New Delhi, Dec 13 (IANS) The bilateral trade between India and Italy is expected to reach 12 billion euros ($17.5 billion) in the next five years from 6.5 billion euros in 2008, says an industry report.
"With deeper business engagement, trade between the two countries is expected to double to 12 billion euros in the next five years," said the report prepared by the Federation of Indian Chambers of Commerce and Industry (FICCI) and Yes Bank.
The report coincides with the visit of an Italian business delegation to India Dec 14-16.
The delegation, led by Italy's Minister for Economic Development and Foreign Trade Claudio Scajola will visit Delhi and Mumbai.
"India's trade engagement with Italy is poised for a multi-fold increase with the impending B2B tie-ups, especially among SMEs (small and medium enterprises), licensing, franchising and merger and acquisitions, " the report said.
FICCI will host India-Italy Business Forum meetings in New Delhi and Mumbai during their visit.
Business leaders representing sectors such as renewable energy, energy efficient buildings, waste management, logistics and port infrastructure, agro food, construction, apparel and textiles, footwear, cosmetics, furniture, jewellery and wine are part of the delegation.
The report mentions that there is tremendous scope for co-operation between India and Italy on various avenues such as food and energy security, infrastructure and technology transfer.
Italian industries can capitalise on the cost-efficient and vast expertise of the talent pool available in India to develop partnerships that ensure further innovation and sustained quality, it added.
"India on its end will immensely gain from the technology transfer and can leverage its growing manufacturing sector to cater to this segment."
FICCI added that the two countries can also step up cooperation on biotech as well as pharmaceutical sectors.
"The biotech sector in India is still in its nascent stage and requires nurturing. Cooperation with Italy will no doubt benefit Indian industry greatly," it added.