labels: economy - general, trade
Italy, India signs 11 MoUs; Prodi wants customs duties reduced news
15 February 2007

Mumbai: Eleven MoUs (memoranda of understanding) were signed between various Indian and Italian companies primarily from the auto sector (three) followed by two each in the defence and electronics, oil and gas, banking and finance and education sector.

Italian Prime Minister, Romano Prodi, acknowledged the increase in bilateral trade between the two countries but said India has to offer easier market access to Italy on a reciprocal basis. He also pleaded for a reduction in peak customs tariff.

Tata Motors enhanced its partnership with Fiat Auto, S.p.A with an overseas industrial project undertaken for the first time. The companies also decided to strengthen their commercial relationship by looking at a feasibility study to enter the commercial vehicle segment jointly in various markets.

Mahindra & Mahindra is also set to enhance its product portfolio by introducing a new transmission from Carraro group for its upcoming `475 deluxe'' tractor range.

In the defence and electronics sector, Selex Sistemi Intergrati, part of the Finmeccanica group and providing the latest solutions for air defence, vessel traffic management, coastal defence and air traffic management systems the design and manufacture of helicopters, missiles defence electronics, transportation and energy, has signed an MoU with India''s largest engineering goods manufacturer, Bharat Heavy Electricals Ltd (BHEL).

Elettronica, another leading player in electronic defence, has tied up with Alpha Design Technologies to develop design, development, production and support for electronic warfare systems for the Indian defence market.

The oil and gas sector saw two agreements between Eni SpA and Oil and Natural Gas Corporation (ONGC).

The primary one being the joint deepwater exploration agreement signed for local and overseas markets followed by one signed for hydrocarbon exploration activity in India and Congo, Brazzaville.

Tecnimont, a leading engineering and construction company in oil and gas, energy sectors has signed an MoU with Engineers India, to develop common business perspectives in the UAE.

Two partnership agreements have been signed in the education sector. STMicroelectronics, a global leader in developing and delivering semiconductor solutions, has tied up with Birla Institute of Technology and Science (BITS) Pilani and Indian Institute of Technology (IIT, Delhi) to jointly set up state of the art research and innovation labs at their respective campuses. Both labs are expected to be operational by Q2 - 2007.

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Italy, India signs 11 MoUs; Prodi wants customs duties reduced