India-Italy vow to enhance economic ties

New Delhi [India], October 30 (ANI): Italian Prime Minister Paolo Gentiloni on Monday appreciated India's bold economic reforms and flagship initiatives.

Prime Minister Gentiloni highlighted Italy's commitment to the 'Make-in-India' initiative through the activities of the 628 Italian companies which have invested over USD 2.4 billion and provide employment to over 23,000 people in India.

Both Prime Minister Narendra Modi and Prime Minister Gentiloni pledged to further encourage the development of industrial co-operation between the two Countries.

The two leaders welcomed the signing of a MoU between the Italian Trade Agency (ICE) and Invest India to assist bilateral efforts aimed at enhancing mutual investment activities.

Prime Minister Modi called upon the Italian industry to explore India's untapped business opportunities in the infrastructure, food processing, renewable energy, and high-tech manufacturing sectors.

Prime Minister Gentiloni also called upon the Indian industry to identify business opportunities, including in Italy's textile, automotive, leather, machinery and chemical sectors.

Both took note of the progress made by the 19th session of the Indo-Italian 'Joint Commission for Economic Cooperation' (JCEC) held at the ministerial-level. They agreed to convene the next session of the JCEC in India in 2018.

The two Prime Ministers also noted the potential for enhancing bilateral defence cooperation and encouraged structured dialogue through the Joint Defence Committee.

They announced the organization of an 'Indo-Italian High Level Forum on Design.

The High-level forum will endeavour to bring together prominent experts from the areas mutually identified, with the task of defining a program of activity for the Forum (exhibitions, workshops, contacts between young designers etc.)

In the area of Smart Cities, both sides expressed their intent to identify specific areas for cooperation. The Indian side welcomed the Italian initiative to share their experience in the area of urban rehabilitation, advanced technology solutions in the area of energy management (from smart grids to electric mobility networks), affordable housing and waste management.

The leaders also recognized the immense possibilities for collaboration in the food processing sector in India. (ANI)