Piyush Goyal Proposes Development of Industrial Enclave for Italian Businesses in India

Commerce and Industry Minister Piyush Goyal has suggested creating industrial enclaves for Italian businesses in India to boost investment. At the India-Italy Business Forum, he encouraged Italian firms to establish manufacturing units and offices in these areas. "We can set up Italian enclaves where Italian businesses can set up shops... we can set up hotels, restaurants, healthcare for Italian people who would come to work there. It will be home away from home for them," Goyal stated.

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These proposed industrial parks could be located within the planned industrial corridors across various regions of India. The government has earmarked approximately Rs 28,000 crore for developing 12 industrial nodes and constructing 100 industrial parks nationwide. Potential sites include Khurpia in Uttarakhand, Rajpura-Patiala in Punjab, Dighi in Maharashtra, Palakkad in Kerala, Agra and Prayagraj in UP, Gaya in Bihar, Zaheerabad in Telangana, Orvakal and Kopparthy in Andhra Pradesh, and Jodhpur-Pali in Rajasthan.

India-Middle East-Europe Economic Corridor

Goyal also discussed the India-Middle East-Europe Economic Corridor (IMEC), highlighting its economic and environmental benefits through improved connectivity. "Certainly there are geopolitical challenges which one has to overcome. We are still at the stage of firming up the route," he noted. The corridor aims to enhance transport, logistics, and telecom connectivity among participating countries.

The IMEC was introduced at the G20 Leaders Summit in New Delhi on September 9, 2023. It plans to establish extensive road, rail, and shipping networks linking Saudi Arabia, India, the US, and Europe. This initiative seeks to integrate Asia with the Middle East and the West.

Strengthening Trade Relations

Italian Deputy Prime Minister and Foreign Minister Antonio Tajani expressed optimism about the corridor's potential to bolster trade and promote peace in conflict-prone Middle Eastern regions. He remarked that it presents a chance for modernisation. Tajani also emphasised India's strategic role beyond Asia: "Why should only China be present in Africa and South America? We believe India too can play a role."

During his two-day visit, Goyal is engaging with leaders and businesses to enhance trade ties between India and Italy. He mentioned inviting Italian companies to explore locations like Dighi near Mumbai and Sambhaji Nagar Aurangabad in Maharashtra for potential investments.

The minister underscored the importance of collaboration between India and Europe on the IMEC project. He stated that two meetings are scheduled regarding the corridor, including one in Mumbai. "It is very important for India and we hope to be able to work together with Europe and with Italy and get our two technical powers connected and aligned on the project," Goyal added.

This initiative reflects India's broader strategy to strengthen its global economic partnerships while fostering regional development through strategic infrastructure projects.

With inputs from PTI