India and Italy should make a concerted effort to promote and expand bilateral trade between the countries, Commerce and Industry Minister Suresh Prabhu said Wednesday.
India's trade with Italy has increased to USD 10.42 billion in 2017-18 from USD 8.80 billion in 2016-17.
"There is an immense potential for Italian and Indian industries to have partnership and cooperation," he said in a statement.
Prabhu said Italy is India's fifth largest trading partner in the European Union and 25th in the world.
"Italy has inherent strengths in manufacturing, design and innovation and skills training while India has a vast pool of skilled human resources, competitive wage rates and an edge in sectors such as leather, gems and jewellery, auto components and textiles," the minister added.
Prabhu also sought investments from that country, saying India has an attractive foreign investment policy.
During April 2000 to December 2018, India has received USD 2.72 billion FDI from Italy.
Michele Geraci, Deputy Minister of Economic Development of Italy, said that Italian companies are keen to invest in India.
"Italy is looking to work in areas like financial services, renewable energy, infrastructure, transport development in railways, construction and the auto motive sector," he said.
Both the ministers participated in the two-day India-Italy Joint Commission for Economic Cooperation (JCEC), which was concluded Wednesday.
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