India, Italy eye 5 bn euro trade in 2 yrs

Italy and India said on Tuesday they would nearly double mutual trade to 5 bn euro in two years, by increasing the sectors they trade bilaterally, even as visiting Italian President Carlo Azeglio Ciampi asked India to free up its financial services and distribution network.

There is much room for growth in India’s business with Italy, Ciampi said, adding that India must open up the services and retail trade to meet with multilateral trade committments. Chemicals, engineering, food processing and exchanges in knowledge-based industries like biotech and IT are being emphasised at the ongoing Italy-India Business Week.

Commerce Kamal Nath also said India could absorb investments of around $150 bn in evolving sectors like infrastructure and energy. He said the growth rate of business between India and Italy can go up from the present 10 pc to 20 pc or more. The two countries signed a host of MoUs to announce growth in their mutual engagement, including a modern food park that will meet EU export standards.