WTI Magazine #8    2013 Dec, 6
Author : Destinazione Italia      Translation by:

If you are interested in expressing your view on "Destinazione Italia" or on Italy as a country attracting foreign investment, please send your position at info@destinazioneitalia.gov.it The consultation ends on december 9. 

Why a public consultation
Destinazione Italia is the expression of a coherent policy to attract foreign investment and improve the competitiveness of Italian firms.

In its initial version, Destinazione Italia consists of 50 measures whose goal is to reform a broad range of sectors, from tax to employment and civil justice to research to enhance and build upon our assets and to develop investment-focused policies to promote our country at the international level. Destinazione Italia is a "living document": the Government is opening a public consultation on this initial version, "version 0.5", during which citizens, Italian and foreign business communities, business and other associations, trade unions and experts will all have their say. The outcome will be a Destinazione Italia version 1.0.

The Government is committed to translating these measures into provisions and laws and to begin monitoring their implementation on a weekly basis. Some of the measures of Destinazione Italia are already being adopted by the Government. Each measure will be updated tracing actions, acts or implementation rules and general updates will be published in this website and in a dedicated page.

Why Destinazione Italia
At present, Italy accounts for just 1.6% of the world's total stock of inward investment. That is not enough. To attract more, Italy needs to make things easier for foreign investors and Italian entrepreneurs throughout their investments' life cycle by providing a framework of legal and fiscal certainty and a reliable timeframe for the necessary permits. On the basis of these conditions, much more than for direct financial incentives, that companies are looking for when deciding where to set up a new business or plant.

What is Destinazione Italia
Destinazione Italia will respond to these needs by giving each investor a tutor who will act as their unique contact point, and by providing a "certainty package". This will include:

− Regulatory certainty, for example by introducing nationwide standard procedures and forms for any permits required (Measure 3); capitalising on agreements with social partners to adapt contractual rules to the specific features of each new investment (Measure 4); and drafting a consolidated text of Italian employment law (Measure 5);

− Timescale certainty, for example by reforming the "conference of services" to speed up procedures and initiatives and ensure clear results (Measure 2); adopting further measures to simplify the procedures for setttling employment disputes (Measure 6); streamlining court proceedings (measure 14); and increasing the interest rate on late payments (Measure 15);

− Fiscal certainty, for example through tax agreements between the Revenue Agency and businesses (Measure 1); and a review of the provisions governing abuse of right (Measure 8) .

At the same time, we need to capitalise more on Italy's unique qualities: distinctive assets linked to the beauty of the country, its culture, quality of life, regional and geographical diversity, entrepreneurial mind set, aptitude for innovation, and a rich fabric of human relations. In short: the Made in Italy brand. Figures show that in many cases foreign investors already enjoy the fruits of that brand, as partners of Italian exporters.

But we also need to take further steps to free the country from the factors holding it back by exploiting the real estate and intangible assets controlled by the public sector. And, where appropriate, putting them on the market.

Lastly, to take part in the global talent search, Italy needs to attract not just financial but human capital, including by exploiting our global networks of fellow Italians, who should be viewed not as fugitives but as levers for our country's growth. We need to enhance and capitalise on Italian talent and create the conditions where merit and entrepreneurship are justly rewarded and recompensed. We need, therefore, to improve our capacity to welcome new talent by opening up our country, not least in cultural terms, to input from foreign experts, professionals and entrepreneurs.

Through this plan to create a more favourable environment for investment, Italy can confirm to the international community that it has embarked on a new pathway and that it is capable of taking the long-term view, believing in its own resources, and seeking to connect evermore closely with the rest of the world.