India and Italy Strengthen Strategic Partnership in Trade, Innovation, and Technology

Dr. S. Jaishankar, India’s Union Minister of External Affairs, also spoke at the forum, emphasizing the complementary strengths of India and Italy.

The Deputy Prime Minister and Minister of Foreign Affairs & International Cooperation of Italy, H.E. Antonio Tajani, addressed the ‘Italy-India Business, Science and Technology Forum’ today, highlighting the growing strategic partnership between India and Italy. Tajani emphasized that the forum is part of a broader strategic plan signed by both governments, which is focused on enhancing bilateral trade and fostering greater cooperation in critical sectors such as innovation, higher education, and technology.

In his remarks, Tajani underscored the crucial role that India plays in regional stability, particularly in the Indo-Pacific region, which is vital for strengthening trade ties. He stated, “India is an important country for stability in the Indo-Pacific region. Stability is crucial to strengthen trade,” reflecting the intertwined nature of geopolitical dynamics and economic growth in the region.

Tajani further elaborated that Italy sees India as a country with vast economic potential. He reaffirmed the commitment to deepen bilateral relations, stating, “Italy and India are natural economic partners. Together, we want to strengthen our cooperation for a partnership that looks at the future through higher education, innovation, and research.” Highlighting the strong economic ties, he noted that bilateral trade between the two nations now exceeds $14 billion, with significant opportunities for expansion. Tajani expressed the desire to increase investments from Italy into India, boost exports to India, and attract more Indian investments into Italy.

The forum also highlighted the enormous potential for collaboration in sectors such as artificial intelligence (AI), supercomputers, space technology, and defense. These high-tech industries offer a wealth of opportunities for joint ventures and partnerships that both countries are keen to explore. Tajani urged both governments and industries to work together to attract more investments in these critical fields.

Union Minister of Commerce & Industry, Shri Piyush Goyal, also addressed the forum and echoed Tajani’s sentiments. Goyal pointed out the significant potential for expanding bilateral trade between India and Italy. “There is further scope for expansion in the bilateral trade between India and Italy if we work seamlessly with each other, encourage investments, and promote businesses without roadblocks,” he said. Goyal emphasized that India’s economy is expected to grow substantially, from $4 trillion to $30-35 trillion by 2047, reinforcing India’s case as a critical player in global trade.

The Union Minister highlighted that India’s vision of becoming a "Viksit Bharat" (Developed India) presents a unique opportunity for deeper engagement between the European Union and India, particularly with Italy. He pointed out several untapped sectors that are ripe for growth, including fashion, luxury goods, food processing, pharmaceuticals, tourism, green technology, advanced manufacturing, and automobiles. Goyal’s remarks underscored the dynamic economic shift underway in India and the mutually beneficial opportunities that Italy and India can seize together.

Amidst global challenges, Goyal expressed confidence in the enduring strength of the Italy-India relationship, noting, “It is very reassuring to see the strength and depth of the Italy-India friendship.” He also underscored the timeliness of the forum, which aligns with the implementation of the Joint Strategic Action Plan 2025-29, launched by Prime Ministers Narendra Modi of India and Giorgia Meloni of Italy in November 2024. The action plan focuses on trade, investment, innovation, and a forward-looking approach to strengthening bilateral relations between the two countries.

Dr. S. Jaishankar, India’s Union Minister of External Affairs, also spoke at the forum, emphasizing the complementary strengths of India and Italy. Jaishankar noted that the direction of India’s progress aligns well with the capabilities of the Italian industry, offering an ideal framework for collaboration. He highlighted the role of India’s “Make in India” initiative, which offers a platform for collaboration, particularly in manufacturing and innovation sectors. Jaishankar’s remarks further solidified the notion that India and Italy’s strategic partnership can unfold in significant ways, benefiting both nations.

The forum, which serves as an important platform for dialogue and collaboration, marked a significant step forward in strengthening India-Italy relations, particularly in areas crucial for the future, such as innovation, technology, and trade. The discussions underscored the shared vision of both countries to build a lasting, mutually beneficial partnership that drives economic growth, technological advancement, and geopolitical stability.

As India positions itself as a global economic powerhouse and Italy continues to expand its global presence, the collaboration between these two nations is expected to foster long-term growth, innovation, and development. The shared commitment to a deeper, more robust partnership was palpable throughout the forum, offering a promising outlook for the future of India-Italy relations.