Italy is well-known for its delicious food, modern art, and rich history. It also works in R&D, design, and innovation, or manufacturing. Moreover, it has a significant geographic location that makes it a logistics hub and gateway to the European market.
However, companies that want to conduct business there should be ready to deal with Italy’s regulatory environment. It would be great to learn everything about Italy, including its culture and customs, to work smoothly. The following are some benefits of doing business there:
#1 Strategic Logistics Centre
Situated in the middle of the Mediterranean Sea, Italy provides a strategic doorway to customers across Northern Africa, European Union, and the Middle East. Therefore, its ports cater to 20% world maritime, 30% fuel, and 25% container traffic.
Approximately 432 million tons of products and 1 billion individuals pass through its 40 main ports or 42 airports. In addition, it is a part of the European Union, so its businesses have duty-free access in more than 30 national markets. So, its GDP is improving tremendously, opening more business opportunities. Follow the link and read more https://www.statista.com.
#2 Pro-Investment Culture
Italy has an open economy to invite new investors. Its remarkable amendments gain the trust or confidence of capitalists. To draw FDI’s interest, the governments provide various tax credits or incentives to draw FDI’s interest, including the following:
- Tax deductions for energy efficiency
- Tax credits for employment
- Tax reductions on income made from intangible assets
#3 Powerful Construction Base
After Germany, Italy is the biggest manufacturing country in Europe. Its products are famous for their unique designs and quality. You can invest in various sectors like fashion items, pharmaceuticals, food products, automotive, etc.
Companies working there can access a vast network of suppliers dealing in metals, plastics, chemicals, paper, textile, etc. In addition, Italian manufacturers are eager to save their export trade by investing in advanced technologies to improve productivity or reduce costs.
#4 Innovation and Creativity
Every year Italy spends approximately 25 billion euros on R&D. As a result, it becomes Europe’s fourth-highest R & D investor. Moreover, its production base is rapidly using digital technologies to complete manufacturing processes.
Its developing network connects with various universities or local development organizations. In addition, governments provide good incentives to both foreign and local companies by financing in sectors like industry, tourism, or environmental protection. To check the business growth, people can use https://www.saasgenius.com/. Then, approach the government for finances accordingly.
#5 High-Tech Performance
As discussed above, Italy’s main aim is to draw FDI attention to innovation and technology. So, investors can look for opportunities in the sectors that offer attractive options. Some of them include biotechnology, aerospace, chemicals, or automotive.
Bonus Tips
It will be perfect if you research the regional bureaucracies to conduct business successfully in Italy. Moreover, personal relationships play a vital role; thus, find a reliable local agent, distributor, or business partner.