Charting a New Chapter in EU-India Economic Synergy: Insights from the Italy-India Business, Science and Tech Forum

The Italy-India Business, Science and Tech Forum held recently served not only as a diplomatic convergence but as a definitive step forward in shaping the contours of EU-India trade and strategic cooperation. With the presence of Union Minister Piyush Goyal, Italian Deputy Prime Minister Antonio Tajani, Minister of Universities and Research Anna Maria Bernini, and India’s External Affairs Minister Dr. S. Jaishankar, the forum showcased the growing momentum and mutual commitment toward a more integrated and forward-looking economic partnership.

At the heart of this high-level gathering was the joint Strategic Action Plan 2025–2029, a roadmap endorsed by Indian Prime Minister Narendra Modi and Italian Prime Minister Giorgia Meloni during their meeting in November 2024. The Plan reflects a shared ambition to elevate bilateral relations into a strategic framework emphasizing innovation, investment, and inclusive growth. The Forum provided a platform to explore the mechanisms and modalities through which this plan would materialize, and its impact resonated far beyond the ceremonial into the practical corridors of global commerce and technology cooperation.

Union Minister Piyush Goyal’s address set the tone for the day by recognizing the resilient bond between India and Italy, especially amidst a global backdrop marked by economic uncertainty, shifting geopolitical fault lines, and technological disruption. Goyal lauded Italy’s consistent support in India's transformative journey and underscored that such forums are essential to translating vision into verifiable outcomes. He drew attention to the robust foundation being laid across sectors like telecommunications, artificial intelligence, quantum computing, and advanced manufacturing, areas ripe for cross-border collaboration.

Importantly, Minister Goyal spotlighted the India-Middle East-Europe Economic Corridor (IMEEC), a landmark initiative announced during India's G20 presidency, as a game-changer for global connectivity. Referred to as the "Cotton Road" by the Italian delegation, this corridor represents an innovative transcontinental bridge of trade, data flow, energy exchange, and logistical optimization. Goyal emphasized that initiatives like these would help forge seamless trade routes, stimulate regional prosperity, and bring tangible economic benefits to both Europe and Asia.

Trade, predictably, formed a cornerstone of the discussions. Goyal articulated India’s desire to expand the existing $15 billion bilateral trade with Italy and accelerate efforts to conclude the long-pending India-EU Free Trade Agreement (FTA). With the landmark visit of the President of the European Commission earlier in the year accompanied by nearly the entire College of Commissioners, momentum has been gathering toward creating a more enabling trade architecture. According to Goyal, achieving a comprehensive FTA would not only eliminate unnecessary barriers but foster deeper mutual trust, unlock business potential, and attract sustained foreign direct investment.

India's emergence as a global manufacturing and innovation hub was reiterated with compelling clarity. With over 1.44 billion people, India presents unmatched economies of scale. Minister Goyal highlighted that the country now produces the highest number of STEM graduates globally, 43% of whom are women, an indicator not just of scale but of inclusivity. India's projected growth into a $30-35 trillion economy by 2047 under the Viksit Bharat vision underscores its long-term promise as a key partner for European investors and enterprises.

A recurring theme throughout the Forum was the need to strengthen collaboration in education, research, and innovation. The presence of Italy’s Minister Bernini brought a sharp focus to these themes. She emphasized that science and research are not abstract pursuits but critical bridges connecting industrial, technological, and commercial dimensions. Her announcement of a new memorandum of understanding between Italy and India to promote joint research projects, research mobility, and the mutual recognition of academic qualifications was met with significant interest. With over €11 billion invested in upgrading Italy's research system, Bernini reaffirmed Italy’s position as a strategic scientific partner for India.

The areas earmarked for scientific cooperation include artificial intelligence, digitalization, big data, biotechnology, life sciences, clean energy, space exploration, and advanced materials. The vision shared was one where public-private partnerships become incubators of cross-border innovation, enabling both nations to move up the global value chain. Minister Bernini noted that collaboration with India is not just strategic but essential, given the complementary capabilities and aligned development goals of both nations.

Deputy Prime Minister Antonio Tajani, in his wide-ranging remarks, echoed this sentiment and emphasized the historical depth of the Indo-Italian relationship. Drawing a lineage back to the Roman era, Tajani framed the current cooperation as a renewal of ancient ties in a modern, strategic format. He elaborated on the role of Trieste, a key Italian port, as the terminal point for the Cotton Road and proposed a high-level political meeting of the IMEEC stakeholders to be held there later this year. His announcement of a special envoy, Ambassador Francesco Talò, to oversee Italy’s engagement in the corridor signals Italy’s seriousness about playing a pivotal role in this evolving transcontinental nexus.

Tajani also stressed Italy’s intent to deepen its commercial footprint in India. He highlighted the newly opened SIMEST office in New Delhi, part of Italy’s strategic push to support its companies in overseas ventures. The move, coupled with initiatives by Cassa Depositi e Prestiti, aims to provide Italian firms with the financial and structural support needed to navigate the Indian market. He also emphasized the potential for joint ventures and technology transfer, particularly in the defense, space, and clean-tech sectors.

In a particularly innovative twist, Tajani underscored the importance of “diplomacy through sport.” Announcing initiatives like the "Common Goal" football training program and summer youth cups, he argued that sports can serve as a bridge between cultures, especially among the youth. Such soft diplomacy complements traditional economic and technological cooperation, enhancing people-to-people ties.

India’s External Affairs Minister Dr. S. Jaishankar rounded off the plenary with a powerful reflection on the broader geopolitical and strategic context shaping Indo-European ties. He noted that global supply chains are more vulnerable than ever due to overlapping crises from the pandemic to wars in Ukraine and the Middle East, and that countries like India and Italy must now look beyond traditional trade paradigms. Jaishankar emphasized the growing relevance of trusted partnerships in a world where economic activity is increasingly weaponized, and manufacturing over-concentration poses systemic risks.

For India, diversification of trade partners, domestic innovation, and ease of doing business are all critical components of its economic diplomacy. Jaishankar urged Italian businesses to take note of India’s shifting growth trajectory, where innovation, digital transformation, and emerging sectors like AI, drones, EVs, and space technologies are now central to its economic engine. Forums like this, he noted, are essential to identifying practical pathways for collaboration, not just conversations.

Importantly, he reiterated that India’s human capital, its skilled, English-speaking, tech-savvy youth represents a vast opportunity for Europe, especially in addressing skill shortages and sustaining economic growth. He welcomed dual degree programs, mobility agreements, and mutual recognition of qualifications as key enablers of this engagement.

In conclusion, the Italy-India Business, Science, and Tech Forum was more than an exchange of ideas; it was a reaffirmation of the shared belief that India and Europe, through Italy, are at the cusp of a new era of cooperation. Whether through innovation in space and AI, trade in goods and services, or the soft power of culture and education, the bilateral ties are evolving into a multidimensional strategic partnership. The call to action is loud and clear - move from intent to implementation, from discussion to delivery.

For stakeholders in EU-India trade and business advocacy, the signals from this Forum are both timely and promising. With political will aligned, economic complementarities abundant, and institutional frameworks in place, the time is ripe to deepen engagement and drive the EU-India partnership toward a shared, sustainable future.