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India and Italy sign 15 agreements in various sectors; Reaffirm commitment to strengthen cooperation against common global challenges

India and Italy sign 15 agreements in various sectors; Reaffirm commitment to strengthen cooperation against common global challenges
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India and Italy sign 15 agreements in various sectors; Reaffirm commitment to strengthen cooperation against common global challenges

Highlights

India and Italy signed 15 agreements in various sectors following a Virtual Bilateral Summit between Prime Minister Narendra Modi and his Italian counterpart Giuseppe Conte last evening.

India and Italy signed 15 agreements in various sectors following a Virtual Bilateral Summit between Prime Minister Narendra Modi and his Italian counterpart Giuseppe Conte last evening. The agreements signed will provide for cooperation in a diverse range of areas including energy, green energy, shipbuilding and media sector.

The Summit provided an opportunity for the two leaders to comprehensively review the broad framework of the bilateral relationship. The two leaders reaffirmed their commitment to strengthen cooperation against common global challenges, including the COVID-19 pandemic. The leaders discussed a wide range of issues including political, economic, scientific & technological, space and defence cooperation.

15 MoUs and Agreements in various sectors such as energy, fisheries, shipbuilding, design etc. were signed coinciding with the Summit. The MoUs that were signed coinciding with the India-Italy Virtual Summit:

I. MoU between the Italian Trade Agency and Invest India.

II. MoU to promote co-financing between Cassa Depositi e Prestiti SpA (CDP), Italy and National Investment and Infrastructure Fund (NIIF), India.

III. MoU among the Indian Institute of Technology (Kanpur), Ca' Foscari University of Venice, Archaeological Survey of India (ASI) and Soprintendenza Archeologica Belle Arti e Paesaggio di Venezia on creating a network and sharing skills for restoration and protection of monuments.

IV. Addendum to the Executive Protocol for Scientific and Technological Cooperation between Italy and India on industrial projects;

V. Exchange of Notes on the Rules of Procedure for approval of co-production status under art. 15 of the Audio-Visual co-production agreement between the Government of the Republic of Italy and the Government of Republic of India.

VI. MoU between Fincantieri S.p.A., Italy and Cochin Shipyard Limited, India on design, shipbuilding and manufacturing.

VII. MoU between Fincantieri S.p.A., Italy and Cochin Shipyard Limited, India on repair/refit.

VIII. Cooperation Agreement to promote energy transition between Snam S.p.A., Italy and Adani Entreprises Ltd, India.

IX. Cooperation Agreement to set-up a CNG compressors factory in India between Snam S.p.A., Italy and Adani Gas Ltd, India.

X. MoU to enhance the development of green hydrogen between Snam S.p.A., Italy and Greenko Energies Private Ltd, India.

XI. MoU to promote the energy transition and cooperate on gas infrastructures development between Snam S.p.A., Italy and Indian Oil Corporation Ltd. India.

XII. MoU in the area of conversion of plastic recycling between NextChem (Maire Tecnimont Group), Italy and Indian Oil Cooperation, India.

XIII. MoU on the fisheries sector between ASSOITTICA of Italy and Seafood Exporters Association of India.

XIV. MoU on Cost Free Content Exchange between ANI Media Pvt. Ltd., India and RCS Media Group S. p. A., Italy.

XV. MoU on Student Exchange between Satyajit Ray Film and Television Institute (SRFTI), India and ZeLIG, Italy.

In his opening remarks, Prime Minister Modi said that COVID-19 pandemic will remain a watershed moment in history like World War II. Mr Modi said, the world will have to adapt to the post-Corona scenario and be ready for the opportunities and challenges arising out of it.

Prime Minister Modi expressed his condolences on behalf of people in India, for the losses due to COVID-19 in Italy. He said, Italy swiftly and successfully brought the situation under control. The Prime Minister said, like Mr Conte, he is also committed to deepening the relations between India and Italy. He expressed happiness that after the talks between both in 2018, there has been a lot of momentum in mutual exchanges.

Briefing Media after the Summit, Joint Secretary (Europe-West) in the Ministry of External Affairs Sandeep Chakravorty said it was the fifth interaction between the two leaders in the last three years. He said, the whole focus of the discussion was on economic ties. The Joint Secretary said, the entire gamut of the bilateral relationship was discussed along with regional and multilateral issues. He added that Italy is an important partner in new technologies and green technologies.

Mr Chakravorty said a lot of investment decisions have been made between private sector entities. The Joint Secretary said, both sides also decided to work closely on concluding at the earliest the migration and mobility partnership agreement. He said, there was a discussion on India-EU FTA and Prime Minister Modi mentioned about 15th EU-India Summit which was held in July this year. He said, Prime Minister of Italy invited Prime Minister Modi to jointly participate and engage in the 700th birth anniversary of the supreme poet Dante Alighieri.

The India-Italy virtual bilateral provided an opportunity for the two leaders to comprehensively review the broad framework of the bilateral relationship. Mr Modi and Mr Conte reaffirmed their commitment to strengthen cooperation against common global challenges, including the COVID-19 pandemic.

The leaders discussed a wide range of issues including political, economic, scientific and technological, space and defence cooperation. On regional and international issues, both sides agreed to coordinate closely at multilateral fora especially G-20. Italy will assume the Presidency of G-20 in December 2021 followed by India in 2022.

Together, India and Italy will be part of the G20 Troika from December this year. India welcomed Italy's decision to join the International Solar Alliance as soon as the ratification process is completed.

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