New Delhi, Jul 17 (IANS): To facilitate bilateral investments, India and Italy have decided to establish a "fast-track system" for companies and investors of both the countries.

"To facilitate Italian companies and investors in India and Indian companies

and investors in Italy, it has been decided to establish a fast-track system for companies and investors of both the countries," the Ministry of Commerce and Industry said in a statement.

According to the ministry, 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".

"The fast-track system will be reviewed twice a year at the level of the Secretary of DPIIT (Department for Promotion of Industry and Internal Trade) and the Italian Ambassador to India. The Italian embassy and the DPIIT will meet on the working level at shorter intervals as and when required to review the progress achieved," the ministry said in a statement.

As per the statement, a similar arrangements will be made to facilitate Indian companies and investors in Italy.