'Our economies are similar': Italian Ambassador

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Mumbai, Dec 14 (UNI) ''Despite our different historical and economic backgrounds, there are many similarities and complementaries between Indian and Italian economies,'' said Italian ambassador to India Antonio Armellini.

He said this while speaking to reporters as part of the Italian Festival 2007.

''Namasate India 2007 is an attempt to focus on the sectors in which one country's know how and expertise can bring a more evident added value to the other from infrastructure development to environment and food processing to ICT and biotech,'' Mr Armellini.

There are 222 Italian biotech companies employing over 14,000 people and giving a strong emphasis on research and development.

According to a report by the Italian Chamber of Commerce over 35 per cent of biotech sector employees in small companies are researchers.

Nearly 80 percent of the industry's USD six billion revenues come from a few large companies like Roche, Novartis and Syngenta.

Indo Italian Chamber of Commerce and Industry (IICCI) President Narinder Nayar said, ''Italian Festival 2007 is the culmination of a year in which India was nominated as a 'Focus Country' by the Government of Italy to target this enormous market and increase trade and other bi-lateral relations between the two countries.'' ''The year began with high level delegations from Italy including one lead by the Prime Minister with top industrialists and ministers and visit of Emma Bonino Minister for International Trade who also graced the 40th anniversary celebrations of the chamber,'' he added.

UNI

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