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Italy willing to direct its additional growth potential in India to WB

Kolkata, Jan 12(UNI) India receives only 0.69 per cent (around 2 billion USD stock) of Italy’s total outbound FDI, and any additional growth in FDI in India can be directed to West Bengal, Mr. Damiano Francovigh, the Consul General of Italy in Kolkata said in a press conference here today.
“There is a huge potential for growth of our investments in India in the next years,” he said while briefing the media about Italian delegation that will attend the Bengal Global Business Summit(BGBS) 2018 to be held on 16th and 17th of this month.
“What we hope is that this additional growth potential will be directed to WB and initiatives like the BGBS are very helpful to that aim because contribute to make Bengal better known in the Italian business environment,” the Consul General said.
With a multi-sector delegation with more than 30 companies attending the BGBS, Italy is hoping to increase its investment in West Bengal.
“There are more than 400 Italian companies operating in India but, in the past, they have mainly decided to invest in other parts of the country. In West Bengal, we currently have some JVs between Italian and local companies and 100 per cent Italian investments operating in the manufacturing, food and chemical sector.
“We are confident that more Italian companies will be now interested in opening a presence in WB, following the efforts put by the State to improve the local business environment and foster investment attraction,” Mr. Francovigh.
The Italian delegation headed by Italian Ambassador, Mr. Lorenzo Angeloni, also marks the 70th anniversary of the establishment of diplomatic relations between Italy and India.
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