India, Italy pledge to renew economic ties

India and Italy today pledged to inject "renewed momentum" into bilateral economic engagement, especially in infrastructure, hi-tech manufacturing, textiles and automotive sectors.
The India-Italy joint statement issued after the meeting between Prime Minister Narendra Modi and visiting Italian counterpart Paolo Gentiloni called for further strengthening of economic linkages between the two nations.
The two leaders committed to work in a "result-oriented and mutually beneficial manner by injecting a renewed momentum into the broad-based economic engagement between the two countries", the statement said.
Modi called upon the Italian industry to explore India's untapped business opportunities in infrastructure, food processing, renewable energy and high-tech manufacturing sectors.

Gentiloni also called upon the Indian industry to identify business opportunities in Italy's textiles, automotive, leather, machinery and chemical sectors.
The two leaders took note of the progress made by the 19th session of the Indo-Italian 'Joint Commission for Economic Cooperation' (JCEC) held at the ministerial-level.

Modi and Gentiloni agreed to convene the next session of the JCEC in India in 2018.
The statement further said the Prime Ministers announced the organisation of an Indo-Italian High Level Forum on Design, with a focus inter alia, on industrial design, auto design, architecture, interior design and fashion.
"The high-level forum will endeavour to bring together prominent experts from the areas mutually identified, with the task of defining a program of activity for the Forum (exhibitions, workshops, contacts between young designers)," it said.

The foreign ministries of the two countries will further discuss the objectives, structure, and host organisations for this High-level forum. The meeting of the High-level Forum is proposed to be held in March 2018.
Modi and Gentiloni also took stock of the on-going work on an additional protocol amending the bilateral agreement to avoid double taxation and encouraged the respective agencies/ competent authorities to continue negotiations with the objective of early finalisation of the text.
The adoption of the new protocol, together with the entry into force of the Protocol signed in January 2006, will update the bilateral Agreement of 1993, with tangible benefits for Indian and Italian companies.

"The protocol will enable better administrative cooperation, and enhance the ability to counter tax evasion and tax avoidance. Work will also continue on Customs Cooperation to improve the mutual administrative assistance under the EU legal framework," the statement said.
The two leaders discussed the possibility of an operating mechanism to be established between the Italian investment bank - Cassa Depositi e Prestiti (CDP), which operates under Italy's Ministry of Economy and Finance, and Indian counterpart entities to explore opportunities for enhancing investment cooperation in India's infrastructure sector.
The statement further said the leaders recognised the immense possibilities for collaboration in the food processing sector in India.

They noted with "satisfaction the imminent mission" of the Italian Deputy Minister for Economic Development, who will be leading a high level business delegation to 'World Food India', where Italy will be 'Focus Country'.