Italy In Talks With India On Port Cooperation, Blue Economy: Report

Mumbai:

Italy is reportedly in talks with India to expand cooperation on port infrastructure, including ship and yacht manufacturing sectors. The discussion encompasses broader areas of blue economy and space exploration, Bloomberg News reported on Saturday, citing Italian Industry Minister Adolfo Urso.

India and Italy share cultural and trade ties dating back centuries, the report cited Mr Urso, who is also Minister of Made in Italy, as saying.

This means the two nations are well placed to build a "Cotton Route" as an alternative to China's "Silk Route," investing in ports, logistics, data and information technologies such as undersea cables, he said while speaking to Bloomberg on the sidelines of the Tour Vespucci in Mumbai on Saturday.

On the issue of the potential impacts of the Middle East war on the India-Middle East-Europe Economic Corridor (IMEC), the Italian leader said that "war is all around us in Europe." 

He, however, said that an alternative is needed, as the Russia-Ukraine war has disrupted continental routes. It will also help alleviate pressure on the Suez Canal, the Minister said.

Replying to a question about prospects of IMEC finding support under the upcoming US President Donald Trump's administration, Mr Urso said the corridor meets the strategic needs of both the US and Europe.

IMEC is an initiative to establish a new trade and logistics corridor linking the Mediterranean with the Indo-Pacific via the Middle East.

India- Italy "Informal" Talks

Meanwhile, Union Shipping, Ports and Waterways Minister Sarbananda Sonowal on Saturday told reporters that India and Italy held "informal" talks on Saturday. 

When asked about developments on the upcoming IMEC, the Minister said Italy has made some wishes and added that India will take the necessary steps on this aspect.

 "Both India and Italy are strong maritime nations having advanced space programmes," Sonowal said, stressing that ecology and economic aspirations have to go hand in hand.

"From the enormousness of the ocean to the infinite vastness of space, the potential and benefit of the India-Italy partnership is immense," he said.

The Minister also invited Italian museums to collaborate with India for the upcoming National Maritime Heritage Complex (NMHC) in Gujarat's Lothal.  The Union Cabinet had recently given the nod for the NMHC, which is estimated to cost over Rs 3,500 crore, as per some reports.

India-ItalyTies

Italy and India share common interests and joint challenges in the Indo-Mediterranean Sea, a region vital for global trade. Recently, both India and Italy have intensified their bilateral relationship, advancing cooperation across political, economic, and defence sectors.

This partnership has the potential to position both India and Italy as major players in the Indo-Pacific and Mediterranean region, where stability and collaboration are essential for global trade and security. 

In 2023, India with Italy, the United States, the United Arab Emirates, France, Saudi Arabia, Germany, and the European Union agreed to establish the India–Middle East Economic Corridor (IMEC) to enhance global trade and counter China's Belt and Road Initiative (BRI).

The IMEC aims to connect a combined GDP of US $47 trillion with a comprehensive infrastructure network and focuses on high-efficiency trade routes, renewable energy, digital infrastructure and improved international communication networks, according to a report by East Asia Forum.