India and Italy will hold discussions on strengthening trade, and tech relations during the G7 Summit in Italy.

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  • Italy is the Chair of G7 this year. It is hosting the G7 Summit on June 13 and 14.
  • Italy has invited Prime Minister Narendra Modi to the G7 Summit Outreach Sessions to discuss cooperation in various fields. The two democracies are committed to the rule of law, respect for human rights and achieving economic development through inclusive growth.

During the summit, the Indian Prime Minister will also tackle several other crucial topics:

  • Africa, Climate Change, and Development, with emphasis on their importance for the Global South and India’s development goals.
  • Ongoing conflicts in the Middle East and Ukraine are expected to dominate the agenda.
  • Artificial Intelligence (AI) will be a key topic, reflecting India’s increasing focus on its applications and potential.

G7 (Group of Seven)

  • Members: The G7 is an informal bloc of industrialized democracies—the United States, Canada, France, Germany, Italy, Japan, and the United Kingdom (UK). India is not a member
  • Purpose: Discuss and coordinate economic policies, International Security and address global issues
  • Meetings: Annual summits and periodic ministerial meetings.

India-Italy relations

  • The countries celebrated 75 years of establishment of diplomatic relations last year.
  • Italy is the 18th largest foreign investor with bilateral relations upgraded to the level of ‘Strategic Partnership’ with a focus on defence, Indo-Pacific, energy and science and technology.

Political relations

  • Action Plan 2020-2024 was adopted at a virtual summit in 2020 that set an ambitious agenda for an enhanced partnership in key areas of economy, science and technology and people-to-people cooperation.
  • Italian PM participated in the G20 Leaders’ Summit in New Delhi in September 2023.
  • Italy has joined the key India-led global initiatives such as the International Solar Alliance (ISA), Coalition for Disaster Resilient Infrastructure (CDRI), Indo-Pacific Ocean Initiative (IPOI), Global Bio-Fuels Alliance (GBA) and India Middle East Europe Economic Corridor (IMEEC).

Economic relations

  • Italy is India’s 4th largest trading partner in the EU after Germany, Belgium and Netherlands.
  • In terms of economic engagement, the bilateral trade was $15 billion in 2022-23, with exports at $8.691 billion, the highest till now.
  • Indian investment in Italy is estimated at around $400 million and there are more than 700 Italian companies in India, with an overall turnover of 9.7 billion Euro.
  • Italy is the 18th largest foreign investor in India with a cumulative FDI inflow of $3.53 billion from January 2000 to December 2023.

Science and technological engagement

  • Under Executive Programme of Cooperation for the 2022-24 period, India and Italy are jointly funding three Network of Excellence in the areas of Biomedical/Health Sciences and Technologies Applied to Cultural and Natural Heritage.
  • ISRO has launched five satellites from Italy in commercial mode.
  • Italy is developing an “Italian Excellence Platform” in Gujarat which will offer technical training and skill building to the workers in Fanidhar “Mega Food Park” in the state.

Indian Diaspora

  • India has the second largest diaspora in Italy within the European Union after the Netherlands. The Indian community in Italy is estimated at 2 lakhs including Persons of Indian Origin (PIOs) and 5th largest foreign community in Italy.

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