India and Italy strengthen economic ties during ADB meet
- The meeting aimed to strengthen economic ties and cooperation on global issues.
- Bilateral trade between India and Italy reached $14.56 billion in FY2023-24, highlighting areas for collaboration.
- The discussions underscored the importance of shared strategies and commitments for future economic relations.
On May 5, 2025, in Milan, Italy, Union Finance Minister Nirmala Sitharaman engaged in discussions with her Italian counterpart, Giancarlo Giorgetti, during the 58th ADB Annual Meeting. The two leaders focused on enhancing bilateral economic relations between India and Italy. Central to their discussion was the Joint Strategic Action Plan 2025–2029, which aims to deepen cooperation in various strategic sectors between the two nations. During the talks, the finance ministers highlighted the substantial increase in bilateral trade, which reached $14.56 billion in the fiscal year 2023-24. Sitharaman pointed out specific sectors where Italy and India could collaborate effectively, such as renewable energy, digital technologies, high-end manufacturing, and agri-food processing. She encouraged Italian firms to partake in India's 'Make in India' initiative, leveraging India's Production-Linked Incentive (PLI) schemes to foster investment and innovation. The discussions also encompassed the need for reforms in Multilateral Development Banks (MDBs) to better meet the needs of developing countries. The ministers addressed their commitment to aligning MDBs with Sustainable Development Goals (SDGs), emphasizing the importance of ensuring that these banks are adequately capitalized and responsive. Further discussions included potential collaborations in crucial areas such as green hydrogen, carbon capture technologies, and energy efficiency, indicative of both nations' commitment to advancing their climate responsibilities. In addition to the talks with Italy, Nirmala Sitharaman also met Japan's Finance Minister, Katsunobu Kato, emphasizing the significance of the India-Japan partnership for regional stability and prosperity in the Indo-Pacific region. Her interactions at the ADB Annual Meeting underscored India's proactive stance on global economic cooperation and its vision for a prosperous, inclusive, and sustainable future, aligned with the objectives outlined for Viksit Bharat 2047, under the leadership of Prime Minister Modi.