Italy keen on expanding trade

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Kolkata, Jul 2: Italy is looking forward to widening business opportunities in India, especially in West Bengal. Antonio Armellini, ambassador of Italy in India, said that Italy is optimistic about the way India has shown positive gestures towards business ventures even during the current worldwide economic upheaval.

"Keeping in mind the expanding bilateral ties between the two countries, We are prepared to move as fast as you are prepared," said Armellini. Bilateral trade added up to $56 million in 2006 and reached $100m the next year.

India's response to free trade is quite encouraging, Armellini said, citing plans by Videocon, one of the largest diversified groups in India, to expand its industrial basis in Italy through a new investment of over $1 billion.

He was addressing members of the Merchants Chamber of Commerce.

Anupam Shah, president of the MCC, said the ruling Left Front's focus on industrial development is encouraging Italian firms to invest in West Bengal.

The principal items of India's exports to Italy are textiles and garments, leather products, basic chemicals, marine products and engineering goods.

India, on the other hand, imports from Italy items like machinery for precision tools, chemicals, textile and granite machinery, base metals and measuring instruments.

Bruno Camprio, Italian consul general here, "Italy is also willing to invest in agro-food and agro-based industries and the Indian Government is also willing to give it a thought."

Shah said India has "imbibed and innovated" the original industrial clusters idea of Italy. The countries together have also agreed to promote joint co-operation through joint ventures and technical collaboration.

Pankaj Parekh, chairman of the Indo-Italian Chamber of Commerce & Industry, said pointed out that Italian companies have invested in leather establishments coming up in Bantala.

Indian businessmen still feel that there are hitches in trading with Italy. The country has been encouraging the EU's General System of Preferences, which will be curbing India's export

facilities. The products that enjoy government subsidies might no longer enjoy the GSP benefits.

India is also unsure about the outcome of the Doha trade negotiations, and fears that the importance given to the less developed countries might diminish its stand as a developing country.