India, Italy to set up institutional framework for economic ties

New Delhi: India and Italy Tuesday agreed to set up an institutional framework for a sustained dialogue to enhance ease of doing business and promote bilateral economic cooperation.

Prime Minister of Italy Giuseppe Conte is on official visit to India at the invitation of Prime Minister Narendra Modi. A high level business delegation accompanied the Italian prime minister.

The two prime ministers held bilateral talks and delivered valedictory speeches in the final session of the 2018 edition of Tech Summit, which was co-hosted by the two countries.

"Both sides agreed on the need for an institutional framework for a sustained dialogue to enhance the environment for ease of doing business in their respective countries and further facilitate and promote bilateral economic cooperation," said a India-Italy Joint Statement.

To take this forward, the two prime ministers tasked the Joint Commission on Economic Cooperation (JCEC) to work towards constituting a CEO Forum and setting up a fast track mechanism to promote two-way investments, and resolve issues, if any, confronted by the businesses.

It was also agreed to convene the next session of the India-Italy JCEC in India in 2019, the statement said.

The statement further said that recognising the vast business opportunities in the food processing sector in India, the two sides called for greater collaboration.

"India invited Italy to explore investment opportunities in the entire food processing value chain particularly in food processing units, equipment manufacture, skill development, research and development and quality assurance," it added.

The leaders welcomed the setting up of an India-Italy Joint Working Group on Food Processing that will be convened at a mutually convenient date.

Both sides took note of the establishment by the Indo Italian Chamber of Commerce, under the aegis of the Embassy of Italy in New Delhi, of an educational and vocational training hub in Mumbai called Minerva.

As per the statement, India and Italy acknowledged the immense potential for bilateral cooperation in the railway sector, particularly in the areas of safety, diagnostics, technology certification and capacity building.

Considering that development of infrastructure is a major driving force for the Indian economy, both sides also agreed to foster contacts between Italy's Cassa Depositi e Prestiti (CDP) and India's National Infrastructure Investment Fund (NIIF).

The two leaders expressed their commitment to strengthening the India-EU economic partnership and noted the on-going efforts of both sides to re-engage actively towards an early resumption of negotiations for India-EU Broad Based Trade and Investment

Agreement (BTIA).