The Governments of India and Italy have established a target to increase bilateral trade volume to EUR 20 billion by 2029, rising from the current level of EUR 14 billion. This objective was announced during the Italy-India Business Forum held in Mumbai on 11 December 2025, which was attended by Italian Deputy Prime Minister Antonio Tajani and Indian Minister of Commerce and Industry Piyush Goyal.
Discussions at the forum built upon the elevation of bilateral ties to a Strategic Partnership and addressed the India-Middle East-Europe Economic Corridor (IMEC), an infrastructure project intended to position Italy as a hub for freight traffic. Ministers also reviewed negotiations for a Free Trade Agreement between India and the European Union, with Tajani suggesting that a resolution could be reached within six months. The event concluded with the formal signing of the Agreed Minutes of the 22nd session of the India-Italy Joint Commission for Economic Cooperation (JCEC).
Steel Authority of India Limited (SAIL) awarded three projects to the Danieli Group, an Italian supplier of equipment and physical plants to the metal industry, during the forum. The contracts, valued at approximately EUR 500 million, involve the supply of green technology for a blast furnace, slab caster, and hot strip mill with a combined capacity exceeding 4 million tonnes per year. The agreement was signed by Surajit Mishra, Director-in-charge (Burnpur & Durgapur Steel Plants), SAIL and Andrea Diasparro, Vice President – Key Account Management at Danieli Group.
SIMEST, a company within the CDP Group that supports the international expansion of Italian businesses through financial support and advisory services, signed a Memorandum of Understanding (MoU) with the Indian Chamber of Commerce (ICC) to facilitate investment flows. The agreement focuses on promoting joint initiatives, sharing knowledge on mergers and acquisitions, and establishing a collaboration network between business communities in both nations. The agreement was signed by SIMEST CEO Regina Corradini D’Arienzo and ICC Director General Rajeev Singh
“The signing of this agreement with the Indian Chamber of Commerce confirms SIMEST’s clear commitment to supporting Italian corporate investments in India, a key market for ‘Made in Italy’, by backing them with financial instruments and dedicated know-how,” said Regina Corradini D’Arienzo, Chief Executive Officer of SIMEST.
Cavagna Group, a manufacturer of equipment and fittings for compressed gases, established a new joint venture titled Cavagna Group Ace Brass Tech Pvt. Ltd. with an investment of EUR 5 million. Cavagna holds a 51 percent stake in the venture. The agreement was signed by Dipesh Galaiya, Managing Director, Ace Brass Industries and Ezio Cavagna, President of Cavagna Group.
In the retail sector, Kuvera S.p.A. and Neopolis Brands Pvt. Ltd. entered an agreement to expand Carpisa retail operations, with a long-term plan to open 100 stores by 2045. Additionally, PRADA S.p.A. signed an MoU with LIDCOM and LIDKAR to create a limited-edition sandal line blending Italian design with Indian craftsmanship.
Commerce and Industry Minister Piyush Goyal and Italian Deputy Prime Minister Antonio Tajani held bilateral talks focused on expanding trade, strengthening supply chain systems, and deepening cooperation in clean mobility, green energy, advanced manufacturing and food processing. The Forum opened with sectoral roundtables and pitching sessions across automotives, waste-to-energy and renewables, sports technologies and sports textiles, and agri-food, enabling company-level discussions on joint ventures, co-development models, value-chain integration and research partnerships.
During the plenary session, sector leads presented outcomes from the automotive, renewables, sports technologies and agri-food dialogues. Representatives from CDP, Invest India, SACE, ASSOCHAM, SIMEST, FICCI, CII, Confindustria and the Italian Trade Agency participated. The ministers also engaged with Indian unicorns to explore cooperation in digital innovation, artificial intelligence, deeptech, fintech and industrial technologies.