting FDI inflows from Italy are Automobile Industry/Transportation, Food Processing, Metallurgical Industry, Textiles, Electrical Equipment and Others.
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Italy ranks 17th in FDI inflows in India during April 2000 to June 2022 with FDI inflow of US $ 3.20 bn during this period. The top sectors attracting FDI - Automobile (29.8%), Trading (17.1%), Industrial Machinery (5.6%), Services (5.1 %), Electrical Equipment (4.6%). The stock of Overseas Direct Investment from India to Italy up to 2021 is at the level of US$ 401 million. (source: Italian National Institute of Statistics {ISTAT})
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Indo-Italian Joint Economic Commission Cooperation (JCEC) has been in existence since 1976. The 21st JCEC, held in virtual mode on 9 July 2021, was co-chaired by CIM Shri. Piyush Goyal and FM Mr. Luigi Di Maio. Both sides held extensive discussions on bilateral trade and Investment and economic cooperation in the areas of Food Processing, Textiles, Leather, Railways, Start-ups and promotion of SMEs. Following the JCEC, a session on energy transition was organized which was attended by the CEOs of three major Italian and three major Indian companies operating in the sector.
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On October 28, 2020 the first ‘Indo-Italian High-Level Dialogue on Economical relations’ an initiative promoted by AIICP (India-Italy Association for Cooperation and Partnership), in collaboration with Confindustria and Confederation of Indian Industry (CII) and with the support of the Embassy of Italy in India and the Embassy of India in Italy, was held. It witnessed the participation of 60 CEOs from India and Italy who represented different sectors.
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The Mission, in collaboration with the Federation of Chambers of Commerce & Industry (FICCI), organized an India-Italy Business Forum and B2B event on December 01, 2022. Min. Plen. Alessandra Schiavo, Deputy Director General for Asia, Oceania, Pacific and Antarctica, participated on behalf of the Italian Ministry of Foreign Affairs and International Cooperation. The business delegation from India led by Mr. Sulabh Mathur, Addl. Director (Europe & CIS) FICCI, was comprised of representatives of 9 Indian companies (from automobiles, food processing, engineering, textiles and gems & jewellery, renewable energy sectors). From the Italian side, the event was attended by senior officials from the Italian Foreign Ministry, Cassa Depositi & Prestiti (CDP), Italian Trade Agency (ITA); Invitalia; AIICP; CNA and Confapi (Confederations of SMEs); and various industrial associations/Chambers. The event was attended by over 80 participants. During the event an MoU was signed between FICCI and Cassa Depositi & Prestiti (CDP) on promotion of trade, commerce and economic cooperation between Indian and Italian companies.
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Italian Minister for Economy and Finance, Mr. Giancarlo Giorgetti participated in the 1st Finance and Central Bank Governors’ meeting in Bengaluru on 24-25 February, 2023. He also met India’s Finance Minister Ms. Nirmala Sitharaman and discussed about support to fragile economies, promotion of economic growth in the post COVID world. He also highlighted the possibility of making Italy as the bridge for gas between Northern Africa and Europe.
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On March 29, 2023, the Indian Embassy in association with Access India Initiative partners organized a Business event in Milan to brief the Italian SMEs about the potential business opportunities in India. Approximately 160 businessmen attended the event. During the event, representatives from Invest India made a pitch for doing business with India. On the sidelines of the event, three MoUs were signed between Indian and Italian companies.
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The 2nd JWG on Renewable Energy was held virtually in March 2023. The Indian delegation was headed by Director, Ministry of New and Renewable Energy. Both sides discussed about the roadmap for future collaboration in green energy sector. The 1st JWG on Agriculture was held on 12 April 2023 through virtual mode. The Indian delegation was headed by Additional Secretary, Ministry of Agriculture. Both sides discussed about the roadmap for future cooperation.
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During 12-14 April, 2023 Hon’ble Minister for Commerce and Industry (CIM) Shri Piyush Goyal visited Italy. The visit was aimed at carrying forward the agenda of the recent successful state visit of PM Meloni to New Delhi in March 2023. During the visit, CIM met the Deputy Prime Minister and Foreign Minister Antonio Tajani and discussed about the bilateral issues of common interest and means for promotion of bilateral trade and investments. He further held wide ranging discussions with Adolfo Urso, Minister for Enterprises and Made in Italy regarding ‘Make in India’ initiative. He further highlighted the need to promote investments in the fields of electric vehicles and sustainable mobility sectors in India during his meeting with Matteo Salvini, Deputy Prime Minister and Minister for Infrastructure and Sustainable Mobility.
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CIM along with Italian Foreign Minister Antonio Tajani held round-table discussions with leading Italian CEOs and businessmen during the visit. CIM also had one-on-one meetings with selected Italian CEOs including SOL Group, CIBJO, Nayara Energy, Piaggio S.p.A., SNAM and Enel Green Power.