key points:
- PM Modi holds virtual summit with Italian counterpart, discusses ways to deal with adverse impact of COVID
- He also said that there was a need to be ready for the challenges and opportunities arising out of the pandemic.
Prime Minister Narendra Modi and his Italian counterpart Giuseppe Conte on Friday discussed wide-ranging issues pertaining to the bilateral ties, and ways to deal with adverse impact of the coronavirus pandemic.
In his opening speech, PM Modi said that the Covid-19 pandemic will remain a watershed in history just like the Second World War. “We will have to adapt ourselves to the post-Corona world. We will have to be ready for the opportunities and challenges arising out of it,” Modi added.
He also said that there was a need to be ready for the challenges and opportunities arising out of the pandemic.
Post the opening address by the prime minister, Joint Secretary (Europe West) Sandeep Chakravorty informed, “The entire gamut of the bilateral relationship was discussed along with multilateral issues. PM Conte has invited PM Modi to jointly participate in the 700th birth anniversary of poet Dante Alighieri.”
Chakravorty also said that Italy is very keen to diversify its supply chains and investment to have a more substantive economic partnership with India. Bilateral economic cooperation was focussed on diversification of supply chains.
A key country for India in Europe, Italy is the fifth largest trading partner of India in the European Union and both sides are further keen to expand the economic engagement in a range of areas.
Italy has been seeking two-way investment in a wide range of areas including green and circular economy, energy, health and pharma, food processing, infrastructure and advanced manufacturing given the high degree of complementarities between the two economies.
The volume of bilateral trade was Euros 9.52 billion in 2019. Around 600 large Italian companies covering varied sectors such as fashion and garments, textiles and textile machinery, automotive components, infrastructure, chemicals, energy confectionery and insurance are currently active in India.
