India and Italy trade to reach $17.5 billion by 2014
Trade between India and Italy is set to reach $17.5 billion by 2014, according to suggestions made at the Bengal Chamber of Commerce and Industry on 19 May, 2011. Joel Melchiori, consul-general of Italy, believes if last year’s growth is sustained, trade volume will grow in the future.
Italy is among the top five trading partners in Europe and the twelfth largest investor in India. Trade between the two countries showed a growing trend till 2007, and the global recession in 2008 dented trade volumes. A negative growth rate of 13 per cent was registered in 2009.
In 2010-11, bilateral trade registered a 22% growth at $8.9 million compared with $7.3 million in 2009-10. This is mainly on account of an increase in the number of traded commodities.
India exports leathergoods, textiles, gems and jewellery, engineering goods, iron and steel products, automobiles and auto parts to Italy.
India’s imports include leather and fabric goods, precision tools and machinery, basic chemicals, base metals and automobile components.
“Italy is not the largest trading partner of India among the EU countries. The situation is likely to improve in the future,” said Mr Melchiori at an event organised by the Bengal Chamber of Commerce and Industry. Further, Mr Melchiori said Bengal might become the next hotspot for the promotion of cultural and bilateral ties.
