India-Italy Economic Synergy Sets The Stage For Global Growth

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.