Investing in Italy
The Financial Times proposes to publish this FT Report on 09 November 2023
We plan to include the following features (please note that this list is provisional):
Political Stability at Last?
After years of short-lived governments led by technocrats or coalitions, Italy has the prospect of political stability under the leadership of Prime Minister Giorgia Meloni. Since taking office, the country’s first woman prime minister has moved to reassure Brussels and financial investors of her aim to pursue fiscally prudent policies; avoid unsettling markets; work constructively within the EU, and maintain staunch support for Nato. We look at what policies she can pursue that will help accelerate growth and put the country’s debt burden on a more sustainable footing.
Italy’s Economic Re-boot
Italy has enjoyed a robust economic recovery since the pandemic, with tourists flocking back and a strong growth in construction. The country is also the biggest beneficiary of EU’s €800bn post-pandemic recovery fund, through which Rome is due to receive up to €191.5bn in grants and concessional loans for major investments in physical and social infrastructure. Can this once-in-a-generation opportunity work well enough to reboot its economy, raise its long-term growth trajectory and make the country more attractive for investment?
Italy as a Mediterranean Energy Hub
Russia’s invasion of Ukraine severely disrupted global energy markets, as European economies wean themselves off of Russian gas. For Italy - which was heavily dependent on Russian gas - the energy crisis has been seen as an opportunity, as it pivots its focus to Africa and helping the continent develop its natural resources, and facilitate their export to Europe. Can the country emerge as bridge and link Africa’s abundant renewable and fossil fuel resources with energy hungry European markets?
Catching up on Renewables
Italy has had one of the lowest renewables energy use in the EU, with just 20 per cent of its total energy coming from renewable sources at the start of 2022. This relatively lackadaisical renewable rollout has been blamed on everything from red tape to local resistance. But the Ukraine invasion – and Rome’s desire to wean off Russian gas – has given new impetus to the renewable energy drive. What steps has the government taken to make it easier for projects to proceed?
Luring Professional Talent
Despite its many charms, Italy has never been a magnet for foreign professional talent. But Rome is now offering generous tax incentives to lure foreign professionals - and Italians currently resident abroad - to relocate to Italy. Has the offer of a reduced income tax lured enough fresh knowledge workers to the country?
Levelling up the South
Italy’s southern region has long lagged economically and socially behind the more prosperous, industrialised north. But a major part of the EU-funded program aims to strengthen the south to reduce these regional inequities, and make it a better place to live and work. Nearly 40 per cent of the total funds are supposed to be for the south, with plans to build 680 kilometres of new railways lines, and tackle problems in nearly 15,000 square kilometres of “market failure areas.”
Tech Italia
Italy is best known for craftsmanship, luxury and heavy industrial manufacturing. But the country is now seeing the emergence of an increasingly dynamic tech and tech and start-up ecosystem, which is being boosted by an official digitisation drive and venture capital investments from state-owned financing agency Cassa Depositi e Prestiti. How successful are these start-ups and how do new fintechs compete with Italy’s traditional banks?
Italian Luxury
Italian luxury brands are respected globally for the quality of their products. But unlike French luxury brands – which have heavily corporatized under large conglomerates - Italian luxury houses remain largely family-owned, and many iconic brands are now reflecting on their future. While Renzo Rosso's OTB group has snapped up Jil Sander and Marni from the French as it prepares to go public in 2024, others are starting to contemplate a sale of assets – or worried about becoming take-over targets. What's next for one of the two greatest fashion industries in the world?
Remaking Rome
Italy’s capital, Rome, is undoubtedly one of the world’s most beautiful cities, rich with history, art and culture, but its urban infrastructure, including transport, has been serious need of an upgrade. But Rome’s mayor now has nearly €14bn to spend on urban regeneration, ahead of the Vatican’s upcoming Jubilee in 2025, and Italy’s bid to host the World Expo in Rome in 2030.
Housing Crunch
Italy’s cities, large and small, are suffering from an acute housing crunch, after years with limited new building, and many apartments converted into short-term tourist rentals. In university towns, students have been protesting the lack of affordable accommodation. How does the government plan to reignite the property sector?
Greening Milan
Italy’s financial and business capital Milan is on a drive to transform itself into a smart, green city. Under Mayor Giuseppe Sala, the city council has focused on transformation of its mobility and transportation service and pushing for greater use of technology and sustainable energy solutions. The revamp of several of its districts has attracted world class architects and large capital investments from abroad, including the Qatari sovereign wealth fund. Which green-oriented and technology-driven investments does the city have in the pipeline ahead of the 2026 Winter Olympics?
Interview
As Italy’s industry minister Adolfo Urso has been focused on creating a €1bn sovereign wealth fund that will invest in companies that want to produce in Italy, we interview a minister for enterprise or leading business figure about the latest developments
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