India and Italy on Monday entered into an agreement to promote bilateral trade and investments.

The agreement was signed between Invest India, a joint venture firm between the government and industry body FICCI, and Italian National Agency for Inward Investment Promotion and Enterprise Development.

“I expect the signing of this Memorandum of Understanding (MoU) leading to more trade and investment between India and Italy,” Commerce and Industry Minister Anand Sharma said while addressing the largest ever Italian business delegation in India here.

Mr. Sharma said the two countries have an immense potential to increase the $8 billion two-way trade.

“Trade and economic engagement surely has much to offer.

At $8 billion (trade) it is not doing justice. It is the time for our businesses to engage more,” he said.

On the occasion, Italian Minister of Economic Development Claudio Scajola said that the businesses should explore trade opportunities, including scientific and technological cooperation in each other’s country.

“Italy is happy to transfer knowledge, technology and innovation (to India),” Mr. Scajola said adding that renewable energy, telecommunication, infrastructure, banking and insurance are some of the areas of interest in India.

FICCI also signed a pact with the Chamber of Arbitration of Milan, aimed at settling disputes arising out of internal and international transactions.

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