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Business Profile
Economy: Traditionally agricultural, Italy industrialised rapidly after 1945, particularly in manufacturing and engineering, to the point where now just seven per cent of the population is 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. However, these are less well developed in Italy than among its European partners. 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 during 2001/02 with growth under one per cent; inflation is just under three per cent but unemployment remains close to ten per cent. In Europe, despite some doubts about the size of its budget deficit, which technically excluded it from initial membership of EMU, Italy was among the founding members of the new currency regime. The current Berlusconi government plans a programme of tax cuts and labour reform which are intended to boost economic performance: most observers are sceptical. Italy’s main trading partners are EU countries, Latin America, the USA, Canada, Saudi Arabia, Russia 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 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) 4890 3963; 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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