ROME: Over 150 business, trade groups, banks and universities will take part in the two-day Italian business mission to New Delhi and Mumbai from April 26-28, seeking to kickstart exports to India after a slowdown in 2012-2013.
This mission departing tomorrow is promoted by the Ministry of Foreign Affairs and the Ministry for Economic Development , and organized by Confindustria, the Italian Trade Agency, ABI, and Unioncamere, and led by Ministry of Economic Development Undersecretary Ivan Scalfarotto.
“India is the sixth largest economy in the world, and economic policies put in place in recent years have delivered strong growth and created significant opportunties for Italian companies,” said Scalfarotto in a statement.
India is a top destination for foreign direct investment (FDI), ranking in 8th place in AT Kearney’s Foreign Direct Investment Confidence Index released today, from 11th place in 2015.
The industrial machinery and automotive sectors are the ones where Italy can bring the most value added, according to Italian Trade Agency President Michele Scannavini.
Indian manufacturers have a relatively limited capacity to produce high-tech machinery, so there are many opportunities for Italian companies to supply both machinery and know how.
In 2016, Italy ranked as India’s 24th trade partner, with trade between the two countries reaching €7.5 billion, up 2.3% over 2015. Italian exports were €3.3 billion, returning to levels last seen in 2011. Imports from India were €4.2 billion. In Europe, Germany is India’s largest supplier. Italy’s exports to India could reach €4.7 billion by the end of 2019, according to SACE.
In terms of foreign direct investment (FDI) in India, Italy ranked in 13th position worldwide and in sixth place among European countries, with a share of 0.7% of the $2.2 billion of FDI into India in 2016.
Currently there are 600 Indian companies with Italian shareholders, most of which are in the auto sector and tertiary sectors.
The automotive sector accounts for 27% of India’s industrial production, and India is the world’s sixth-largest car manufacturer. Car sales in India are seen growing 6% in 2018, according to SACE.
