New Delhi, Dec 10 (PTI) Italy can contribute significantly to the India growth story and is looking at shoring up industrial collaborations, joint ventures and co-development projects to advance the bilateral economic ties, Italian Deputy Prime Minister Antonio Tajani said.

Tajani, who is also the foreign minister, is on a three-day visit to India to further reinvigorate the economic partnership between the two countries against the backdrop of the reshaping of trade relationships around the world in view of Washington's sweeping policies on tariffs.

In an article written exclusively for PTI, the deputy prime minister said the Italian foreign ministry has launched a dedicated financing line to India of Euro 500 million to support Italian companies entering the local market and creating joint ventures.

"With my visit, I intend to bring more Italy to India and more India to Italy. India is a large market, an economic power growing rapidly and dynamically. It boasts remarkable achievements in various sectors: from infrastructure to new technologies, from IT services to space," he said.

"Italian companies are increasingly interested in this extraordinary and opportunity-rich country. My main goal is to help them achieve ambitious and concrete results," he added.

Tajani described India as a "long-trusted friend" and a "priority" for Italy.

India is a "strategic partner" on major international issues and a privileged interlocutor in the fields of economy, trade, investment and innovation, he noted.

Italy is a key partner of India in Europe and there has been a significant upswing in their bilateral relations in the last few years.

In November last year, the two sides unveiled an ambitious five-year strategic action plan outlining specific initiatives in key sectors of defence, trade, clean energy and connectivity.

At present, the volume of annual bilateral trade between the two countries is around Euro 14 billion and both sides are eyeing to increase it under a robust trading framework.

In the piece, the deputy prime minister said he also recently launched a 'Plan on Export' to promote Italian know-how worldwide. "India is one of the priority countries of our strategy." "Over the course of the year, Euro 500 million additional Italian investments in India are a tangible sign of the commitment of our companies," he said.

The deputy prime minister said Italy's export credit agency has also increased its exposure to the country by about Euro 200 million in local currency, on top of more than Euro 2 billion of guarantees already issued.

Tajani said Italy not only wants to export more but also aims at increasing industrial collaborations, joint ventures, co-development and co-production projects.

"I believe that more trade also means more investments, both ways. After two Business Forums in April and June, we now want to focus on key specific sectors and turn contacts into contracts. The timing is right." The deputy prime minister also said that Italy fully backs the much-awaited India-EU free trade agreement.

"We are close to the conclusion of a long-awaited EU-India FTA. Italy has always supported an ambitious, balanced and mutually beneficial agreement. We believe it can provide better and greater opportunities for our entrepreneurs and companies, particularly SMEs -- the backbone of our economy," he said.

Tajani said there is scope for expanding India-Italy trade ties.

"We can increase and balance our trade and investment exchanges -- including from India to Italy." "We are a stable country, the second-largest manufacturer in Europe, and we can offer significant contributions to the growth trajectory of Indian industry and manufacturing, particularly in machinery and industry. It is not just a matter of products, but technological solutions," he said.

Tajani said Italian companies are leaders in many cutting-edge fields: from design to advanced manufacturing, from agricultural machinery to engineering services, from the defence industry to renewable energy and recycling.

"Our two governments have outlined a joint strategic action plan 2025-2029. Italy and India stand side by side to ensure its full implementation. Today it's another step of a long and promising journey of friendship and collaboration ahead of us," he said. PTI VJ MPB RT RT

Economic partnership advances with financing, increased export credit and push for joint ventures and a free trade deal. Italy has established a dedicated 500 million financing line to support Italian companies in India and foster joint ventures, while its export credit agency increased local-currency exposure by about 200 million in addition to over 2 billion of guarantees; policy aims include converting contacts into contracts via targeted co-development and co-production projects and advancing an ambitious EU-India free trade framework alongside a joint strategic action plan for coordinated initiatives in defence, trade, clean energy and connectivity.