Italy may seem like a glamorous vacation spot to some and most people have found themselves lost in daydreams of being immersed in Italian culture. You can easily see the cliché: you may be sitting in a rustic restaurant eating pasta, the chef serenading you with a beautiful Italian song while also hand tossing a gourmet pizza, but have you ever imagined the possibilities of doing business in Italy?
Third largest economy
You may be surprised at the prospects awaiting, particularly in the diverse northern region of Italy. While Italy has suffered a great deal economically since the global recession of 2008, it is still the third largest economy in the eurozone. With a majority of its €1.387 trillion GDP being dependent on both the industry and services sectors, as well as a substantial amount on agriculture, Italy’s economy is quite diversified. While the primarily industrial north is highly developed and dictated by private companies, the southern territory is slightly less developed, relying on agriculture.
Sure Italy has some of the classic side effects of the recession: a high unemployment rate of 8.2%, an inflation rate of 2.3%, and public debt at 120% of GDP; but unlike some of the other economies that took a hard hit, Italy is putting its foot down. In 2011, the government passed a series of austerity packages which the IMF believes will balance the budget in structural terms by 2013.
Exporting to Italy
In 2011, Italy exported €386.44 billion and imported €410.97 billion. If you’re looking to expand your business, why not think about exporting to Italy? Some of Italy’s major trading commodities include engineering products, textiles and clothing, motor vehicles, transport equipment, chemicals, textiles and clothing, food, and beverages. Better yet, why not branch out even further and try visiting Northern Italy’s industrial and service oriented economy? Don’t be shy, there is plenty of support waiting, such as Enterprise Ireland’s Irish Business Network in Italy. The network consists of over 100 businesses, and can be a perfect opportunity to discover the advantages of Italian business.
With this in mind, World Trade Centre Dublin in partnership with Small Business Can now bring you a complementary way to prospect and win business in Italy. World Trade Centre Dublin – Live (WTCD Live) is an interactive platform designed to facilitate global business interactions and trade, where people, knowledge and opportunities come together.
If you are interested in doing business with Italy, please follow this link