What makes Italy attractive? Ministry of Economy and Finance June 4, 2014

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1 Ministry of Economy and Finance June 4, 2014

2 OVERVIEW Italy s strengths Key international player Wide range of opportunities Numerous reforms undertaken Solid stock market Sound private sector balance sheet Increasingly flexible labour market Strong manufacturing sector Export-oriented industry Strategic position Dynamic small and medium enterprises Entrepreneurship and high skills 2

3 KEY INTERNATIONAL PLAYER Italy in the global context G8 member, the fifth manufacturing economy worldwide and the third largest one in Euro Area. Strong exports (almost 500bn of exports of goods and services) and great presence in high-growth sectors (robotics, mechatronics, biopharma, aerospace), not only the Four Fs (Food, Fashion, Furniture, Ferrari). One of the founders of the European Union and an active player in the international scene. A hinge-country between Europe and the Mediterranean and Middle East regions. 3

4 STRONG MANUFACTURING SECTOR A strong manufacturing culture Value added 2011 (%, current prices) Agriculture & Fishing Manufacturing Services Weight of the Area North West North East Center South &Islands Source: ISTAT 4

5 STRONG MANUFACTURING SECTOR The 4th largest manufacturing sector per capita Per capita industrial production (current US$, 2012) Germany Japan South Korea Italy France United States Russia Brazil China India Source: Intesa Sanpaolo, Centro Studi Confindustria on national sources and Global Insight 5

6 Euro bn STRONG MANUFACTURING SECTOR Industry switching to mid-tech specialisation The evolution of Italian trade balance structure High Medium - Low Medium - High Low ,4 30 9,1 18, ,4 24,5 31, ,3-14,2-7, Source: Calculation on ISTAT data 6

7 STRONG MANUFACTURING SECTOR Technology clusters boost firms performance 144 districts. Topography ( ): firms 45.2% are exporting firms Turnover increased over 20% for 24.6% of business 22 districts specialising in high-tech sectors in 2011: out of 9 in ICT, 5 in aeronautics, 4 in biotech and pharmaceuticals by each sector. Source: Intesa Sanpaolo, Economia e Finanza dei distretti industriali, Annual Report, No. 6, December Food Machinery Home system Fashion system Other sectors 7

8 EXPORT-ORIENTED INDUSTRY Trade surplus leadership in the world Manufacturing trade surplus, (2012, >100 Bn dollars) US -610 France -34 UK -99 Germany 394 Japan 292 S. Korea 205 Italy 113 China Bn dollars Source: WTO 8

9 China Germany USA Japan South Korea Canada France Italy Spain UK % EXPORT-ORIENTED INDUSTRY Italy s export market shares are resilient , ,3 10, , ,6 3,0 3,7 3,3 1,9 3,2 0 Source: Calculation on UN-Comtrade data 9

10 EXPORT-ORIENTED INDUSTRY Trade surplus leadership Italy 2012 World Trade surplus Ranking Number of Products (HS 1996) First 235 Second 377 Third 323 Total 935 Note: The ranking is within the world manufacturing. Source: Fortis-Corradini Index, Fondazione Edison Analysis, May

11 EXPORT ORIENTED INDUSTRY Italy: 54% of export within Europe Italy is an export-led economy; European countries are the leading trading partners. Italy s imports are sizeable due to the lack of oil, gas and raw materials. Top 10 - Leading trading partners (% of total exports) Germany France US OPEC Switzerland UK Spain Russia Turkey China Source: ISTAT 11

12 Absolute change of the share, % values EXPORT-ORIENTED INDUSTRY Redirection of exports to more dynamic countries Italy ranks first among world exporters of clothing, textiles and leather products and second in non-electronic machinery, basic manufactures and miscellaneous manufacturing. (Source: UNCTAD/WTO, Trade Performance Index 2012) Export and economic growth in main countries (years ) Growth of real GDP, % values Regression line (correlation coefficient = 0.46) Source: Calculation on ISTAT and World Bank data. Note: Export share are calculated as a ratio on Italy s nominal GDP, for 27 countries and a minimum export share by 1%. 12

13 STRATEGIC POSITION Openness to trade Around 6,500 km of motorways and km of national roads; one of the most developed freight village systems in Europe. Links to European key connection systems. 21 trade ports with international line services, 263 ports scattered along km of coastline. Second most important country in Europe for maritime freight transport: 3 ports are classified in the Top 20 of European container ports in 2012: Gioia Tauro, Genoa and La Spezia. First EU country in maritime transport of passengers with around 82mn passengers in International ports, logistics platforms and interports Source: INVITALIA 13

14 STRATEGIC POSITION: NEW MEASURES TO SUPPORT INFRASTRUCTURE PROJECTS Boosting infrastructure activity A tax credit is introduced together with an exemption from concession fees to encourage public-private partnership for infrastructure projects in excess of 200mn. New measures to speed up use of Structural Funds (Commissioner ad acta, specific task forces and a National Cohesion Agency). 14

15 STRATEGIC POSITION: NEW MEASURES TO SUPPORT INFRASTRUCTURE PROJECTS Refinancing and support for infrastructure projects 2bn over to finance infrastructure projects for regional motorways, railways maintenance, construction of new underground lines and school buildings maintenance. 300mn for road safety involving redevelopment of bridges, viaducts, road tunnels. Ports: abolition of the tax on small boats, simplification in dredging procedures, reshaping of port taxes, more financial autonomy for safety and maintenance works of ports. 15

16 DYNAMIC SMALL AND MEDIUM ENTERPRISES Small is beautiful but 3,900 businesses with total revenues ranging from 15mn to 330mn. 400 businesses with total revenues ranging from 331mn to 3bn. Higher revenue growth with exports equal to 40-50% of total revenues. Good profitability and solid balance sheets. Account for about 50% of total Italian manufacturing value added. Large Italian companies account for only 8.4% of total manufacturing value added and the subsidiaries of foreign companies for 13%. Source: Exagon, Mediobanca IV Capitalism, Area Studi Mediobanca and Centro Studi Unioncamere 16

17 DYNAMIC SMALL AND MEDIUM ENTERPRISES Italian companies need scale to compete Firm size in manufacturing All companies Companies with at least 10 employees Companies with at least 250 employees Number of firms Average firm size Share of firms % Average firm size Share of firms % Average firm size Italy 425, France 206, Germany 207, Spain 182, Source: Eurostat, Structural Business Statistics 17

18 ENTREPRENEURSHIP AND HIGH SKILLS Entrepreneurial culture and high labour skills The Italian production network is based on strong entrepreneurial culture (4 mn entrepreneurs), high quality products in many economic sectors and export-oriented attitude. Italy ranks 2nd in Europe in terms of manufacturing companies with a skilled workforce, which in turn contributes to the high quality of Made-in-Italy products. High skills gained with on-the-job training and closely related to traditional craftsmanship, not well captured by international statistics. 18

19 INCREASINGLY FLEXIBLE LABOUR MARKET Fixed-term employment and apprenticeship contracts Extend the maximum duration of fixed-term employment contracts without causality requirement from 12 to 36 months Fixed-term contracts limited to 20% of total workforce. The limit can be waived by collective agreements Fixedterm contracts can be extended up to 5 times in 36 months Apprenticeship contracts must be in writing. Simplification for public training in businesses Compensation to apprentices equal to 35% of the compensation outlined in the national labour agreement Electronic communication for Documento Unico di Regolarità Contributiva (DURC Social Security Compliance Certificate) PURPOSE Reduce rigidities and streamline the labour market, encouraging the use of flexible contracts for young people entering the labour market. TIMELINE March 2014

20 INCREASINGLY FLEXIBLE LABOUR MARKET Implementation of Italy s Youth Guarantee Plan Young people (ages 15-29) can access, via an ICT platform, a network of customised services on training, employment orientation and job opportunities 9 action fronts: i) reception; ii) training targeted to finding work placement; iii) orientation; iv) apprenticeship; v) traineeship; vi) civil service; vii) support to self-employment and entrepreneurship; viii) professional mobility; ix) employment bonus. These measures will be included in the Youth Guarantee National Operational Programme Monitoring of implementation and financing of the individual measures through performance indicators PURPOSE Ensure that all young people receive an offer of good-quality employment, apprenticeship or training offer within four months of leaving formal education or becoming unemployed. TIMELINE May 2014

21 INCREASINGLY FLEXIBLE LABOUR MARKET Employment services, active labour policies and work-life balance Streamline existing incentives for hiring workers and those for self-employment and the establishment of own companies and establishment of a National Employment Agency Streamline entities and structures operating in the realm of safetynets, active policies and employment services and upgrading of public/private partnerships Universal maternity benefit and social security contributions for working mothers in quasi-dependent employment Tax credit for female workers and encourage employers to provide integrated childcare services PURPOSE Ensure that users can benefit from essential services relating to active labour market policies across the national territory. Achieving work-life balance as a parent. TIMELINE September 2014

22 INCREASINGLY FLEXIBLE LABOUR MARKET Employment services, active labour policies and work-life balance Streamline existing incentives for hiring workers and those for self-employment and the establishment of own companies and establishment of a National Employment Agency Streamline entities and structures operating in the realm of safetynets, active policies and employment services and upgrading of public/private partnerships Universal maternity benefit and social security contributions for working mothers in quasi-dependent employment Tax credit for female workers and encourage employers to provide integrated childcare services PURPOSE Ensure that users can benefit from essential services relating to active labour market policies across the national territory. Achieving work-life balance as a parent. TIMELINE September 2014

23 % of GDP SOUND PRIVATE SECTOR BALANCE SHEET Italy is one of least indebted countries Aggregate debt Japan 412% Germany 195% US 264% Spain 305% UK 284% Italy 261% France 255% 50 0 Note: 2012 data for private debt; 2013 data for public debt. Source: Bank of Italy 23

24 SK SL LV IT EE FR AT BE EA-17 FI PT ES LU IR NL DE LT PO HU CZ UK SW DK FR SL FI BE NL DE AT EA-17 PT LU EE IT ES IR LV SK LT PO HU CZ UK SW DK % of Disposable income % of Gross operating surplus SOUND PRIVATE SECTOR BALANCE SHEET Debt-to-income ratio among the lowest 300 Households 60 Non financial corporations euro area non-euro area Source: Eurostat, 2012 data. Note: Gross debt-to-income ratio of households is defined as loans (AF4), liabilities divided by gross disposable income (B6G) with the latter being adjusted for the change in the net equity of households in pension funds reserves (D8net). Nonconsolidated figures. euro area non-euro area Source: Eurostat, 2012 data. Note: Debt includes loans and securities other than shares. Nonconsolidated figures. 24

25 SOUND PRIVATE SECTOR BALANCE SHEET Household debt-to-income ratio among the lowest in the EU Households wealth (Households wealth/gross disposable income ratio) Households debt (% of gross disposable income) DE FR IT EA Source: Bank of Italy, Eurostat DE FR IT EA

26 Euro million SOUND PRIVATE SECTOR BALANCE SHEET Italian households wealth and its components Net wealth of households is 7.8 times their disposable income (8.3 UK, 8.1 FR, 7.7 JP, and 5.3 US). Net Wealth (8.542 mln in 2012) Financial Assets (38.9% in 2012) Real Estate (56.6 % in 2012) Real Assets (61.1 % in 2012) Financial Liabilities (9.5% in 2012) Note: Preliminarly estimates for the first half of Source: Bank of Italy, La ricchezza delle famiglie italiane, Anno XXIII, n.65, December 12,

27 Indices 2000=100 SOLID STOCK MARKET FTSE MIB: Corporate Italy Italy s stock exchange is part of the London Stock Exchange Group. 328 listed companies, 752 listed ETP fixed income listed securities. N. 1 in Europe both for turnover velocity and fixed income trades & turnover Stock market capitalisation to GDP Italy France UK Spain Europe Germany Source: World Bank 27

28 SOLID STOCK MARKET FTSE MIB: Corporate Italy Top 10 by Capitalization ( ) Euro bn Capitalization Sector 1 ENI 66.0 Oil & Gas 2 Intesa SanPaolo 40.1 Regional banks 3 Enel 38.6 Electric utilities 4 Unicredit 38.5 Regional banks 5 Generali 25.3 Insurance (life) 6 Luxottica 20.1 Medical equipment and supplies 7 Telecom Italia 15.6 Communication services 8 Atlantia 15.4 Finance 9 Sogefi 14.3 Automotive industry 10 Cobra Automotive Tech Telematics and electronics infrastructure Source: Borsa Italiana 28

29 NUMEROUS REFORMS UNDERTAKEN Product market reforms by sectors A low number means a less regulated sector OECD Product Market Regulation Indicator - Italy 29

30 SEVERAL REFORMS IN THE PIPELINE Corporate finance for growth Expand contributions from institutional investors to SMEs, incentives for credit alternatives such as minibonds Strengthening and refinancing (Allowance for Corporate Equity ACE) Fund for the concessional tax treatment for Business Networks Incentives for investment in SMEs that have gone public or are about to go public Support seed and venture capital as well as new innovative firms PURPOSE Extend the sources of corporate funding, consolidate corporate financial structure and reward business networks. privati TIMELINE September 2014

31 SEVERAL REFORMS IN THE PIPELINE Competition, deregulation and internationalisation of businesses Re-organisation of regulations governing local public services and upgrades of municipal companies and local utilities Deregulation and implementation of existing regulations (Annual Competition Law) Enhance marketing of Made in Italy products Tax relief and streamlined procedures for FDI. Strengthening the Customs One-Stop Shop for Companies Overhaul of the rules governing deductible costs of business transactions with suppliers in blacklisted countries PURPOSE Release market potential. Support internationalisation and exports of Italian companies, making things easier for companies already operating in foreign markets. TIMELINE September 2014

32 SEVERAL REFORMS IN THE PIPELINE Boost investment and cut energy bills Boost R&D investment and tax credits for research activities and hiring of researchers Tax benefits for firms upgrading their production sites Strengthening the Central Guarantee Fund for lending to SMEs Cut energy bills for SMEs by 10%. Diversification of supplies and completion of deregulation in the electricity and gas market Implementation of Destinazione Italia with simplifications and incentives dedicated to foreign investors PURPOSE Help boost investments focused on innovation and revitalise corporate lending. Cut costs for SMEs by improving business environment. Promote investment attraction in Italy. TIMELINE September 2014 and December 2014 (for investment attraction)

33 SEVERAL REFORMS IN THE PIPELINE Green growth and efficient use of resources Established a mission unit to implement measures to prevent hydrogeological risk and soil protection Start clean-up of polluted sites of national interest (SIN). Fund to relocate heavy industrial plants currently in densely populated areas. Design regulations on proper waste management tariffs Speed up environmental clean-up and rehabilitation efforts by polluters and promote industrial redevelopment of formerly polluted sites Simplify procedures to access CAP funds. Establish an Organic Farming Information System (Sistema Informativo per il Biologico-SIB). Implement labelling laws to protect Made in Italy trademark PURPOSE Make the most of Italy s resources, land and environment. Promote competitiveness and export potential of agricultural sector and the quality of Made in Italy products. TIMELINE November 2014

34 SEVERAL REFORMS IN THE PIPELINE Tourism and culture as drivers of growth Adopt the National Strategic Tourism Plan. Introduce appropriate financial instruments to encourage entrepreneurs and to upgrade facilities Incentives to tourist and cultural business networks. Grant incentives to greenfield and brownfield tourist development projects that create jobs. Start a digitisation plan aimed at increasing the online presence of hotels and accommodation facilities Develop a single set of nationwide regulations on hotel classification, establishing minimum national standards of excellence Encourage investment beyond a minimum threshold, in particular investment relating to the development of selected tourist centres, especially in Southern Italy. Upgrade tourist education PURPOSE Realise full benefits from tourism potential. Affirm the uniqueness of Italy s values by protecting and promoting cultural activities and assets. TIMELINE October 2014

35 WIDE RANGE OF OPPORTUNITIES Privatization Plan Company Name - Relevant Sectors CDP Reti Postal & financial services, ICT, logistics Air traffic control Export finance, credit insurance Shipbuilding, cruise liners, yachts, naval-oil & gas vessels Oil & Gas Gas transportation (30% stake in Snam) & power high voltage (30% stake in Terna) TLC infrastructure provider for RAI broadcast Transaction description 40% of the company to be sold through IPO 49% of the company to be sold through IPO 60% of the company to be sold through IPO 40% of the company to be sold through IPO, including a capital increase 4% of the company to be sold through market placement 49% of the company to be sold through trade sale Opening to private capital Company Name - Relevant Sectors Municipal utilities Public real estate assets Further measures Transaction description Railways company Opening up to private capital, different options currently under study Companies that provide public utilities at a local level (transport, energy, waste collection and management) Real estate assets, State and local authorities properties Opening to private capital and significant aggregations through mergers New disposal plan of public real estate assets 0.7% GDP yearly from 2014 to 2017 Expected income from privatization schemes and real estate assets disposal plan 35

36 WIDE RANGE OF OPPORTUNITIES Italy s inward FDI stock position: ready for a pick up Manufacturing Fin. internediation Real estate & business Other fin. intermediation Fin. holding companies Transports Trade and repairs Other business activities Monetary intermediation Legal, accounting Food products Chemical products Euro bn Source: OECD dataset 36

37 WIDE RANGE OF OPPORTUNITIES Providing certainty to FDI investors WHAT HAS ALREADY BEEN DONE WHAT S NEXT Certainty of Taxation Closer collaboration between Italy s Revenue Agency and investors. Tax agreements and dedicated desk Tax credits for research & development expenses Extensive cuts to the tax wedge Lower taxes on young people salaries Certainty of Rules Creation of specific Business Courts for foreign investors Simplification of Court proceedings Certainty of Procedures Simplification of authorization procedures Facilitated financing for SMEs including through access to capital markets Dedicated visas for investors, researchers and foreign students Certainty of Taxation Review of tax sanctions and litigation legal framework Review of tax havens black list Certainty of Rules Review of the abuse of rights Consolidate Labour law Certainty of Procedures Reform of Conferenza dei servizi, which approves all major authorization procedures for industrial plants Facilitate real-estate investment through simplification of procedures 37

38 WIDE RANGE OF OPPORTUNITIES Finance for Growth April 2014: Launch of Finance for Growth, to promote credit enhancement and the development of alternative forms of financing especially for SMEs. Areas of intervention: Credit guarantees; Credit funds; Minibond funds; ACE (Aid to economic growth); Crowdfunding; Venture capital funds; Long term investors; PPPs. Government s priority to bring finance for growth high on the European Agenda, also in the perspective of the Italian Presidency. 38

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