India and Italy are set to enhance cooperation in manufacturing and design across sectors where their strengths complement each other rather than compete, Union Commerce and Industry Minister Piyush Goyal announced on Friday. Goyal pointed out that combining Italy’s world-renowned design capabilities with India’s large-scale, cost-efficient manufacturing expertise could strengthen global supply chains.
“Italy and India are natural economic partners. Together we want to strengthen our cooperation for a partnership that looks at the future through higher education, innovation and research. Today, Italy and India are closer than ever. Our bilateral trade is over USD 14 billion, and we want to invest more in India, export more to India, and attract more Indian investments in Italy,” said Deputy Prime Minister and Minister of Foreign Affairs & International Cooperation of Italy, H.E. Antonio Tajani today while addressing the ‘Italy-India Business, Science and Technology Forum’. “India is an important country for stability in the Indo-Pacific region. Stability is crucial to strengthen the trade,” he emphasized.
Innovation, AI, super computers, space technology, defence are a few sectors which have potential for joint partnerships and both countries should work to attract investments in these areas, he highlighted.
Tajani had earlier addressed the ‘Italy-India Business, Science and Technology Forum,’ where he underlined the need for increased investments in these high-potential areas. Around 180 representatives from Italian enterprises, engaging in sector-specific sessions with Indian ministries, agencies, and public entities joined Tajani for the forum, underscoring the seriousness of Italy’s interest.
“The Free Trade Agreement between the EU and India is not just an opportunity—it is a strategic priority: a potential market of over 2 billion consumers, capable of driving growth, employment, investment, and new paths of innovation,” stated Barbara Cimmino, Vice President for Export and Investment Attraction of Confindustria. “With more than 700 Italian companies already operating in India, a rapidly growing bilateral trade exchange, and increasingly interconnected industrial value chains, we have a strong foundation to enhance collaborations that are stable, sustainable, and integrated – starting from research and skills development.”
Giorgio Marsiaj, Confindustria’s delegate for Aerospace, reiterated the importance of collaboration in the aerospace sector, a crucial sector that generated a value of 18 billion euros in Italy in 2023, with 10% dedicated to research and development. Marsiaj highlighted the unique opportunity presented by India’s recent successes in the space field, such as the Chandrayaan -3 mission, to build lasting partnerships that foster technological innovation and shared growth.
Piyush Goyal said that there are untapped newer areas like fashion, luxury goods, food processing, pharmaceuticals, tourism, green technology, advanced manufacturing, automobiles.
A significant highlight was the signing of an executive protocol by Ambassador of Italy in New Delhi – H.E. Antonio Bartoli and India’s Secretary of Science and Technology, Prof. Abhay Karandikar. This agreement paves the way for funding 20 joint research projects and facilitating researcher mobility initiatives, marking a new chapter in scientific collaboration.
A Joint Strategic Action plan 2025-29 launched by Prime Minister Narendra Modi and Prime Minister Giorgia Meloni in November of 2024.
Union Minister of External Affairs, Dr S Jaishankar said that the direction of India’s progress and capabilities of Italian industry make for a good combination. “Make In India, today offers a platform or pathway for that collaboration to unfold,” he added.
Both governments have agreed to hold the next session of the Joint Economic Cooperation Commission in Italy. Goyal will lead a large contingent of Indian business leaders to the meeting, which is expected to take place within the next couple of months.