By: Suman Sharma

Innovation, AI, super computers, space technology, defence are a few sectors which dominated the Italy-India Business, Science and Technology Forum held on April 11, 2025 in New Delhi, which showcased the potential for joint partnerships between both countries with an aim to attract investments in these areas.

Antonio Tajani, Deputy Prime Minister and Minister of Foreign Affairs & International Cooperation of Italy said that this forum is part of the strategic partnership plan signed by both the governments. “India is an important country for stability in the Indo-Pacific region. Stability is crucial to strengthen the trade,” he emphasized.

Addressing the forum, Mr. Tajani stated that India is an economy with enormous potential, and we want to strengthen this cooperation. “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 US$ 14 billion, and we want to invest more in India, export more to India, and attract more Indian investments in Italy,” he added.

India’s Minister of Commerce & Industry, Piyush Goyal, reiterated that the forum was an opportunity to collectively resolve to implement the Joint Strategic Action Plan 2025-29.

Meanwhile External Affairs Minister 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. He further stated that India has been working with like-minded partners to build a resilient and trusted partnerships that we need now to address not only our economic but strategic priorities as well and for us, Italy ranks high in that list. Dr Jaishankar also added that there are natural complementarities in many sectors including energy, transport, food processing, light engineering which both nations need to exploit. “Italy has the technologies and best practices that could make such collaboration more fruitful,” he asserted.

Talking about the landmark initiative of ‘India-Middle East-Europe Economic Corridor’ (IMEC), Dr Jaishankar expressed hope that it will create a global access for economics, energy resources and communications. “India is not just growing, the nature of growth itself undergoing a shift,” he added. This is now a society focused on innovation and creativity where start-ups, AI, EVs, Drones, space and nano technologies are growing and will be the drivers of growth in future.

It may be noted that the Indian economy is slated to grow from US$ 4 trillion to US$ 30-35 trillion by 2047, which makes India’s goal of Viksit Bharat’ a compelling case to deepen the engagement between the European Union and India, particularly Italy and India. There are untapped newer areas like fashion, luxury goods, food processing, pharmaceuticals, tourism, green technology, advanced manufacturing, and automobiles, where collaboration is possible.

Launched by Prime Minister Narendra Modi and his Italian counterpart Prime Minister Giorgia Meloni in November 2024, the Joint Strategic Action Plan 2025-29 is considered a very forward-looking, ambitious and pragmatic roadmap with a strong focus on trade, investment and innovation.

Part of the Italian delegation, Anna Maria Bernini, Minister of Universities and Research of Italy said that Italy and India share a commitment to research and innovation, as well as to sustainable development and socio-economic transformation. “Both nations are implementing ambitious reforms and investments to advance their respective systems,” she added.

The recent geopolitical developments have underscored the global economy’s growing vulnerabilities and further fragmentation. The need to strengthen ties between like-minded economies like India and Italy has become the need of the hour.