After making its presence felt on the fashion, tourism and gastronomy maps of India, Italy is focussing on taking bilateral trade relations to the next level. While there are more pasta and pizza treats in the offing with 2007 being declared as the "Year of Italy in India", the country expects to double its trade with India in the next five years.
The balance of trade is currently tilted in favour of India even though both imports from Italy and Indian exports seem to be growing in the range of 23 to 25 per cent. Indian exports to Italy touched $2.16 billion in 2004-05, 25 per cent up from $1.73 billion in 2003-04. India's imports from Italy stood at $1.32 billion in 2004-05 which was about 24 per cent more than the $1.07 billion in 2003-04.
Speaking to Hindustan Times, Italian Trade Commissioner Giancarlo Lamio said: "We expect most of the growth in trade to come from non-conventional Italian offerings such as technological and unfinished goods and consumer durables."
In a bid to promote newer areas of co-operation, the Italian government is scouting for a partner to bring Cibus Tec, the most important exhibition on food technology taking place in Italy annually, to India. An Italian delegation will be visiting India this week to begin negotiations with prospective partners.
In line with the Indo-Italian spirit, the Italian Trade Commission, the Indo-Italian Chamber of Commerce and the Embassy of Italy are also organising a month-long event, Festa Italiana, with an objective to improve trade relations between the two countries in various sectors. The campaign aims at bringing the 'Best of Brand Italy' and the best of 'Made in Italy' to India.
Email Prerna K Mishra: firstname.lastname@example.org