Udine – A round table and personalized meetings for companies at Palazzo Torriani
“India represents a market with significant potential, perhaps unique, on a global level, despite the presence of undoubted complexity. Italy is its fifth commercial partner among the EU countries, with an export around 3.576 billion dollars, in 2017, compared to an import that reached 5.147 billion dollars. Machinery and equipment continue to represent the first Italian export item in India, with a share of around 40%. More than a quarter of Italian imports from India fall into the textile-clothing-leather and accessories category. In view of the EU and India’s commitment to re-launching the negotiations for a far-reaching trade and investment agreement, it is our duty to prepare ourselves so as not to let us be caught unprepared. Rather, we should seize the opportunities that already exist and will be there in the future. Precisely for this reason we have organized this focus on India, to increase the knowledge of technical aspects useful to operate there”.
This is what Anna Mareschi Danieli, president of Confindustria Udine, in the event. The event was promoted by the Industrial Association of Udine in collaboration with ACB Group of Chartered Accountant’s office in Udine and partner of the UJA international network who has been operating in the Indian Sub-Continent since 1996.
As Mareschi Danieli recalled, India is a nation in great turmoil at the economic level. On the eve of the national elections scheduled for 2019, the government led by Prime Minister Narendra Modi has put in place important reforms and development programs aimed at modernizing the country and favoring a growing attraction of foreign direct investment. Among these, the most important reform was fiscal: from 1 July 2017, the introduction of goods and service tax (GST), unified the Indian market for goods and services under a single indirect tax (including 5 rates 0%, 5%, 12%, 18% and 28%). In support of “Make in India”, the program for the transformation of India into a global manufacturing hub.
Italy-India trade has very wide margins for growth. At the level of the province of Udine, India weighs only 1.2% of its total exports, however recording an increase of 47.6% in exports in the comparison between the first quarter of 2017 and that of 2018 (from€ 16,8 million to € 42 million), mostly driven by the sale of machinery and equipment (€ 9,3 million) and metallurgy products (€ 5,5 million).
The meeting was aimed at those companies willing to set up a strategy to enter the Indian market or already have either business relationships with Indian counterparts or commercial and / or production sites in the country. The event, whose goal was to provide an updated picture of the dynamics and possibilities of development and partnerships in India with an identification of the sectors attracting the greatest interest, consisted of a testimony by Federico Ferazzutti, Asia Development Sales Manager of PMP Industries experience in India as well as speeches by Santosh Pai, Assistant General Manager of ICICI Bank, one of the major banks present in India, and Udyen Jain, founder Udyen Jain & Associates (UJA).
In this regard, Ferrazzutti’s speech focused on the experience of PMP India, emphasizing the undoubted opportunities in the Indian market, without overlooking the gray areas, and giving some practical advice to companies for a successful approach.
After panelist Marina Vienna of Studio Vienna also reported on the main opportunities and modalities deriving from a process of internationalization in India for Italian companies – the day continued with a special session of One to One meetings to discuss both indirect and direct penetration of the country’s market and the tools available to develop a company’s business in India.
It should also be recalled that the Indian market is part of the national Confindustria’s strategic action plan of promotion and approach to the market. Among other initiatives, New Delhi will host the India-Italy Technology Summit on the 29th and 30th of October, an event that sees Italy as a partner country. The sectors involved are environmental technologies, energy, ICT, aerospace, medical, education, technologies for the conservation of cultural heritage.
Source – Ilfriuli