Countries and Opportunities

Transcription

1 Ankara, 21 st November 2017 Countries and Opportunities ITALY Luigi Gentile Head of the Economic and Commercial Section Italian Embassy to Turkey 0

2 SISTEMA PAESE Economic and Commercial Office in Ankara Italian Trade Agency in Istanbul Investment Attraction Desk SACE (IT Export Credit Agency) in Istanbul Turkish-Italian Chambers of commerce: Istanbul Izmir 1

3 Italy and Turkey Italian presence in the past o Italian companies were among the first ones to invest in Turkey o In 1960 Pirelli opened the first tyre factory in the Country and was one of the first foreign companies to believe in the industrial and economic potential of the country o In the late sixties the Agnelli family, owner of FIAT cars, helped creating Tofaş which is now a major car manufacturer 2 2

4 o Italian companies and today o EUR 4,9 billion Direct Investment o Italy main foreign beneficiary of public tenders: Yavuz Sultan Selim Bosphorus bridge, Gebze-Izmir Highway, Ankara Etlik PPP hospital 3 3

5 BILATERAL TRADE TURKEY / ITALY January September Var% Quota IMPORT ,1% 4,8% EXPORT ,9% 5,3% TRADE VOLUME ,5% 5,0% BALANCE ,7% 4

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7 ITALY: BACK TO GROWTH NOVEMBER 2017 : +1,8% OCTOBER 2017 Industrial production index : + 2,2% THIRD TRIMESTER jobs DEFICIT/GDP: 2,4% (in the first semester of 2017) PUBLIC DEBT/GDP: 131,6% INFLATION: 1,1% (september) 6

8 Why Italy is attractive for investment: 10 Reasons 1. Among Top Economies and Markets GDP $2.1 Trillion, 60 Million People, GDP per Capita $36K, Low consumer debt 2. Strategic Logistic Hub EU Gateway for 500 Million consumers, Ports linking to central and northern EU 3. Key player in manufacturing and trade 2 nd Manufacturer in Europe, 7 th in the World, ~ 100B manufactured goods trade surplus 4. Global competitiveness with Made in Italy sectors Recognized leader in machinery, foods, fashion, design 5. Competitive and skilled workforce Hourly labor cost at 82% of France, 90% of Germany, 300K graduates p.a., Top 20 Universities in Top Excellence in R&D, innovation and design Long tradition of excellence and scientific productivity, High ranking in articles published and citations 7. Unparalleled quality of life and cultural offer 50 Million international tourists p.a., 50 UNESCO sites, 3 rd highest country brand 8. Tax measures and incentives to improve competitiveness Tax credits for R&D (25%), capital goods investment (15%), employment incentives 9. On-going reforms: probusiness and progrowth Simplification, education, justice system, job act, FDI attraction 10. Open to foreign investment: full governmental support Highest growth of FDI in Europe (%56), Easier to start a business vs. Germany 7

9 Ricerca KPMG Jobs Act WHY NOW? Reform strategy New Governance Justice CDP - Group Taxation Industry 4.0 Access - VISA Direzione Generale Sistema Paese Uff. III Attrazione Investimenti Esteri 8

10 Jobs Act A simpler, more stable more flexible labour market A new employment contract with increasing protection depending upon employee seniority 9

11 Ricerca KPMG Taxation Corporate tax rate reduced to 24% (lower in some cases) 140% super depreciation for investments in new capital goods 250% hyper depreciation for high-tech machinery and equipment (Industry 4.0) Direzione Generale Sistema Paese Uff. III Attrazione Investimenti Esteri 10

12 Ricerca KPMG Direzione Generale Sistema Paese Uff. III Attrazione Investimenti Esteri 11

13 Ricerca KPMG New Governance Inter-ministerial Committee for FDI Ministry of Economic Development Ministry of Foreign Affairs and International Cooperation Ministry of Economy Ministry of Public Administration Committee of Regions Others Direzione Generale Sistema Paese Uff. III Attrazione Investimenti Esteri 12

14 Ricerca KPMG 126 Embassies, 80 Consulates, 79 ITA Offices + 9 FDI Desks (Italian Trade Agency) Direzione Generale Sistema Paese Uff. III Attrazione Investimenti Esteri 13

15 Business Visa issued in 72 hours Start Up Visa Investor Visa Directorate General for Country Promotion Division III FDI 14

16 Someone already noticed FDI Confidex INDEX, A.T. Karney 2017: Italy ranks 13 th overall in 2017 (16 th in 2016) + 20 "Digital Tax Index 2017: Locational Tax Attractiveness for Digital Business Models" + 62 % EY Attractiveness Survey 2017 (2 best performance after Sweden) 15

17 Alper Mat Director, FDI Desk Istanbul