India and Italy In Talks On Blue Economy, Port Cooperation

By Jeanette Rodrigues

Nov 30, 2024 (Bloomberg) —Italy is in talks with India to ramp up cooperation in the ship and yacht building industries, Minister of Business and Made in Italy Adolfo Urso said.

The discussions span the broader areas of blue economy and space, Urso said in an interview on the sidelines of the Tour Vespucci in Mumbai on Saturday.

India and Italy share cultural and trade ties dating back centuries, the minister said. This means the two nations are well placed to build a “Cotton Route” as alternative to China’s “Silk Route,” investing in ports, logistics, data and information technologies such as undersea cables, he said.

Talking about the potential impacts of the Middle East war on the India–Middle East–Europe Economic Corridor, he said that “war is all around us in Europe.” An alternative is needed since Russia’s war in Ukraine has disrupted continental routes, and to help alleviate pressure on the Suez canal, he said.

When asked if the IMEC will find support under the Trump administration, Urso said the corridor meets the strategic needs of both the US and Europe.

© 2024 Bloomberg L.P.

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