Italy is reportedly in talks with India to expand cooperation on port infrastructure, including ship and yacht building sectors. Bloomberg News on Saturday cited Italian Industry Minister Adolfo Urso as saying that the discussions covered broad areas of the blue economy and space exploration.
The report quoted Mr Urso, who is also the Minister of Made in Italy, as saying that India and Italy have centuries-old cultural and trade ties.
This means both countries are well-positioned to build a “Cotton Route” as an alternative to China’s “Silk Route” by investing in ports, logistics, data and information technology such as undersea cables, he said while talking to Bloomberg. Tour Vespucci in Mumbai on Saturday.
On the issue of possible impacts of the Middle East war on the India-Middle East-Europe Economic Corridor (IMEC), the Italian leader said that “there is war all around us in Europe.”
However, he said an alternative was needed, as the Russia–Ukraine war had disrupted continental routes. This will also help in reducing pressure on the Suez Canal, the minister said.
Responding to a question about the prospects of IMEC getting support under the administration of incoming US President Donald Trump, Mr Urso said the corridor serves the strategic needs of both the US and Europe.
IMEC is an initiative to establish a new trade and logistics corridor connecting the Mediterranean Sea to the Indo-Pacific through the Middle East.
India-Italy “informal” talks
Meanwhile, Union Minister for Shipping, Ports and Waterways Sarbananda Sonowal told reporters on Saturday that India and Italy held “informal” talks on Saturday.
Asked about developments on the upcoming IMEC, the minister said Italy has expressed some wishes and said India will take necessary steps on this aspect.
“Both India and Italy are strong maritime nations with advanced space programmes,” Sonowal said, stressing that ecological and economic aspirations have to go hand in hand.
“From the vastness of the ocean to the infinite vastness of space, the potential and benefits of the India-Italy partnership are immense,” he said.
The Minister also invited Italian museums to collaborate with India for the upcoming National Maritime Heritage Complex (NMHC) at Lothal, Gujarat. According to some reports, the Union Cabinet has recently approved NMHC, which is estimated to cost more than Rs 3,500 crore.
India-Italy relations
Italy and India have shared interests and joint challenges in the Indo-Mediterranean Sea, a region important for global trade. Recently, both India and Italy have strengthened their bilateral relations by pursuing cooperation in political, economic and defense sectors.
This partnership has the potential to position both India and Italy as key players in the Indo-Pacific and Mediterranean region, where stability and cooperation are essential for global trade and security.
In 2023, India-Middle East Economic Corridor (IMEC) with India, Italy, United States, United Arab Emirates, France, Saudi Arabia, Germany and EU to enhance global trade and counter China’s Belt and Road Initiative Agreed to install. Initiative (BRI).
According to a report by the East Asia Forum, IMEC aims to connect a combined GDP of US$47 trillion through a comprehensive infrastructure network and focus on high-efficiency trade routes, renewable energy, digital infrastructure and improved international communication networks. Have to do.
