The CII and the Italian Industries Association for Aerospace, Systems and Defence, recently signed a memorandum of understanding (MoU) to promote bilateral cooperation between the two countries, especially in the area of defence and technology. The India-Italy Defence Industry Consultative Committee (DICC) has also been formed to take forward the MoU agenda.
While Italy has expertise in production of high-tech weapon systems, India has good quality manpower. The MOU would essentially try to leverage these strengths for combined benefits.
``The Indian defence industry is expected to create business worth USD 10 billion through offsets in defence procurement``, said the Minister of State for Defence M M Pallam Raju, at the `India-Itlay Defence Industry Symposium`, organized by the Confederation of Indian Industry (CII).
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