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Italy,
Business Profile
Economy: Traditionally agricultural, Italy industrialised rapidly after 1945, particularly in manufacturing and engineering, to the point where less than 5 per cent of the population is now engaged in agriculture. The majority of these live in the south of Italy, which is substantially poorer than the centre and north of the country. The principal crops are sugar beet, wheat, maize, tomatoes and grapes (many are used for wine, of which Italy is a leading producer). As with most Western European economies, the tourism industry now enjoys a major position in the economy alongside other service industries such as financial services and communications media. Italy continues to rely heavily on the export of manufactured goods, particularly of industrial machinery, vehicles, aircraft, chemicals, electronics, textiles and clothing. Its particular strengths are in advanced manufacturing techniques and systems, high-quality design and precision engineering.
Italy’s historic trade performance has been all the more impressive given the dearth of raw materials, in particular the fact that all of the country’s oil and many of its raw materials must be imported. The economy has been sluggish since the turn of the millennium with growth in 2004 less than 1 per cent. Inflation is just under 3 per cent; unemployment has fallen slightly to just under 9 per cent. In Europe, despite some doubts about the size of its budget deficit, Italy was among the founding members of the Euro-zone in 1999. The current Berlusconi government is trying to implement a programme of tax cuts and labour reform which are intended to boost economic performance but it has been hamstrung by political difficulties. The bulk of Italy’s trade is conducted with its EU partners, but it also has important trade links with the USA, Canada, Russian Federation, parts of Latin America, Saudi Arabia and Libya.
Business: A knowledge of Italian is a distinct advantage. Prior appointments are essential. Visitors should remember that ministries and most public offices close at 1345 and, except by special appointment, it is not possible to see officials in the afternoon. Genoa, Milan and Turin form the industrial triangle of Italy; Bologna, Florence, Padua, Rome, Verona and Vicenza also have important business centres. In all the above cities, major trade fairs take place throughout the year. See the relevant cities in the Resorts & Excursions section. Office hours: Mon-Fri 0900-1700.
Commercial Information: The following organisation can offer advice: Unione Italiana delle Camere di Commercio, Industria, Artigianato e Agricoltura
(Italian Union of Chambers of Commerce, Industry, Crafts and Agriculture), Piazza Sallustio 21, 00187 Rome (tel: (06) 47041; fax: (06) 470 4240; e-mail: segreteria.generale@unioncamere.it; website: www.unioncamere.it).
Conferences/Conventions: There are many hotels with facilities. Further information can be obtained from Italian State Tourist Board (see Contact Addresses section).
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