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PM Narendra Modi invites Rome to invest in ‘Make in India’ initiative

India and Italy agreed on Tuesday to broaden their defence ties, which had been under a cloud due to the AugustaWestland affair in recent years, with New Delhi inviting Rome to invest under the “Make in India” initiative.

india Updated: Oct 30, 2018 23:06 IST
HT Correspondent
HT Correspondent
New Delhi
India,Italy,trade
Prime Minister Narendra Modi and his Italian counterpart Giuseppe Conte “recognised the need to broad base defence ties and make them enduring and mutually beneficial”, said a joint statement issued after talks between the two leaders.(Vipin Kumar/HT Photo)

India and Italy agreed on Tuesday to broaden their defence ties, which had been under a cloud due to the AugustaWestland affair in recent years, with New Delhi inviting Rome to invest under the “Make in India” initiative.

Prime Minister Narendra Modi and his Italian counterpart Giuseppe Conte “recognised the need to broad base defence ties and make them enduring and mutually beneficial”, said a joint statement issued after talks between the two leaders.

Amid growing uncertainty on global markets, they also agreed on strengthening a “free and rules-based system of international trade” aimed at ensuring a level playing field.

“They committed to ensure free and open trade on a level-playing field and fight all forms of protectionism, including protectionist unilateral measures and unfair trade practices,” the statement said.

Without referring to China’s Belt and Road Initiative, the two sides said “connectivity initiatives must be based on internationally recognised norms and standards, good governance, rule of law, inclusiveness, openness, transparency and equality”. “India invited Italian defence equipment manufacturing companies to invest in India under the Make in India initiative and to collaborate with Indian companies for design and construction of defence equipment,” the statement said.

First Published: Oct 30, 2018 21:21 IST