India, Italy mutually agree for cooperation in field of renewable energy

New Delhi, January 4: To strengthen Indo-Italian relationships, both the countries are trying their level best to make them better. Recently a Memorandum of Understanding (MoU) on India-Italy Cooperation in Renewable Energy was signed between India and Italy on October 30 last year.

The Union Cabinet chaired by Prime Minister Narendra Modi has been apprised of the Memorandum of Understanding (MoU) on India-Italy Cooperation in Renewable Energy between India and Italy.

India and Italy aim to establish the basis for a cooperative institutional relationship to encourage and promote technical bilateral cooperation on new and renewable issues on the basis of mutual benefit equality and reciprocity. The MoU envisages establishing a Joint Working Committee to review, monitor and discuss matters relation to areas of cooperation. It aims for an exchange of expertise and networking of information and helps in strengthening bilateral cooperation between the two countries.

Along with the renewable energy sector, Modi also noted that there was a huge potential for enhancing India-Italy trade ties.

"India and Italy are two large economies, and the respective strengths of our economies provide us ample opportunities to strengthen our commercial cooperation. There is a lot of potential for our bilateral trade of about USD 8.8 billion to grow much further," he said.

Modi also stressed that there was a lot of scopes for Italian companies to participate in the flagship programmes of the government such as Smart Cities and cooperate in areas like food processing, pharma and infrastructure.