Speech of Consul General at the Business Event on

'Investment Opportunities in the GIFT City'

(Venue: Indian Consulate, 23 January 2026)

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Good evening and warm welcome to

The GIFT City CEO Shri Sanjay Kaul and his team, and

The Indian Community, and

Our Italian friends.

At the outset, on behalf of the Consulate, I would like to wish you all a happy New Year.

Ensuring the welfare of Indian diaspora remains one of the major preoccupations of the Consulate. As Northern Italy is a major economic and industrial hub, the Consulate strives to position India as an attractive investment destination.

Over 160,000 members of Indian diaspora reside in Italy and a majority of them are in the Northern Italy region. We are encouraged to see the diaspora’s socio‑economic standing steadily rising in Italy. They are steadily expanding their presence across diverse sectors, including hospitality, jewellery, fashion and garments, pharmaceuticals, petroleum, and IT. It is an opportune time for them to consider diverse investment prospects and pursue personal financial growth.

I am glad to see the participation of a few of our Italian friends in this event. They have been providing business advisory services to various Italian firms on investment prospects in India, and also advising Indian companies either on investing or expanding their business in Italy.

When we received the proposal from the GIFT City team for an interaction with the diaspora members as well as our Italian friends, we immediately felt that such an interaction would meaningfully support the financial growth of our diaspora community.

I would like to give a brief introduction about the GIFT City, although a few of you may already know. Gujarat International Finance Tec-City (GIFT City) is India’s first International Financial Services Centre (IFSC), and is a leading global financial hub. GIFT City is the Hon’ble Prime Minister of India’s visionary initiative to position India as a globally competitive financial centre and gateway to the nation’s economic ecosystem. Aligned with national missions such as Aatmanirbhar Bharat, Make in India and Viksit Bharat@2047, it seeks to onshore the offshore financial services, attract global capital and build a robust, self-reliant financial hub. In a short span, GIFT City has achieved global recognition, ranking among the top 50 financial centres in the Global Financial Centres Index (GFCI) 38 released in 2025. With rapid expansion across banking, insurance, capital markets, fintech and ancillary services, it continues to attract leading international institutions.

While Deakin University and the University of Wollongong from Australia have established their campuses in the GIFT City in 2024, a few UK universities, including University Belfast, Coventry University, and University of Surrey are planning to commence their operations in 2026. Additionally, discussions with a few universities from the USA, France and Australia are at an advanced stage. Various foreign banks, including JP Morgan Chase& Co, BNP Paribas, Mitsubishi UFJ Financial Group, and insurance companies have established their operations in the GIFT City.

I am sure the GIFT City team will share more information on various investment prospects and tax benefits for the diaspora members and also for various Italian banks and investors.

Thank you

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