One of the world’s 10 largest economies and the third-largest in the European Union, Italy built its strength on the diversity of its economic base, which range from dozens of well-known global brands to tens of thousands of small- medium-size firms.
Apart from traditional industries, like manufacturing and banking, Italy has also strengthened its global brand through its arts, culture, and tourism, which contribute billions of dollars to the national economy.
It was that broad diversity that cushioned Italy’s economy from the crisis that stemmed from the Covid-19 pandemic. As the situation continues to normalize around the world, GMI Post answers why investors should make Italy their next investment location.
It is perfectly positioned, logistics-wise.
Italy is at the center of the Mediterranean Sea, which means that the country is a convenient gateway to the European Union, Northern Africa, and the Middle East. The country also has an extensive rail network and excellent highways that make the transportation of goods quick and cost-effective.
To attract more foreign investment, the government set up the Italian Trade Agency, which acts as a one-stop shop by responding to all queries from any interested party, helping companies set up their operations, and supporting businesses with after-care services. The agency has information about relevant tax credits and incentives available to investors.
Italy has a large manufacturing base.
Italy is one of the largest manufacturing countries in the European Union. Investors can partner with a long list of companies with a rich history in making world-class products, whether they be automobiles, machinery, tools, food, pharmaceuticals, textiles and clothing.
That manufacturing ecosystem includes a robust network of intermediate suppliers that enhance production, delivery and cost savings,
The country is an innovation hub.
Each year, Italy spends more than 25 billion euros in research and development. Manufacturers are early adopters of new technology, integrating them into their newest products and processes.
That openness to innovation is also found in the country’s universities and research centers, which have helped nurture a network of innovative incubators.