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Italian cos focus India for trade, signs 3 MoU's

Feb '07
Memorandums of Understanding (MoU) were signed for bilateral trade amounting to €10 million in the coming three years, with a delegation of 400 small and medium Italian entrepreneurs, here on Monday.

Besides two other MoU's, an MoU between Council for Leather Exports and National Association of Italian Manufacturers of Footwear, Leather goods and Tanning Machinery (ASSOMAC), was also inked for setting up a tanning training and service centre in Kolkata.

A special fund of about Rs80 crore (Euro 10 million) has been sanctioned for Italian companies wanting to invest in India, said Emma Bonino, Minister of International Trade, Italy. It has chosen India as the focal point for 2007.

Italian trade delegation also included 13 banks, of which Intesa Sao Paulo, Unicredit, Banca Monte Del Paschi De Siena have their branches in India, whereas Banca di Roma will open its first branch in Mumbai, Monte Dei Paschi di Siena will open one in New Delhi, said Giuseppe Morandini, President of small industry council, Confindustria.

The Italian banks' association (ABI) has set aside €300 million for 'Go India' project to promote Italian companies in India, targeting eight sectors---filmmaking, mechanics, traditional crafts, biotechnology, infrastructure and logistics, distribution, chemicals and pharmaceuticals, said Bonino.

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