Sharma for cooperation between Indian and Italian SMEs

The Italian Minister for Economic Development, Paolo Romani meeting the Union Minister for Commerce & Industry and Textiles, Anand Sharma, in New Delhi on Oct 31.

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SME Times News Bureau | 01 Nov, 2011
The Union Minister of Commerce, Industry and Textiles Anand Sharma Monday said that he would encourage further cooperation between Indian and Italian small and medium enterprises (SMEs).

Speaking at Ministerial Forum - ‘Indo-Italian Cooperation: Addressing Challenges, Strengthening Ties’ , in New Delhi, Sharma said, "Earlier, the SME sector in India used to be protected and foreign investment was restricted in this sector, but recently we have liberalised this sector to enable its modernisation. Now, the SME sector is open to foreign investment just like any other sector."

He said that the micro, small and medium enterprises (MSME) sector is the backbone of Indian economy, contributing 8 percent of our gross domestic product, 45 percent of manufactured output and 40 percent of our exports.

He also stressed on the need for further cooperation between the two countries in the design industry for textiles, leather products and footwear, where Italy is known as a world leader.

Sharma said that the Indian design industry is growing between 23 and 25 percent every years, and the economic rise of India has created a strong consumption demand for various kinds of clothing, textiles, home furnishings, leather products, including footwear. "In particular, there is need designers in garment and leather – two areas where Italy is a global leader," he added.

Sharma also expressed confidence that India and Italy will reach the target of Euro 15 bn (USD 21 billion) by 2015.

The minister emphasized that Trade between our countries last year stood at USD 8.50 billion and the data till August 2011 “shows an impressive growth and reflect optimism yet doesn’t reflect our true potential which is far greater.”

Paolo Romani, Minister for Economic Development, Italy also addressed the gathering.

In another development, a memorandum of understanding (MoU) was signed between the two countries which envisages an India-Italy Business Forum for furthering cooperation in sectors such as automobile, infrastructure, agro-industry, pharmaceuticals, tourism, manufacturing and information communication technology.

The MoU was signed between Federation of Indian Chambers of Commerce and Industry (FICCI) and Confindustria, the apex business chamber of Italy.