India and Italy have agreed to increase collaboration in important sectors including Industry 4.0, smart manufacturing, technology, and the automotive industry, according to Union Commerce and Industry Minister Piyush Goyal’s statement on Thursday.
Goyal made the statement during his co-chairing of the Joint Commission on Economic Cooperation (JCEC) with Antonio Tajani, the Minister of Foreign Affairs and International Cooperation and Deputy Prime Minister of Italy.
Goyal provided information on the conversations during the JCEC meeting in a social media post. According to him, the two nations have decided to work together on Industry 4.0 for smart manufacturing, strengthen ties between startups, broaden technological alliances, and form Joint Working Groups in fields like automotive and space.
The collaboration plan also included an agricultural Memorandum of Understanding.
Goyal said, “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, Establishing Joint Working Groups in the Space, Automobile sectors, among others.
The two leaders also participated in the Italy-India Business Forum, where Goyal highlighted the importance of the Italy-India Joint Strategic Action Plan 2025-2029.
He emphasized that under the direction of Italian Prime Minister Giorgia Meloni and Indian Prime Minister Narendra Modi, both countries are striving for a common goal.
Goyal also discussed the potential of the India-EU Free Trade Agreement (FTA) and the strategic significance of the India-Middle East-Europe Economic Corridor (IMEC).
He extended an invitation to Italian businesses to investigate the growing prospects in India and join the country’s economic development narrative.
Apart from formal gatherings, Goyal also had conversations with prominent Italian business executives. He got to meet Mario Gnutti, the vice president of the renowned Gnutti Carlo Group, which is a major player in the worldwide car business.
They talked about how the business may expand its footprint in India and support local production for both home and international markets.
Additionally, Goyal had a fruitful discussion with Sonia Bonfiglioli, the CEO and chairwoman of Bonfiglioli, an Indian engineering firm. Under the Make in India campaign, they discussed stepping up manufacturing, R&D, and innovation activities.
Mirco Maschio, the chairman of Maschio Gaspardo, a major leader in sustainable agriculture worldwide, was also met by the minister. The potential in India as the nation seeks to improve its agricultural industry were the main topic of debate.
Commerce Minister is on a two-day visit to Italy. Overall, the visit and meetings marked a positive step towards deeper India-Italy economic ties and growing business collaborations across sectors.
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