Italian Business Mission, FICCI discuss ‘Make in India’ collaboration opportunities

Promoted by Italian Ministries of Economic Development and Foreign Affairs and International Cooperation and organized by Italian Trade Agency, Confindustria (Confederation of Italian Industry), ABI (Italian Bankers’ Association), Unioncamere (Union of Italian Chambers of Commerce) and Rete Imprese Italia (Network of Italian Enterprises) in collaboration with FICCI (Federation of Indian Chambers of Commerce and Industry) and CII (Confederation of Indian Industry)

The delegation is led by Deputy Minister of Economic Development, Hon’ble Ivan Scalfarotto, along with Michele Scannavini, President of Italian Trade Agency, Licia Mattioli, Vice President of Confindustria for Internationalization and Guido Rosa, Vice President ABI (Italian Bankers’ Association) for Internationalization

Over 60 companies, 6 Industrial Associations and Trade Associations, 4 universities and Research Centers, 8 Banks, CDP (CassaDepositi e Prestiti) group, a total of 150participants and more than 800 business to business meetings (B2B) between Italian companies and Indian counterparts

The Programme of the Business Mission will include sectors’ meetings for the Italian business delegation and in particular it will be focused on the following: on 27th April, in New Delhi, the Italy – India Business Forum “Going forward on a common path” will take place, and it will be followed by a session of business meetings between Italian and Indian companies.

Ivan Scalfarotto, ItalianDeputy Minister of Economic Development said, “We are going to India with a particularly robust and qualified delegation. An indispensable feature for the relationship with a country of extraordinary importance both from an economic point of view and from a geographic and demographic perspective. The sixth economy of the planet has also recently shown great dynamism, backed by public policies that open significant opportunities for Italian companies. There exist opportunities linked both to the ongoing infrastructure and to the development processes in the country and the presence of a growing middle class with lifestyles and levels of consumption particularly suitable for the penetration of Italian excellence.”

Michele Scannavini, President of Italian Trade Agency said, “The strong growth recorded in the recent years and the estimates of an increase of GDP by 7.2% at the end of 2017 make India one of the most dynamic economies in the world. Among the factors that supported this growth are the progressive integration of the Indian economy into a global one and the greater opening up towards international trade, events that result in opportunities for the Italian System. The infrastructure sector, which is experiencing a strong demand, along with industrial machinery, automotive and renewable energy are the most attractive sectors for our enterprises.”

Licia Mattioli, Vice President of Confindustria forInternationalization said, “We chose to return to India since the consumption continues to grow, driven by the dynamism of aspiring middle class”, mainly comprising of young people whose average income is rising steadily. The demand for high quality products does increase with interesting opportunities for our enterprises. Thanks to the reforms of the internal market put in place by the Modi Government, India is a favorable investment environment due to the re-launch of industry and employment, the increasing liberalization of the national economy, the progressive opening up to international trade and, to the imposing infrastructure plan for the modernization of ports and airports”

Guido Rosa, Vice President ABI (Italian Bankers’ Association) for Internationalization said, “The Italian banking delegation with the aim of strengthening the support offered to Italian companies, both from Italy and directly in India, will meet the Reserve Bank of India(RBI) and the leading local banks, led by their Banking Association (IBA) with the aim of focusing on the state of interbank relations.”

With a trade exchange of over 7.5 billion Euros in 2016, Italy is India’s fifth trading partner among the EU countries, with more than 500 companies present, with technological and production skills. The market size, demand growth, industry and foreign investment revival represent the priorities of government and the guidelines of the Make in India campaign, aimed at promoting a broad set of measures to boost Indian production and its international competitiveness with the aim of increasing the manufacturing share of GDP from 15% to 25% by 2022. The new technologies and partnerships with foreign partners are needed in every sector, especially in the most knowledge and technology-intensive industrial sectors and the Italian System can play a leading role in the process of industrialization and growth of the country. Over the past two decades India has recorded sustained growth rates with an annual average rate of 5.8% and some peaks (7.3% in 2014, 7.5% in 2015, 7.6% in 2016) which have led it to be the first country among the BRICS and one of the first among the world’s major economies

Among the origins of this rapid economic growth is surely the progressive opening up of the Indian economy to the world and to international trade, coupled with a series of internal market reforms that have profoundly restructured the national economy

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