Indo-Italian MoU to be inked in leather sector at BGBS

Kolkata: The 4th edition of Bengal Global Business Summit (BGBS) that will have Italy as the partner country, will witness an MoU in the leather sector, in which people involved in manufacture of leather products in the state will be imparted state-of-the-art training and technological help that will make them produce stuff which is in demand in the international market.

Another major Italian company in machinery and steel sector, which is operational in the state will set up its branch office in Kolkata, strengthening local workforce.

Upbeat about the improved business environment in the state, Italian Consul General Damiano Francovich said on Friday, "Since last year, we have registered the intention of launching in Kolkata at least two new JVs between Italian and local companies: one in the railway sector, involving large companies and the other in the IT sector. We are expecting more than 30 Italian delegates, representing both big groups and SMEs, which are the backbone of Italian economy. This will be an opportunity for us to simulate the areas in which we can work together with Bengal."

The Consul General added that the delegation will be multi-sectoral and the maximum representation will be from transport, infrastructure, metals and leather.

The organisation of the Italian delegation has been assured and coordinated by ArtValley, whose president is Francesca Bruni. It is an organisation that hosts projects and international forums for the promotion of specific cultural and geopolitical initiatives.

There are more than 400 Italian companies operating in India, but in the past, they have mainly decided to invest in other parts of the country. "In Bengal, we currently have some JVs between Italian and local companies and 100 per cent Italian investments operating in the manufacturing, food and chemical sector. We are confident that more Italian companies will be now interested in opening a presence in the state, following the efforts put in by the state to improve local business environment and foster investment attraction," Francovich said.

He added that there is a huge potential for growth of Italian investments in India in the next few years. "The additional growth potential will be directed to Bengal and initiatives like the BGBS are very helpful as this will act as a platform to know each other better, which is essential for investment and business," he said.