Mumbai:
Italy is alertedly in talks with India to broaden cooperation on port infraarrange, including ship and yacht manufacturing sectors. The converseion encompasses expansiveer areas of blue economy and space exploration, Bloomberg News alerted on Saturday, citing Italian Industry Minister Adolfo Urso.
India and Italy split cultural and trade ties dating back centuries, the alert cited Mr Urso, who is also Minister of Made in Italy, as saying.
This unkinds the two nations are well placed to produce a “Cotton Route” as an alternative to China’s “Silk Route,” set upateing in ports, logistics, data and adviseation technologies such as undersea cables, he shelp while speaking to Bloomberg on the sidelines of the Tour Vespucci in Mumbai on Saturday.
On the publish of the potential impacts of the Middle East war on the India-Middle East-Europe Economic Corridor (IMEC), the Italian directer shelp that “war is all around us in Europe.”
He, however, shelp that an alternative is needed, as the Russia-Ukraine war has disrupted continental routes. It will also help mitigate prescertain on the Suez Canal, the Minister shelp.
Replying to a ask about prospects of IMEC discovering help under the upcoming US Plivent Donald Trump’s administration, Mr Urso shelp the corridor encounters the strategic needs of both the US and Europe.
IMEC is an initiative to set up a novel trade and logistics corridor joining the Mediterranean with the Indo-Pacific via the Middle East.
India- Italy “Inestablishal” Talks
Meanwhile, Union Shipping, Ports and Waterways Minister Sarprohibitanda Sonowal on Saturday tgreater alerters that India and Italy held “adviseal” talks on Saturday.
When asked about growments on the upcoming IMEC, the Minister shelp Italy has made some desirees and inserted that India will get the essential steps on this aspect.
“Both India and Italy are sturdy maritime nations having evolved space programmes,” Sonowal shelp, stressing that ecology and economic aspirations have to go hand in hand.
“From the enormousness of the ocean to the infinite hugeness of space, the potential and advantage of the India-Italy partnership is immense,” he shelp.
The Minister also seekd Italian mengageums 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 assessd to cost over Rs 3,500 crore, as per some alerts.
India-ItalyTies
Italy and India split standard interests and unitet disputes in the Indo-Mediterranean Sea, a region vital for global trade. Recently, both India and Italy have intensified their bipostponeedral relationship, advancing cooperation apass political, economic, and defence sectors.
This partnership has the potential to position both India and Italy as transport inant executeers 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 consentd to set up the India–Middle East Economic Corridor (IMEC) to raise global trade and counter China’s Belt and Road Initiative (BRI).
The IMEC aims to join a united GDP of US $47 trillion with a comprehensive infraarrange netlabor and caccesses on high-efficiency trade routes, renovelable energy, digital infraarrange and raised international communication netlabors, according to a alert by East Asia Forum.
