Last February 15th, the Future Food Institute and the Italian Trade Agency (ICE) in Mumbai – Agency for the promotion abroad and the internationalization of Italian companies – presented in a webinar a research on the opportunities of the Indian market for Italian start-ups in the agritech, foodtech and industry 4.0 fields.
According to the World Economic Forum, India will be the third world power by 2024, a market with a great potential for Italian investments. Indeed, Italy and India have recently signed several agreements in different sectors with the aim to strengthen the exchange between the two countries – in 2019 trade reached 9 billion euros and increased 12 times from 1991 to 2011.
Italy is India’s fifth largest trading partner among EU countries (after Germany, Belgium, United Kingdom and France) and the research shows that now, in addition to the strategic sectors of infrastructure, renewable energy and the automotive, there is space also for the food technology sector.
“On the occasion of the last summit between the two Countries, a Joint Declaration and a 2020-2025 Action Plan were adopted, which hinge on economic promotion tools already started and define new lines for bilateral collaboration. In this context, the promotion of our younger entrepreneurship, represented by start-ups, is very important” declared during the webinar Italian Ambassador Vincenzo De Luca.
As emerged from the research, the Italian system has four strong points: the know-how in the processing and agritech industries; the high level of training of the teams that make up the start-ups; the food culture dedicated to health and Mediterranean wellbeing; the expertise in Consumer Packaged Goods (CPG) and research and development.
Moreover, to diffuse a better knowledge on Italian technologies, machinery and know-how, the IICCI – Indo-Italian Chamber of Commerce and Industry and the Embassy of Italy organized the online conference “Make in India with Italy” – held last February 16th – in which various experts in the sector discussed the business opportunities between the two Countries.
Thanks to the presence of ICE in India, Italian start-ups have the opportunities to get in touch with local interlocutors useful for the development of the start-ups themselves or for their internationalization in the Indian subcontinent. With the organization of the Global Startup Program, in fact, it was possible to involve over 250 companies and 11 countries in India.
As recalled by Sara Rovesi, founder and president of the Future Food Institute, “ The system of the Italian institutions in India is cohesive, open, competent and extremely helpful. For us entrepreneurs, therefore, it represents a concrete help to approach this market […]”.