India and Italy Deepen Strategic Economic Ties During Minister Goyal’s Visit

Union Minister of Commerce and Industry Shri Piyush Goyal has begun a pivotal two-day visit to Italy from June 4–5, following the conclusion of his engagements in France. His Italy mission aims to cement a new era of economic and strategic cooperation between India and key European partners, focusing on trade expansion, investment facilitation, and industrial transformation.

This visit, a significant moment in the evolving India–Italy relationship, centers on the 22nd Session of the India–Italy Joint Commission for Economic Cooperation (JCEC), co-chaired by Minister Goyal and Italy’s Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation, H.E. Antonio Tajani. The JCEC serves as the primary institutional mechanism for discussing bilateral economic collaboration and has played a foundational role in shaping trade policy dialogues since its inception.

Strengthening Strategic Ties Through JSAP 2025–2029

The current JCEC session holds added significance as it builds upon the momentum of the India–Italy Joint Strategic Action Plan (JSAP) 2025–2029, launched after the high-profile meeting between Indian Prime Minister Shri Narendra Modi and Italian Prime Minister Giorgia Meloni during the G20 Summit in Rio de Janeiro in November 2024.

The JSAP, anchored in ten thematic pillars, prioritizes economic cooperation, technology partnerships, green energy, sustainability, and infrastructure connectivity. Minister Goyal and Deputy PM Tajani reviewed progress under these areas, including implementation frameworks for shared commitments and new policy initiatives to boost industrial growth.

The JCEC dialogue emphasized collaboration in high-impact sectors, including:

• Industry 4.0 and advanced manufacturing

• Agri-tech and food processing innovation

• Digital economy and cybersecurity

• Energy transition and green hydrogen

• Sustainable and smart mobility

• Bilateral engagement in the India–Middle East–Europe Economic Corridor (IMEC)

Minister Goyal noted: “Italy is one of our most valued partners in Europe. The JCEC is a powerful mechanism to deepen cooperation and unlock new economic opportunities in line with the evolving strategic priorities of both nations.”

India–Italy Growth Forum: A Platform for Industrial Partnerships

A central feature of the visit was the India–Italy Growth Forum, hosted in Brescia, one of Italy’s most prominent industrial and innovation hubs. Minister Goyal led a high-level delegation of Indian business leaders from sectors such as renewable energy, manufacturing, textiles, information technology, and food processing.

The Forum, organized by Confindustria Brescia and the Confederation of Indian Industry (CII), provided a platform for over 100 companies from both nations to engage in B2B dialogues, forge joint ventures, and explore technology transfers and sustainability partnerships. Key Italian industrial clusters expressed keen interest in participating in India's Make in India and PLI (Production Linked Incentive) schemes.

Participants highlighted the potential for increased bilateral investment and trade flows, especially in areas aligned with EU-India Free Trade Agreement (FTA) negotiations. The Forum also featured dedicated sessions on startup ecosystems, circular economy, and digital transformation strategies.

Expanding Bilateral Trade and Investment Footprint

Italy remains India’s 4th largest trading partner in the EU, with bilateral trade crossing USD 15 billion in 2024. Over 700 Italian companies are currently operating in India, while Indian companies have made strategic investments in Italy across automotive, pharmaceuticals, and IT sectors.

The visit saw the announcement of new memorandums of understanding (MoUs) in the areas of vocational training, innovation exchange, and SME cooperation. Discussions also took place around establishing a bilateral technology and sustainability task force to foster structured engagements in decarbonization and digital trade.

Vision for a Shared Future

Minister Goyal’s engagements reflect the deepening political will and shared economic vision between India and Italy. The visit has helped translate top-level leadership dialogues into actionable frameworks that will guide long-term cooperation in infrastructure development, resilience-building, and industrial innovation.

With both countries committed to inclusive, sustainable, and rules-based global economic order, this visit marks a vital step toward building a modern, forward-looking partnership rooted in mutual respect, economic resilience, and global leadership.