Economic Development Minister of Italy meets with Shri Praful Patel
The Minister for Heavy Industries & Public Enterprises Shri Praful Patel met with Mr. Paolo Romani, Minister for Economic Development, Italy. The Ministers discussed various issues relating to Heavy Industries.
The main issues discussed relate to :
• Trade - Italy is one of the major economic partners in EU. Machinery automotive components, engineering items are some of the major items exported to Italy from India, while non-electrical equipment, precision and other machine tools, engineering items are some of the major imports from Italy.
• Investment – the automobile industry in India is one of the top sectors attracting about 65% of FDI in-flows from Italy. Industrial machinery is also another sector of FDI inflow from Italy. Automobile machine tools, industrial machines, earth moving machines etc, are sectors in which India requires latest technologies from Italy. India would also welcome Italian companies for FDI and technology transfer in automobiles, heavy engineering and machine tools. Both the countries have large potential for growth in the economic sector.
• Automotive sector - At present there is only one Italian company in the field of automobiles present in India – FIAT Automobiles India Pvt. Ltd., a 50:50 Industrial Joint Venture between Fiat Group Automobiles and Tata Mobiles Ltd.
• Prospects of BHEL in Italy - BHEL’s area of interest in Italy include reconstruction of old thermal power plants, supplying of solar cells and modules to Italian integrators of Solar Power System and also setting up of small Solar Power Systems in association with local partners.
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