India and Italy Target Euro 20 Billion Bilateral Trade by 2029

Prime Ministers Narendra Modi and Giorgia Meloni outline strategic partnership across trade, technology, defence, and connectivity
Prime Minister Narendra Modi is currently in Italy as part of the final leg of his five-nation tour. During the visit, Modi and Meloni jointly emphasized that the partnership between the two countries is expanding across economic, technological, cultural, and strategic areas.
“The relationship between India and Italy has now reached a decisive stage. In recent years, our ties have expanded with unprecedented momentum, evolving from a cordial friendship into a special strategic partnership grounded in the values of freedom and democracy, and a common vision for the future,” the leaders said.
The two countries stated that prosperity and security in the 21st century would depend on innovation, energy transition management, and strengthening strategic sovereignty.
The leaders said they are committed to diversifying and deepening bilateral relations while pursuing new objectives and leveraging complementary strengths.
“We aim for a powerful synergy between Italian design, manufacturing excellence, and world-class supercomputers — reflecting Italy’s position as an industrial powerhouse — and India’s rapid economic growth, engineering talent, scale, and innovation and entrepreneurial ecosystem with over 100 unicorns and 200,000 start-ups,” they said.
According to the statement, India and Italy plan to increase trade and investment in sectors including defence, aerospace, clean technologies, machinery, automotive components, chemicals, pharmaceuticals, textiles, agri-food, tourism, and more.
The leaders also highlighted the growing interest of Italian businesses in India and the expanding presence of Indian industries in Italy, with more than 1,000 Indian companies operating there.
Technology cooperation was identified as a central pillar of the partnership, particularly in sectors such as artificial intelligence, quantum computing, advanced manufacturing, critical minerals, and digital infrastructure.
The two countries also stated that cooperation between universities and research centres would support innovation and scientific collaboration.
On artificial intelligence, Modi and Meloni said AI should remain human-centric and should not replace human responsibility or undermine democratic institutions.
“Our approach to defending freedom and human dignity in an increasingly interconnected world hinges on this very challenge,” they said.
The leaders further noted that the India-Italy partnership extends to space cooperation and satellite technology, combining India’s space advancements with Italy’s aerospace engineering capabilities.
They also reaffirmed support for the India-Middle East-Europe Economic Corridor (IMEC), describing it as a framework aimed at connecting regions through transport infrastructure, digital networks, energy systems, and resilient supply chains.
According to the statement, India and Italy intend to strengthen cooperation in defence, security, maritime routes, cyber security, and strategic technologies.