Italy could serve as a gateway for India to enter the European market, according to Adolfo Urso, Italy’s Minister for Business and ‘Made in Italy’. Similarly, India can act as a bridge for Italy into Asia. Urso shared these insights during the visit of the Italian ship Amerigo Vespucci to Mumbai and the Villaggio Italia exposition.

Urso highlighted the importance of strengthening communication lines between India and Italy due to recent geopolitical developments. He stated, “India can be for Europe the landing base in Asia in the great south-eastern Asian basin, and Italy can be for India the landing base in Europe, for the most significant and richest world market.”

Economic Connectivity and Trade

The minister emphasised that this communication route passes through the Arabian Peninsula, which holds significant economic importance. This route is not only vital for trade but also serves as a crucial line for data and information connectivity. Urso explained that it is “certainly the preferred main line of commercial communication between our continents” and also a key channel for data transport.

Urso stressed that India-Italy relations should extend beyond mere commerce. He advocated for enhanced collaboration in scientific research, technology, and industrial production. The visit of Vespucci to Mumbai aims to strengthen ties between the two nations beyond trade.

Enhancing Bilateral Trade

The current bilateral trade between India and Italy stands at USD 14 billion annually. Urso believes there is potential to increase this figure significantly. He suggested moving towards an industrial partnership with increased Indian investments in Italy to cater to the European market. Likewise, he encouraged more Italian investments in India to establish it as a major production hub in Asia.

Urso’s vision includes fostering deeper cooperation between India and Italy across various sectors. This approach aims to leverage each country’s strengths to benefit both economies. By enhancing connectivity and collaboration, both nations can tap into new opportunities in their respective regions.

The minister’s remarks underscore the strategic importance of strengthening ties between India and Italy. By acting as gateways for each other, both countries can expand their reach into new markets while boosting economic growth.