Italy and Karnataka share common values, says envoy

Common values bind Karnataka and Italian trade and industry and this will form the bedrock for further Karnataka-Italian trade ties, said Italian Ambassador to India Daniele Mancini said on Friday.

Mancini, who is currently undertaking his maiden trip to Karnataka, was speaking at a seminar on the topic ‘Karnataka & Italy — Emerging Business Opportunities’ organised under the aegis of the Indo-Italian Chamber of Commerce & Industry (IICCI).

Noting that Karnataka comprises one-tenth of his country’s total investments into India, Mancini said that Italy and Karnataka can mould this investment flow into a more strategic path by widening the scope of industry and trade dialogue to the benefit of both regions.

“Manufacturing will be crucial to Karnataka’s and India’s development. India is targeting manufacturing to contribute 25 per cent of the GDP by 2025. This is laudable given the fact that the share of the manufacturing sector in the GDPs of Italy and Germany are 21 and 22 per cent respectively, while it is 34 per cent for China,” Mancini said.

He noted that during the 1950s and 1960s, Italian companies were very well represented in India’s industrial landscape. “However, we have lost that momentum in the last few decades, and it is time to regain it,” Mancini said.

Noting that Italian companies have been penetrating the Chinese market more aggressively than India, Mancini felt that Italy needs to similarly broadbase its trade relationship with India across more sectors and have a presence in new states.