India-Italy Economic Synergy Sets the Stage for Global Growth

By siliconindia  |  Friday, 06 June 2025, 09:22:23 AM IST

India-Italy Economic Synergy Sets the Stage for Global Growth
  • India-Italy to boost ties in Industry 4.0, tech, and autos.
  • MoUs signed; Joint Working Groups planned in key sectors.
  • Focus on innovation, startups, and sustainable agriculture.
In a significant step to boost bilateral trade and economic cooperation, Union Commerce and Industry Minister Piyush Goyal, during his official two-day visit to Italy, announced that India and Italy have agreed to enhance collaboration across several emerging and critical sectors. These include Industry 4.0, smart manufacturing, technology, automobile manufacturing, space, and agriculture.
The announcement came after Goyal Co-chaired the Joint Commission on Economic Cooperation (JCEC) alongside Italy’s Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation, Antonio Tajani. The high-level meeting took place in Brescia, where both leaders reaffirmed their shared commitment to strengthening the strategic economic partnership between India and Italy.
Taking to social media, Minister Goyal stated, “Co-chaired the Joint Commission on Economic Cooperation along with @Antonio_Tajani, Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation, Italy. Discussed and agreed to work together for: Industry 4.0 for smart manufacturing, promoting a bridge between startups, expanding collaborations in technology, and establishing Joint Working Groups in the space and automobile sectors”.
A major highlight of the discussions was the focus on Industry 4.0 technologies to boost smart manufacturing capabilities in both countries. India and Italy agreed to enhance mutual investments, promote innovation, and foster direct industrial partnerships that leverage cutting-edge digital manufacturing and automation systems.
In addition, the formation of dedicated Joint Working Groups (JWGs) was agreed upon to focus on key sectors such as space technology and automotive manufacturing. These groups will serve as structured platforms to facilitate targeted policy dialogue, identify business opportunities, and foster innovation-led cooperation between industries and research institutions of both nations.
The two countries also inked a Memorandum of Understanding (MoU) in the agriculture sector, aiming to strengthen sustainable practices and innovation in agri-tech. This reflects India’s ongoing efforts to modernize its agriculture infrastructure while ensuring food security and environmental sustainability.
On the sidelines of the official meetings, both leaders participated in the Italy-India Business Forum, which brought together key stakeholders from government and industry. During the forum, Goyal underscored the importance of the Italy-India Joint Strategic Action Plan 2025-2029, outlining a shared roadmap for deeper economic engagement.
Minister Goyal highlighted that the bilateral relationship between India and Italy is being driven by a shared vision under the leadership of Prime Minister Narendra Modi and Italian Prime Minister Giorgia Meloni. He also emphasized the strategic relevance of new economic initiatives like the India-Middle East-Europe Economic Corridor (IMEC), which promises to reimagine global supply chains and connectivity.
Goyal further noted that the long-anticipated India-European Union Free Trade Agreement (India-EU FTA) has the potential to reshape trade relations by enhancing market access and removing trade barriers for both parties.
In his remarks, Goyal extended a strong invitation to Italian businesses and entrepreneurs to invest in India’s growth story. He highlighted India’s robust economic performance, improving ease of doing business, and ongoing policy reforms under the 'Make in India' initiative as key enablers for foreign companies looking to tap into India’s vast domestic and export markets.
As part of his outreach to the Italian business community, Minister Goyal held a series of one-on-one meetings with top industrial leaders from various sectors.
In a notable meeting, he engaged with Mario Gnutti, Vice President of Gnutti Carlo Group, a globally recognized name in the automobile components industry. The discussions centered around expanding the group’s presence in India and contributing to the local manufacturing ecosystem, particularly in precision-engineered components for both Indian and global markets.
Goyal also met Sonia Bonfiglioli, Chairwoman and CEO of Bonfiglioli, an engineering company with a longstanding footprint in India. The two discussed expanding investments in India through enhanced manufacturing, research and development, and co-innovation initiatives. Bonfiglioli’s strong technical expertise and commitment to sustainability align closely with India’s goals for high-tech, green industrial growth.
Furthering India’s ambitions in sustainable agriculture, Goyal held a productive meeting with Mirco Maschio, Chairman of Maschio Gaspardo, a global player known for its agricultural machinery and innovation in mechanized farming. Discussions revolved around the untapped potential in India’s agriculture modernization, with an emphasis on introducing Italian technology and best practices to support India’s farmers.
The bilateral visit was seen as a highly successful diplomatic and economic engagement that reaffirms the growing synergy between India and Italy. It marked a forward-looking shift in their relationship, prioritizing innovation, technology transfer, and industrial partnerships.
Goyal’s visit comes at a time when both countries are recalibrating their global trade strategies to remain competitive and resilient. With the rising global relevance of green energy, digital transformation, and sustainable industrialization, the enhanced India-Italy partnership is poised to create impactful business outcomes for years to come.
As the visit concluded, industry experts from both sides expressed optimism that this renewed partnership will yield long-term benefits in job creation, innovation, and economic growth.

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