PM Modi holds virtual summit with Italian counterpart; Discusses ways to deal with adverse impact of COVID

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November 6, 2020 7:07 PM

Around 600 large Italian companies covering varied sectors such as fashion and garments, textiles and textile machinery, automotive components, infrastructure, chemicals, energy confectionery and insurance are currently active in India.

COVID-19 has taught the world that globalisation is important but self-reliance is equally important, the prime minister said.

Prime Minister Narendra Modi and his Italian counterpart Giuseppe Conte on Friday discussed wide-ranging issues pertaining to the bilateral ties, and ways to deal with adverse impact of the coronavirus pandemic.

In his opening remarks at the virtual bilateral summit with the Italian leader, Modi said it is clear that the COVID-19 epidemic will remain a watershed in history just like the Second World War.

“We all have to adapt ourselves to this new world,” he said, adding that there was a need to be ready for the challenges and opportunities arising out of the pandemic.

A key country for India in Europe, Italy is the fifth largest trading partner of India in the European Union and both sides are further keen to expand the economic engagement in a range of areas.

Italy has been seeking two-way investment in a wide range of areas including green and circular economy, energy, health and pharma, food processing, infrastructure and advanced manufacturing given the high degree of complementarities between the two economies.

The volume of bilateral trade was Euros 9.52 billion in 2019. Around 600 large Italian companies covering varied sectors such as fashion and garments, textiles and textile machinery, automotive components, infrastructure, chemicals, energy confectionery and insurance are currently active in India.

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