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India – Italy bilateral relations
India – Italy bilateral relations
Introduction
India–Italy relations refer to the international relations that exist between India and Italy. Historically, trade between these countries dates back to the era of the Roman Empire. India maintains an Embassy in Rome, and a Consulate-General in Milan. Italy has an embassy in New Delhi, and Consulate-Generals in Mumbai and Kolkata.
Bilateral Trade
Bilateral trade between India and Italy grew by 12 times in the 2 decades between 1991 and 2011, from EUR 708 million to EUR 8.5 billion. Bilateral trade began experiencing a decline from 2012, decreasing to €7.1 billion in 2012 and €6.95 billion in 2013.
On November 29, 2017, India and Italy signed a memorandum of understanding (MoU) for enhancing bilateral cooperation in the health sector. This MoU was signed between Union Health Minister J P Nadda and the visiting Italian Health Minister Beatrice Lorenzin. The MoU envisages cooperation in health sector by pooling in technical, financial and human resources for accomplishing the ultimate objective to upgrade infrastructural resources, medical education and research in both countries. Activities to be carried out under the scope of this MoU include exchange and training of doctors, setting up of health care facilities and promotion of business development opportunities in pharmaceuticals.
Foreign Direct investment
Italian companies invested €694 million in India in 2011, and over €1 billion in 2012. As of December 2012, Italy had an accumulated investment of €3.75 billion in India, or 9% of the total European Union FDI in India.
Indian investment in Italy grew from €584 million in 2004 to €10 billion in 2011. Italy accounted for 2.3% of India’s total investment in the European Union.
To know more about bilateral relations between India and Italy, please download our booklet.
To know more about India – Italy, DTAA, please download our guide.
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