Mumbai:
Italy is reportedly in talks with India to expand cooperation in port infrastructure, including the ship and yacht building sectors. The discussion will include broader areas of the blue economy and space exploration, Bloomberg News reported Saturday, citing Italian Industry Minister Adolfo Urso.
India and Italy share age-old cultural and trade ties, the report said, according to Mr Urso, who is also Minister of Made in Italy.
This means the two countries are well-placed to build a 'Cotton Road' as an alternative to China's 'Silk Road', investing in ports, logistics, data and information technologies such as submarine cables, he said while spoke on the sidelines of Bloomberg. Saturday the Tour Vespucci in Mumbai.
On the issue of the possible impact of the war in the Middle East on the India-Middle East-Europe Economic Corridor (IMEC), the Italian leader said that “war is all around us in Europe.”
However, he said an alternative is needed as the war between Russia and Ukraine has disrupted continental routes. It will also help relieve pressure on the Suez Canal, the minister said.
Responding to a question about the prospects of IMEC finding support under the administration of incoming US President Donald Trump, Mr Urso said the corridor meets 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 via the Middle East.
India-Italy 'informal' talks
Meanwhile, Union Shipping, Ports and Waterways Minister Sarbananda Sonowal told reporters on Saturday that India and Italy held “informal” talks on Saturday.
When asked about the developments surrounding the upcoming IMEC, the minister said that Italy has made some wishes and added that India will take necessary steps in this aspect.
“Both India and Italy are strong maritime nations with advanced space programs,” Sonowal said, emphasizing that ecology and economic ambitions must go hand in hand.
“From the enormous size of the ocean to the infinite expanse of space, the potential and benefits of the India-Italy partnership are enormous,” he said.
The minister also invited Italian museums to collaborate with India for the upcoming National Maritime Heritage Complex (NMHC) at Lothal in Gujarat. The Union Cabinet had recently approved the NMHC, which is estimated to cost over Rs 3,500 crore, according to some reports.
India-ItalyTies
Italy and India share common interests and common challenges in the Indo-Mediterranean Sea, a region vital for global trade. Recently, both India and Italy have intensified their bilateral ties, promoting cooperation between 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 agreed with Italy, the United States, the United Arab Emirates, France, Saudi Arabia, Germany and the European Union to establish the India-Middle East Economic Corridor (IMEC) to promote global trade and China's To counter Belt and Road. Initiative (BRI).
The IMEC aims to connect a combined GDP of $47 trillion with a vast infrastructure network and focuses on highly efficient trade routes, renewable energy, digital infrastructure and improved international communications networks, according to a report by the East Asia Forum.
