Italy offering single-window clearance for Indian investors

KOLKATA: Italy is offering a single-window clearance for Indian investors with an aim to double bilateral trade between the two countries by 2050, an official said today.

"We have come up with a new scheme for businessmen setting up a business in Italy. There will be a single window clearance for everything including legal consultation and fast-track visa process," Consulate General of Italy in Kolkata Joel Melchiori said at an event here today.

Erica Di Giovancarlo, head of the Italian Trade Commission in India, said there is a great scope to increase cooperation in sectors like automobile, automotive, textiles, and food processing sector.

"At present 400 Italian companies have presence in India mainly in textile and automotive. India and Italy have increased their bilateral trade from 700 million euros in 1981 to 8.5 billion euros in 2011," she said.

She said Italy's aim is to transfer technical knowhow and provide training to Indian companies in technology and increase their production.

India's demography and retail boom are the two driving factors of growth that attracts Italian companies. While talking about challenges, Erica said high import duty remains a concern.

Chairman of Indo-Italian Chamber of Commerce, Kolkata, Pankaj Parikh said lifestyle, heritage and infrastructure are some areas where Indian companies can use Italian partnership.