India-Italy Bilateral Relations
Political Relations
- Establishment of Relations: Diplomatic ties between India and Italy were established in 1947.
- 2020 Virtual Summit: A Virtual Summit in November 2020 between PMs of India and Italy resulted in the adoption of a 2020-2025 Action Plan.
- PM Modi's Visit (October 2021): PM Modi visited Italy for the G20 Summit and announced a Strategic Partnership on Energy Transition.
- PM Giorgia Meloni's Visit (March 2023): The Italian Prime Minister paid a State visit to India. She was also the Chief Guest at the 8th Raisina Dialogue 2023. During this visit, the bilateral relationship was elevated to a strategic partnership.
Economic Relations
- Bilateral Trade (2023): Trade between India and Italy amounted to €14.34 billion in 2023.
- India's Exports to Italy: €9.16 billion
- India's Imports from Italy: €5.18 billion
- Trade Surplus for India: €3.98 billion
- Italy's Position as a Trading Partner: Italy is India's 4th largest trading partner in the EU after Germany, Belgium, and the Netherlands.
- Foreign Direct Investment (FDI): Italy is the 18th largest foreign investor in India, with a cumulative FDI inflow of USD 3.53 billion (2000-2023).
- Indian Investment in Italy: Estimated at USD 400 million.
Defence Relations
- Historical Significance: India has a significant "footprint" in Italy due to the contributions of Indian soldiers during World War II. By 1945, 5,782 Indian soldiers died in Italy, and six were awarded the Victoria Cross.
- Maritime Security: In February 2023, Italy deployed an official to the Information Fusion Center – Indian Ocean Region (IFC-IOR) to enhance maritime security and support anti-piracy efforts.
- Joint Defence Cooperation: India and Italy are exploring joint production in defence and aerospace sectors, as well as technology transfers.
- Counter-Terrorism Cooperation: A Joint Working Group on Counter-Terrorism exists between the two countries.
Energy Cooperation
- Strategic Partnership on Energy Transition: In 2021, India and Italy signed an agreement to collaborate on energy transition, focusing on green hydrogen and biofuels.
Science and Technology Cooperation
- India-Italy Innovation Day: The first India-Italy Innovation Day was held virtually on 14th July 2021. The event has been celebrated annually since then, highlighting innovation partnerships between the two countries.
Indian Community in Italy
- Community Size: The Indian community in Italy is estimated to be 180,000 (including Persons of Indian Origin, PIOs), making it the third largest Indian diaspora in Europe after the UK and the Netherlands.
|