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Home  » Business » Italy keen to invest in India's food sector

Italy keen to invest in India's food sector

By A Correspondent in Mumbai
November 06, 2006 20:37 IST
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"Sonia Gandhi is Italy's gift to India. But she is now an Indian, and I doubt whether she even speaks Italian with her children."

So joked Giuseppe Zaccagnino, Consul General of Italy in Mumbai, when asked why the Congress Party leader was not involved in the celebrations being planned as part of Festa Italiana, or the Italian Festival, 2006.

He was addressing a gathering of journalists a Mumbai hotel Friday to kick off the month-long festival, from November 11 to December 11, which will showcase Italy in several sectors, including banking and insurance, chemicals, tourism, culture to food and wine, agro-food, textiles and ceramics through a variety of events, ranging from seminars, round tables and B2B meetings to exhibitions, concerts, lectures and roadshows.

"Our two countries are both endowed with a rich heritage and a long history. The Italian Festival/Festa Italiana aims to provide information on the many facets of Italy -- its institutions, legislation, economic activities, culture, outlook into the world, thus furthering and strengthening the breadth and scope of co-operation between our two countries and what better time to celebrate this partnership than on the eve of 2007, declared as the Year of Italy in India," Zaccagnino said.

According to Italy's Foreign Trade Institute, last year there was a 32 per cent hike in Italy's exports to India while India's exports to Italy increased by more than 20.5 percent in 2004, and another 8.6 per cent in 2005.

Italian exports to India in 2005 was approximately 1,679 million Euros, (approx Rs 96,761 million)  while Indian exports to Italy were 2,200 million euros (approx Rs 125,500 million).

Italy is keen to get involved in the food processing sector in India, which needs investment of about $28-35 billion to meet the changing food demands. India wastes more food than Italy consumes each year, simply because it does not have the adequate storage and other capacities, pointed out Narinder Nayar, president of the Indo-Italian Chamber of Commerce and Industry.

India is also keen to collaborate with Italy in the field of textiles, the single largest Indian industry.

FICCI has already sent its largest ever delegation to Italy to Examine cooperation with Italian companies in fields like food processing, textile, leather, jewellery and the automotive sector.

According to a FICCI study, while Italy leads globally in the exports of jewellery, India is the biggest exporter of diamonds and emeralds in the world. India is the largest consumer of gold in the world, with a 20 per cent share of the world production, followed by Italy and Turkey.

'The two countries share many firsts in this sector and can complement each other to retain their supremacy in the world trade in this sector,' the study states.

"This is the first time that all of Italy will be presented on a large canvas under a single banner, at one forum -- The Italian Festival/Festa Italiana jointly brought to you by the Italian Trade Commission (ICE) and the Indo-Italian Chamber of Commerce along with ENIT (Italian State Tourist Board) and the Italian Cultural Institute with the Patronage of the Italian Embassy and Consulates,"  said Vittorio Mecozzi, Trade Commissioner, Italian Trade Commission (ICE).

Various events being  planned  as part of the festival -- being organised simultaneously across the five India metros: New Delhi, Mumbai, Chennai, Kolkata and Bangalore.

On the business side, they include the participation of several Italian companies at IndiaChem 2006, various seminars on  banking and insurance, Italian wines and food, Italian technologies for ceramic tile glazing, and flat glass processing, Italian lifestyle and trends: fashion, automotive, furniture, lighting, jewellery design, Investment opportunities in ICT sector, an Open Day for Indian students interested in studying fashion and design in Italy.

Other events include concerts by the orchestra of the renowned Teatro Regio di Parma, closely associated with the operas of Giuseppe Verdi, an exhibition in Mumbai to promote Italy as a tourist destination, an Exhibition on '50 years of Italian cuisine' and an exclusive presentation of accessories by fashion designer Roberta di Camerino.

"What you will experience through the Festival is the best of the Made in Italy across products, services and information representing the many exciting regions of Italy showcased through business seminars, roadshows, exhibitions, concerts and other exciting platforms. The month-long festival will support and enhance Indo-Italian trade relations and that can only be good news for all of us. So I hope you will enjoy the Festival! We look forward to your active participation as there is something for everyone to experience," Mecozzi added.

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A Correspondent in Mumbai
 

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