Mumbai April 28, 2017: Under the umbrella of the Government of Italy (Italian Ministry of Foreign affairs and International Cooperation and Italian Ministry of Economic Development), the Italian Trade Commission/ Trade Promotion office of the Embassy of Italy in New Delhi, in collaboration with Confindustria (Confederation of Italian Industries) and CII, ‘the Italian Business Mission to India’ – India -Italy Investment Forum was organised today in Mumbai.
The Italian delegation was led by the Italian Deputy Minister of Economic Development Hon'ble Mr. Ivan Scalfarotto along with high level and large group of Italian companies dealing with on focus sectors like Automotive, Infrastructure/Construction, Renewable Energy, Green Technologies-Waste Management, ICT, Machinery (Agriculture, Machines, Leather Machines, Food Processing, Wood Working Machines, Ceramics Machines, Textile Machines, etc.), Machine Tools and Industrial Automation. With an aim to boost trade relations between India and Italy, the business mission was a platform for Indian companies to interact with those based in Italy.
Mr Scalfarotto said, ”India is a large country of production of raw materials, incredible demographics and a lot of young people and a thriving environment for business. Indian and Italian technology can go hand in hand. The investment for Italy to India in the last three years has been close to 2.8 million euros. We appreciate the efforts made by Mr Modi in reforming things like GST and other hurdles for trade within the country”
Honorable Chief Minister of Maharashtra Shri Devendra Fadnavis graced the occasion and discussed trade and investment opportunities between the two countries.
Enclosed are the highlights from the speech of Honorable Chief Minister of Maharashtra Shri Devendra Fadnavis:
- At the outset, Welcome, Dy. Minister and High level delegation, coming to Maharashtra after 5 years. We are delighted.
- India-Italy have had a long-lasting relationship, for more than 1500 years.
- If we look back, many things have been shared – trade, investments – for centuries together
- This is the right time to take partnership to the next level
- Dy Min has showcased the opportunities in Italy
- This is the best opportune time to invest in India, especially Maharashtra
- Maharashtra is the powerhouse of Indian Economy
- Accounts for 15% of te GDP
- 25% of Indian exports
- 30% of FDI into India
- This year, Maharashtra accounted for about 50% of FDI in India ($21Bn to India and $10.5Bn to Mah)
- Lots of reforms have been undertaken in Maharashtra in terms of ease of doing business
- Maharashtra is leader state in rankings for Ease of doing business
- We have streamlined and eased the process of investments into the state
- Maharashtra is growing faster than the national growth rate
- 9.5% growth rate for India. From 2018-2030, Maharashtra is planned to grow at more than 10%
- This is a very opportune time to invest here
- Investment space in Maharashtra has a 360-degree approach. All sectors, including Infrastructure, manufacturing, ICT, agriculture, food processing and designing have huge opportunities.
- Maharashtra is investing $15bn in creating Metro network
- $10Bn in railway infrastructure
- $5Bn in new airports
- $15Bn in new expressways and port connectivity
- Infrastructure sector has huge investment plans, which have begun and are not just plans
- New Mumbai airport, Pune airport and Nagpur airport are planned to boost international connectivity
- Maharashtra is leading state in infrastructure
- Maharashtra accounts for 25% output of India, and the plan is to take it to 30%
- Maharashtra has a developed ecosystem in Automotive, consumer durables etc sectors, with best human resources available
- We are a leader in IT, ICT and innovation
- Maharashtra is creating 10 smart cities. Infrastructure architecture for them is planned in a systematic and transparent manner
- We are coming out with a new policy in food processing. We already have one, but I believe there is huge potential for the food processing sector in Maharashtra
- Maharashtra accounts for 60% of total horticulture exports from India. Maharashtra is the food basket of India
- Coca cola, Pepsico are also investing in Maharashtra
- Maharashtra is the best human resources and good law & order situation
- We have come out with a new policy of commercial ports to expedite dispute redressal
- An international Financial Services centre will be created in Mumbai to manage back-end financial resources
- India is the right place to invest
- Maharashtra is the best place in India to invest *the CM chuckles*
- We will support, handhold and partner Italian investors. We will be happy to see Maharashtra companies collaborate with Italy as well.
- This summit will pave way for entirely new relationship between India and Italy, especially Italy and Maharashtra