India and Italy Forge Stronger Economic Ties with Strategic Partnerships

India and Italy have agreed to enhance collaboration in key sectors including Industry 4.0, smart manufacturing, and the automobile industry. During the Joint Commission on Economic Cooperation, co-chaired by Piyush Goyal and Antonio Tajani, both countries committed to expand their strategic partnerships and business collaborations.

Union Commerce and Industry Minister Piyush Goyal announced that India and Italy have reached a consensus to advance cooperation in pivotal sectors. These include Industry 4.0, smart manufacturing, and the automobile industry. The agreement followed the Joint Commission on Economic Cooperation meeting, co-chaired with Italian Deputy Prime Minister Antonio Tajani.

Goyal, through a social media post, outlined the primary focal points discussed at the JCEC. The two nations will collaborate on smart manufacturing via Industry 4.0, foster stronger links between startups, broaden technology partnerships, and initiate Joint Working Groups in essential sectors like space and automobiles. A memorandum on agriculture was also drafted as part of the collaborative agenda.

The union minister emphasized the shared vision of India's Prime Minister Narendra Modi and Italy's Prime Minister Giorgia Meloni. Highlighted were the strategic significances of the India-Middle East-Europe Economic Corridor and the potential impact of the India-European Union Free Trade Agreement. He invited Italian enterprises to invest in India's economic growth.

(With inputs from agencies.)