India, Italy to set up fast-track mechanism to facilitate investment

6NEW DELHI: A fast-track system would be set up for companies and investors of Indiaand Italy to facilitate investment proposals in both the countries, the Commerce and Industry Ministry said Tuesday.

“In order to facilitate Italian companies and investors in India and Indian companies and investors in Italy, it has been decided to establish fast-track system for companies and investors of both the countries,” the ministry said in a statement.

The key objectives of the system in India will be to pave the way for and identify and solve problems faced by Italian companies and investors with their operations in India.

It will also serve as a platform for discussing general suggestions from the point of view of Italian companies and investors with regard to ease of doing business in India.

The Department for Promotion of Industry and Internal Trade (DPIIT), under the ministry, will represent Indian side in this system.

The department will facilitate the participation of other relevant ministries and authorities on a case by case basis.

It said that the Italian Embassy in India in close cooperation with the Italian Trade Agency and relevant ministries in Italy will represent the Italian side of this system in India.

The fast-track system will be reviewed twice a year at the level of secretary, DPIIT and Italian Ambassador in India.

[“source=economictimes.indiatimes”]