After having understood the potential of the Indian market, a slew of Italian majors are on an expansion spree across sectors including infrastructure, energy, automobile and food processing among others.
After having understood the potential of the Indian market, a slew of Italian majors are on an expansion spree across sectors including infrastructure, energy, automobile and food processing among others. Ahead of the visit of a large business delegation from Italy in the first half of 2017, both India and Italy are keen on expanding trade and investment cooperation between both the countries.
In a recent meeting with India, Italian majors including infrastructure firms like Italcertifer; Ferrovie dello Stato Group; Astaldi; Dabsi in railways. BTelectronics; ENEL SpA; Ducati Energia, Archimede Solar Energy in the energy sector; Chocolate maker Ferrero and other food processing giants such as D’Orsogna; Radicci Spa, are looking at expanding their presence in India.
The Indian ambassador to Italy, Anil Wadhwa told FE, “The Italian companies are keen to be part of Prime Minister Narendra Modi’s Make in India initiative. At a meet India-Italy Business Forum in cooperation of Confindustria, the apex commercial chamber of Italy was attended by 140 Italian companies.”
“We are also in discussion with regional chambers of industrial cities of Florence, Bologna, Napoli, Ancona, Palermo, Venice, Turin and Genoa to organise sector specific events in near future with participation of officials from different ministries and Indian companies,” the Indian envoy added.
Italy just like India is home to large number of SMEs. “Italian companies should explore India for investment for advantages which India offers in terms of low cost labour, high skilled work force and low operating cost to make products for both domestic and world markets,” said senior officials.
Ramesh Abhishek, secretary, DIPP, Atul Chaturvedi, joint secretary, DIPP, Parag Gupta, joint secretary MOFPI, M Mathur, ED, Indian Railways along with two officials of ‘Invest India’ went from India to participate in the meet.
Inviting investors from various sectors to participate in Make in India programme, officials from DIPP outlined the recent steps taken by Indian government to make doing business in India easier for foreign companies. “In a series of slides we talked about the importance of the programme for the Indian economy and opportunities for investment by Italian companies in different sectors of infrastructure, food processing, renewable energy, automobile and auto components,” added officials.
Gupta from MOFPI briefed on the lack of food processing industries in India and recent policies to set up food parks and cold chain storage systems in different parts of India and associated fiscal and non-fiscal concessions. While Mathur from Indian railways, invited Italian companies to partner in different projects related to the modernization of the Indian railways.
It is pertinent to mention that in the last three months, Indian embassy has organised seven small and big commercial events in specific sectors in different industrial cities of Italy like Bergamo, Milan, Rome. For the first time, a commercial mission was planned in San Marino with Bengal Chamber of Commerce and Industry.
Before the event day, DIPP officials had discussion with some of the top Italian companies who had investments in India on possible plan to expand investment in India.