Indian Prime Minister Narendra Modi and his Italian counterpart Giuseppe Conte signed 15 Memorandum of Understanding (MOUs) in various sectors with an objective to strengthen bilateral relations.

In a virtual summit between India and Italy, the two leaders held wide-ranging discussions on bilateral, regional and global issues. They acknowledged significant progress in bilateral relations over the past two years since Prime Minister Conte's visit to India in 2018.

The two Prime Ministers underlined the need to intensify cooperation in high technology, clean energy and energy sector development, infrastructure, food processing. The two leaders acknowledged the untapped potential of bilateral industrial partnership and projects and encouraged respective "national champions" and SMEs to explore new avenues of cooperation.

Modi and Conte underscored the need to further expand defence engagement through greater two-way collaboration and technology cooperation, co-development and co-production, by expediting discussions through the Joint Defence Committee and Military Cooperation Group.

They recognised the opportunity to consolidate defence relations with the aim of enhancing the effectiveness of peacekeeping activities within the framework of the United Nations.  

They agreed to promote innovative financial schemes capable of supporting bilateral investments. The two sides signed 15 MoUs in several sectors- between the Italian Trade Agency and Invest India; to promote co-financing between Cassa Depositi e Prestiti SpA (CDP), Italy and National Investment and Infrastructure Fund (NIIF), India.

MoU among the Indian Institute of Technology (Kanpur), Ca' Foscari University of Venice, Archaeological Survey of India (ASI) and Soprintendenza Archeologia Belle Arti e Paesaggio di Venezia on creating network and sharing skills for restoration and protection of monuments.

Other MoUs include Addendum to the Executive Protocol for Scientific and Technological Cooperation between Italy and India on industrial projects; Exchange of Notes on the Rules of Procedure for approval of co-production status under art. 15 of the Audio-Visual co-production agreement between the Government of the Republic of Italy and the Government of Republic of India; between Fincantieri S.p.A., Italy and Cochin Shipyard Limited, India on design, shipbuilding and manufacturing.

MoU between Fincantieri S.p.A., Italy and Cochin Shipyard Limited, India on repair/refit; Cooperation Agreement to promote energy transition between Snam S.p.A., Italy and Adani Entreprises Ltd, India; Cooperation Agreement to set-up a CNG compressors factory in India between Snam S.p.A., Italy and Adani Gas Ltd, India.

Similarly, MoU to enhance the development of green hydrogen between Snam S.p.A., Italy and Greenko Energies Private Ltd, India; MoU to promote energy transition and cooperate on gas infrastructures development between Snam S.p.A., Italy and Indian Oil Corporation Ltd. India; MoU in the area of conversion of plastic recycling between NextChem (Maire Tecnimont Group), Italy and Indian Oil Cooperation, India. Two other MoUs were on the fisheries sector between ASSOITTICA of Italy and Seafood Exporters Association of India and MoU on Student Exchange between Satyajit Ray Film and Television Institute (SRFTI), India and ZeLIG, Italy.

(IANS)