India and Italy Signed Six Agreements, Including In The Areas Of Railway Safety And Energy

India and Italy Signed Six Agreements, Including In The Areas Of Railway Safety And Energy

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Date of Post: 01 Nov, 2017

New Delhi: India and Italy signed six agreements, including in the areas of railway safety and energy, following delegation-level talks headed by Indian Prime Minister Narendra Modi and his Italian counterpart Paolo Gentiloni.

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List Of MoUs/Agreements Signed During The Visit Of Prime Minister Of Italy To India-

S. No.  Name of MOU  Italian Signatory  Indian   Signatory
1.  Joint Declaration of Intent of Cooperation for Safety in the Railway   sector between   India and Italy  Mr. Renato   Mazzoncini, CEO   &   General   Manager,   Italian   Railways  Mr. Ved Pal   Additional   Member   (Planning),   Railway   Board
2.  MoU on 70 years of diplomatic relations between Indian Council of   Cultural   Relations and Ministry of Foreign Affairs & International   Cooperation,   Government   of the Republic of Italy  Mr. Lorenzo   Angeloni,   Ambassador of   Italy to   India  Ms. Riva   Ganguly   Das,   DG ICCR
3.  MoU on cooperation In the field of Energy between India and Italy  Mr. Lorenzo   Angeloni,   Ambassador of   Italy to   India  Mr. Anand   Kumar,   Secretary, MNRE
4.  Executive Protocol on Cultural Cooperation between India and Italy  Mr. Lorenzo   Angeloni,   Ambassador of   Italy to   India  Ms. Reenat   Sandhu,   Ambassador of   India   to Italy
5.  MoU between the Training Unit of the Ministry of Foreign Affairs   and   International  Cooperation. Government of the Republic of   Italy   and the Foreign   Service Institute of the Ministry of External   Affairs,   Government of the Republic of   India  Mr. Lorenzo   Angeloni,   Ambassador of   Italy to   India  Mr. J. S. Mukul,   Dean, FSI
6.  MoU for promoting mutual investments between Italian Trade   Agency and Invest   India  Mr. Michele   Scannavini   President, Italian   Trade   Agency  Deepak Bagla.   CEO,   Invest   India

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The Two Large Economies

  • PM Modi said,”India and Italy are two large economies, and the respective strengths of our economies provide us ample opportunities to strengthen our commercial cooperation. There is a lot of potential for our bilateral trade of about USD 8.8 billion to grow much further.”
  • Modi also stressed that there was a lot of scope for Italian companies to participate in the flagship programmes of the government such as Smart Cities & cooperate in areas like food processing, pharma & infrastructure.

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Italy’s Interest At India

  • On his part, Gentiloni said good relations between the two nations provide major opportunities for companies and scientific cooperation.
  • Italy, looks with great interest at India with regard to investment, he said.
  • Bilateral Trade Between The Two Countries
  • As per official figures, Italy is India’s 5th largest trading partner in the EU with a bilateral trade of USD 8.79 billion in 2016-17.
  • India’s exports to Italy were at USD 4.90 billion, while its imports were at USD 3.89 billion, resulting in a trade imbalance of around USD 1 billion in favour of India.
  • In the first 4 months of fiscal 2017-18, bilateral trade has reached USD 3.22 billion.

Gentiloni arrived New Delhi on Sunday in what is the first Italian prime ministerial visit to India since the visit of then Prime Minister Romano Prodi in February 2007.

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