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Invest in Italy the Right Place, the Right Time for an Extraordinary Opportunity 2016

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Invest in Italy the Right Place, the Right Time for an Extraordinary Opportunity 2016 INVEST IN ITALY THE RIGHT PLACE, THE RIGHT TIME FOR AN EXTRAORDINARY OPPORTUNITY 2016 INVESTINITALY.COM FOREWORD Ministero dello Sviluppo Economico IVAN SCALFAROTTO SECRETARY OF STATE, INTERNATIONAL TRADE AND INVESTMENT ATTRACTION MINISTRY OF ECONOMIC DEVELOPMENT Our government is committed to bringing Through the following pages you will Italy along a stable and sustainable have the opportunity to appreciate Italy growth path. as a competitive and flexible economic Much has been achieved in the last environment, deeply integrated into couple of years and most of the observers global value chains, where companies globally would agree that there has continuously innovate their processes never been a better time to invest in and products. Our excellence in Italy. Economy is recovering and political manufacturing and the quality of our stability made it possible to adopt infrastructure make Italy an ideal platform a radical plan of reforms aiming at to reach other markets. simplifying our institutional mechanisms New legislation has been passed to and making Italy a much better place to streamline our labour market, to make do business. our judiciary more efficient and simplify our tax system. Even our Constitution and | 3 | our electoral system have been changed investors in close cooperation with the in order to insure stability and streamline Government in Rome. our legislative process. Furthermore, a ITA-Italian Trade Promotion Agency, number of matters previously delegated the Government arm promoting the to Regional Governments – mostly related internationalization of Italian companies, to business - have been brought back to is an unique service provider for the Central Government in order to make international investors. A number of FDI sure that consistent legislation applies attraction desks have been created in and to avoid uncertainty. major financial centers around the world Our policies for the attraction of to promote investment opportunities Foreign Direct Investments have been in Italy. ITA offices in Italy and abroad significantly improved. A high-level are able to provide support to investors committee now follows step-by-step throughout the project life cycle: from every major investment, making sure obtaining all relevant authorizations, that authorization procedures follow to identifying any suitable incentive through and that all levels of government package, to helping investors to set up an proactively co-operate in removing any enterprise locally. potential issue. At the same time all Welcome to Italy, the right place for your Regional governments are strengthening investments. their organizations in order to support INVESTINITALY.COM | 4 | THE RIGHT PLACE TOP GLOBAL ECONOMY EXPORT POWERHOUSE WORLD CLASS MANUFACTURER STRATEGIC GATEWAY THE RIGHT TIME PRO BUSINESS REFORMS PRO INVESTMENT INCENTIVES INCREASING FDI DOING BUSINESS THE OPPORTUNITIES INNOVATION CAPACITY INDUSTRIAL DISTRICTS HUMAN CAPITAL & TALENT INFRASTRUCTURE: TRANSPORT & DIGITAL PUBLIC UTILITIES | 5 | | 6 | THE RIGHT PLACE TOP GLOBAL ECONOMY EXPORT POWERHOUSE WORLD CLASS MANUFACTURER STRATEGIC GATEWAY | 7 | TOP GLOBAL ECONOMY Italy is a land of extraordinary beauty, taste and talent, but it is also one of the world’s top economies. With a GDP of over € 1.6 trillion and a population THE IN’S AND OUT’S OF ITALIAN LEADERSHIP of more than 60 million, Italy is the th world’s 8 largest economy. ≈ € 500 billion OUT of export (goods and services) across the globe CONSISTENTLY RANKED IN THE WORLD’S IN € 48 million TOP TEN tourists welcomed into Italy 8th largest manufacturer in World Operating in Italy means access to the 3rd largest economy in Eurozone world’s largest single market. 2nd largest manufacturer in Europe st 1 number of UNESCO World Heritage Sites Businesses in Italy have duty free access to more than 30 national markets within the European Economic 5th tourist destination in World Area and over 500 million consumers. Italy has produced many of the world’s leading multina- tionals such as ENI, Fiat Chrysler, Luxottica and Leonardo nd 2 Int’l overnight stays in Europe (former Finmeccanica) and it also attracts other top multi- nationals, particularly in advanced and high-tech sectors. | 8 | Industrial foreign affiliates in Italy employ 11% of total BREAKDOWN OF TOTAL AGGREGATED DEBT workers, produce more than 20% of domestic turnover (2014/2015*, % of GDP) and account for 26% of national exports. 450 412 400 350 Italy has increasingly healthier public 281 300 275 finances and low aggregated debt. 255 253 251 250 200 178 150 • Net wealth of Italian households is about 8 times 100 their disposable income, higher than in the United States, Germany and Canada. 50 • Italian households are less leveraged than in other 0 OECD nations: 82% of disposable income vs. 160% Japan Spain France Italy UK USA Germany in the UK. Households Non financial contractors Government (*) Government (2015), Private (2014 - 3° Trim) Source: Rapporto sulla stabilità finanziaria 1/2015 - Bank of Italy of export (goods and services) across the globe | 9 | EXPORT POWERHOUSE Italy is one of only five countries in the world whose manufactured products have an export trade surplus Thanks to the capacity of Italian manufacturers to innovate and their ability to seize opportunities in the global trade arena, Italy has been able to maintain 75% of the world export market share it held before the entrance of low Over the last decade our companies have been innovating, cost players, second only to Germany and well above the modernizing and creating new specializations making performance of other countries like USA (70%), UK (60%) Italy one of Europe’s champions in export trade. Total and Japan (48%). exports are more than 500 billion euros and the exports of goods in 2015 exceeded 400 billion. TREND IN WORLD EXPORT SHARES OF GOODS (2014 vs 2000, World export market share, %) GROWTH ITALIAN EXPORTS OF GOODS 2000 (2011-2015, Value of goods, Billion euros) 2013 93% 75% 70% 60% 60% 58% 2011 376 48% 2015 414 Germany Italy USA UK France Canada Japan Source: WTO, Elaboration by Italian Trade Agency EXPORT COMPOUND ANNUAL GROWTH RATE • Italy’s foreign manufacturing turnover grew by 10.8% (2011-2015, CAGR on Value of Goods, %) from 2008 to 2014, outperforming Germany (8.8%) and France (3.0%). Italy +2.4% • Mechanical goods and automation grew to nearly 30% of Germany +3.1% exports of goods in 2014. France +1.6% • Packaged pharmaceutical product exports grew by +71% from 2010 to 2014, adding 7.3 billion euros and outstripping Source: ISTAT, Eurostat, elaboration by Ministry of Economic Development and Italian average growth rates in other European countries. Trade Agency. | 10 | Fifth manufacturing trade surplus among G-20 countries. ITALY’S TOP 10 TRADE PARTNERS, BY VALUE (2015) MANUFACTURING TRADE BALANCE 1 Germany 6 UK NET OF ENERGY AND MINERALS (2015, Billion euros) 2 France 7 Belgium 3 USA 8 Switzerland China +738 4 China 9 Netherland Germany +269 South Korea +106 5 Spain 10 Russia Russia +103 Source: ISTAT Italy +57 -63 France Italy has remained the world’s top ranking exporter in over -73 Australia 1,000 products. Indeed, Italy ranked first in 3 sectors and -106 India second in 5 sectors out of a total of 14 sectors, making it -128 UK the second best performing country after Germany. -648 USA First in 3 sectors Source: ITA analysis on GTA-IHS DATA Second World’s top in 5 sectors ranking exporter 1 2 With a culture of openness and deep export know-how, growth opportunities in Italy extend well beyond the domestic market. (*) According to the UNCTAD and WTO Trade Performance Index | 11 | WORLD CLASS MANUFACTURER Italy is Europe’s 2nd largest manufacturer after Germany, and the 8th top manufacturer in the World. FROM FASHION DESIGN TO MACHINE AND PHARMACEUTICALS EXPORTS Despite the entrance of new competitive players from (2000-2014, Value of goods, Billion euros) emerging countries, Italy has maintained its position in 120 the World’s Top 10 Manufacturers for over 30 years due to the renowned excellence and quality of Italian goods. 100 80 Made in Italy Manufacturing means 60 excellence in many sectors. 40 20 Made in Italy, is not only Fashion, Food and Furniture. The industrial sector has undergone a profound transformation 0 2000 2002 2004 2006 2008 2010 2012 2014 and is also Machinery, Pharmaceuticals and High-Tech. In recent years, traditional Made in Italy sectors, like Mechanical Machinery Fashion Transport textiles and furniture, have thrived as they converted into Home Furnishing Pharmaceuticals high added-value segments while specialized sectors like mechanical machinery, pharmaceuticals and high Source: Ministry of Economic Development on Eurostat data technology have grown into important national industries. | 12 | Ministry of Economic Development Leading the way to sustainable Innovating for Manufacturing excellence production systems. Italy increased its share of innovative enterprises from 2010 Italy is one of the most eco-efficient producers in Europe, while most European countries have decreased theirs. producing 104 tons of CO2 for every million euros produced vs. 143 tons for Germany and 130 tons for the UK. TOP 5 COUNTRIES FOR INNOVATIVE Source: Fondazione Symbola, Unioncamere e Fondazione Edison on Greenitaly data (2013) ENTERPRISES (EU28) (2010-2012, Enterprises with innovation activities, %) nd Italy is the World’s 2 most competitive 66.9% 66.1% producer of industrial machinery 58.7% 56.1% 55.9% (packaging, food, textiles, etc.) after Germany (Trade Performance Index UNCTAD/WTO). Italy is the 3rd largest European chemical producer with an annual turnover of over 52 Germany Luxemburg Ireland Italy Sweden billion euros. Source: Eurostat Community Innovation Survey for period 2010-2012 | 13 | STRATEGIC GATEWAY Located at the centre of the Mediterranean Sea and with 40 major ports and 42 airports, Italy is a strategic gateway for trade between Europe, Thanks to the large number of maritime, North Africa and the Middle East. airport and logistic nodes as well as to numerous air and maritime origin-destination international links, Italy has a high degree of openness to international markets.
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