Mechanics, transport, energy and digital transition, defence, food. These are the focus sectors protagonists of the Second Edition of the AIICP High Level Dialogue on Italy-India Economic Relations that took place in Rome, at the Confindustria headquarters, with the aim of strengthening economic and industrial collaboration between Italy and India. Despite the complexity of the current international geo-economic scenario, Italy continues to look at India as a key market with enormous potential for cooperation. Relations between the two countries have intensified in recent years, providing an appropriate framework for the development of a solid and wide-ranging economic partnership. There are important margins for improvement not only in terms of opportunities for our exports but also in terms of imports of raw materials, for which India represents a supplier market with high potential. The meeting therefore also aims to explore opportunities for new instruments to further strengthen this partnership.

The initiative, organised by AIICP - Italy India Association for Cooperation between the Two Countries, Confindustria e The European House - Ambrosetti, brought for the first time in Italy senior representatives of the CII - Confederation of Indian Industry and involved over 40 participants from companies and associations of the two countriesinterested in developing new relations and consolidating those already established between Italy and India.

The proceedings were opened by Emma Marcegaglia (AIICP President), Barbara Cimmino (Confindustria Vice President for Export and Investment Attraction), Sanjiv Puri, (CII President), Vani Rao (Ambassador of India to Italy), Antonio Enrico Bartoli (Ambassador of Italy to India). This was followed by speeches by Fabrizio Lobasso (Deputy Director General for the Promotion of the Country System, Ministry of Foreign Affairs and International Cooperation), Chandrajit Banerjee (General Manager CII) and Marianna Scarano (International Business Department, SACE).

During the morning, the position paper produced by The European House - Ambrosetti 'Economic and Commercial Cooperation between Italy and India: Strategic Opportunities' was presented.

"In 2023, the interchange amounted to EUR 14.3 billion with Italian exports hitting a record figure of EUR 5.1 billion, placing Italy as India's top partner among EU countries. The export figure - commented Barbara Cimmino, Confindustria Vice President for Export and Investment Attraction - highlights the growing strategic importance of this market and the conclusion of an EU-India free trade agreement would strengthen our position. India is already a leader in many industrial sectors and focuses on manufacturing development. The Modi government's reforms represent a great opportunity to drive industrialisation with a strong commitment to sustainability. Italian companies, especially those operating in high value-added sectors, can play a central role in this process. The presence today of top-level representatives of companies and associations is a clear message of trust and willingness to strengthen our partnerships. I believe that this meeting can be a crucial step to pave the way for a plan of follow-up activities in the coming months'.

"AIICP plays an important role in strengthening relations between our two countries, which are united by deep historical, cultural and economic ties that over the years have created a solid basis for mutual exchanges - thus Emma Marcegaglia, president of the Italy India Association for Cooperation between the two countries - India is a milestone and a key participant in the India-Middle East-Europe Economic Corridor. Thanks to the many projects of the Viksit Bharat development plan, India is actively looking for new partners and Italy can be an ideal candidate that has a lot to offer thanks to a level-headed entrepreneurial fabric in advanced and innovative manufacturing, energy transition, industrial machinery and robotics'.

"Due to its strong economic performance and large population, India experienced significant growth in exports between 2000 and 2022, increasing by about 13 times. Exports increased from USD 61 billion to USD 780 billion. In 2022, India was the tenth largest economy in the world in terms of exports of goods and services, accounting for 2.4% of the global total. The value added by India's manufacturing sector reached $456 billion, accounting for 2.8% of the global total. India's economic relations with the EU - said Lorenzo Tavazzi, Senior Partner and Head of the Scenarios and Intelligence Area of The European House - Ambrosetti - show strong interdependence: in 2023, Indian exports to the EU reached USD 72 billion (17% of the total), making the EU India's second largest trading partner after the US (17.4%). With USD 8 billion, Italy was India's fourth largest export destination. For imports, the EU was the second largest source for India with USD 52 billion (7.7%), between China and the US. Within the EU, Italy is India's fourth largest supplier. Many Italian companies operate in India in various sectors, including Ferrero, Barilla, CNH Industrial, ENEL, ENI, Piaggio, Pirelli, Ducati and Lavazza. There are many opportunities for development, opening the door to a period of great growth in bilateral relations with New Delhi'.

At the end of the meeting, a ceremony was held to award the first edition of the AIICP Awards for Business Excellence, aimed at recognising business excellence that has distinguished itself in activities between the two countries. The award-winning companies were Tata Steel, Hindalco, MEIL, PI Health Sciences, Doms Industries, Carraro Group, Even, and SIMEM.

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