Italy has offered to provide India a special status and shipping routes to help access European and other markets. As a beginning, Italy has signed agreements with India for collaboration between Mumbai and Venice and Chennai and Gensa ports.
Italian Economic Development Minister Claudio Scajola told Business Standard Italy could be a gateway for Europe. The agreements would help these ports share technologies and expertise in carrying out further development of ports and docks and also streamline container movements.
Moreover, the minister said joint efforts would be made by India and Italy to increase the bilateral trade three-fold from the present level of $8 billion in the next three years. According to Scajola, India and Italy can tap opportunities in renewable energy, nuclear power, agro and food processing, manufacturing, logistics, textiles and tourism.
“During my meeting with India’s Commerce Minister Anand Sharma, we discussed various ways to increase trade between the two (countries). More action will be seen during Sharma’s visit to Italy in the next six months,” he noted.
Italy is India’s fourth-largest trading partner in the European Union. In terms of exports from India, Italy stands on the eleventh slot, while it is twenty-third in terms of imports to India. Though the bilateral trade is still at modest levels, it has been growing at a steady rate with a yearly average of 30 per cent.
Despite the economic crisis, exports to Italy grew by 13.26 per cent in the first nine months of 2008-09. During the same period, the main growth of exports to Italy as registered in refined petroleum products and nuclear combustibles, machinery and food products, beverages and tobacco.
Moreover, Scajola said Italy was keen to sign an agreement with Bollywood, whereby Indian films could been shot there.
