PM Modi holds talks with Italian counterpart Giuseppe Conte to boost trade ties

Italy is India’s fifth largest trading partner in the European Union and the annual trade turnover between the two countries was $10.4 billion in 2017-18. Over 600 Italian companies are operating in India.

After the talks, the leaders recognised the importance of regular defence exchanges between the two countries. “Both sides recognised the need to broad base defence ties and make them enduring and mutually beneficial. India invited Italian defence equipment manufacturing companies to invest in India under the Make-in-India initiative and to collaborate with Indian companies for design and construction of defence equipment,” the joint statement said

In his address, Conte said he had a “fruitful discussion” with Modi and the two sides explored the possible contribution of Italy to ‘Make in India’ in various sectors. Conte said he and the prime minister explored the potential for a new partnership in the area of railway and re-launching of cooperation in development of renewable energy.

“India and Italy have lot of similarities and complementarities that make us natural allies in offering effective solutions to the challenges in 21st century,” Conte said.