India-Italy Bilateral Trade Probably Hit Record High In 2022: Italian Ambassador To India Vincenzo de Luca

Italian Ambassador to India Vincenzo de Luca on Thursday said that due to the strengthening India-Italy relations, there has been a dramatic increase in bilateral trade and investment between the two nations. On the backdrop of India-Italy bilateral trade touching record high levels, the Italian envoy also crowned “diversification of supply chain” as a necessary evil.

At a time when businesses across the world are bringing changes in their supply chains due to geo-political events, the importance of this diversification gets all the more highlighted.

Speaking to Outlook Business exclusively, the Italian Ambassador Vincenzo de Luca said, “In 2021, we made the highest ever record of bilateral trade of €10.4 billion. But in 2022, even though, we don’t have a final number yet, we saw a further increase. In October, we were already at €13 billion, which is €3 billion more than the previous year. So, all this is also due to diversification of supply chain, more investment from Italy to India and more exports from India to Italy, among other things.”

The Embassy of Italy organised the ‘Italy in India 2023’ event, where it presented the yearly program of events and initiatives. Since India-Italy relations have particularly strengthened over the last couple of years, this time, the embassy plans to celebrate the 75th anniversary of diplomatic relations with India. 

At a time like this, when the world economy is slowly opening, receding the effects of the COVID-19 pandemic, tourism too, has boosted again. However, with this boost came a massive delay in visas. In 2022, the unavailability of appointment slots for visa interviews and the long time taken to process visa applications, resulted in many European tourists destinations, including Italy, getting out of reach. While the long wait for visa(s) still is a problem for some countries, others like Italy are ramping up their efforts to improve the situation.

Responding to a query on the issue of visas, the Italian Ambassador said that the authorities-in-charge will try to fast track Italy’s visa process for some. On the backdrop of India-Italy relations, the Italian envoy, referring to the cultural integration, told Outlook Business exclusively that the ‘main partners’ of the Salone del Mobile design week and the fashion week in Italy (Milan, in this case), may especially be benefitted.

For those who are not aware about the business dynamics, the Milan Fashion Week (Settimana della moda) is the pinnacle of all haute couture that keeps the fashion pack on its toes. After taking a hit for two years due to the COVID-19 pandemic, the fasion week is now back with a full capacity of both industry stalwarts and the newbies. However, the show is not just the 'it' thing for the fashion industry; it is also a huge source of tourism and revenue. As per Fashion United, in the span of each fashion week, an estimated €15 Million is generated for hotels and businesses in Milan. 

“We are trying to establish a fast track visa process for the main partners of the most important events in Italy – the Salone del Mobile design week and the fashion week. Of course, we also need some applicants that are real partners with Italian companies or big buyers of fashion and design. So, for those categories, we will provide a fast track mechanism for issue of visas," said Italian Ambassador Vincenzo de Luca.

Apart from the Ambassador de Luca, the Italy in India 2023 presentation was also attended by Alessandro De Masi, Consul, General of Italy in Mumbai; Gianluca Rubagotti, Consul General of Italy in Kolkata; Alfonso Tagliaferri, Consul General of Italy in Bengaluru; Emanuela Mennella, Director of the Italian Cultural Center in New Delhi; Francesca Amendola, Director of the Italian Cultural Center in Mumbai and others.