Minister of State for External Affairs Rao Inderjit Singh presided over the India Business Orientation Meeting Thursday that endorsed this perception, said a statement issued by the external affairs ministry here Friday.

The Indian government organized the event in partnership with premier Italian bank Banco Popolare di Verona e Novara, which has a representative office in Mumbai. Over 100 top Italian businessmen attended.

Singh, who began an official visit to Italy May 23, highlighted the diverse opportunities for doing business in India today in his keynote address at the meeting.

The recession in the European Union, rising labour costs and mounting competition from Asian economies had seriously affected the business fortunes of Italy's small and medium enterprises that constitute the backbone of the country's economy.

Singh said India, with its large pool of technical manpower available at economical costs, extensive infrastructure for doing business and global orientation, could be an excellent partner for Italian industry.

The CEO of Banco Popolare di Verona e Novara, the president of the province of Verona and Italian CEOs with business operations in India spoke on the occasion.

Earlier during his tour, Singh had fruitful discussions with President Roberto Formigoni of the region of Lombardy in north Italy. During their talks, both leaders expressed satisfaction at the close relations between the two countries.

Prospects for strengthening business links between India and the dynamic Lombardy business community were explored. Formigoni accepted Singh's invitation to visit India.

Singh also had extensive interaction with the overseas Indian community in north Italy under the aegis of the India Business Forum, Milan.