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At the invitation of Premier Li Qiang of the State Council, Italian Prime Minister Meloni will pay an official visit to China from July 27 to 31.

Italy is located in southern Europe and is a founding member of the European Union and a member of the G7. Italy's macroeconomic development is relatively stable. In 2022, Italy's GDP will reach 1,909.15 billion euros, a year-on-year increase of 3.7%.

In recent years, China's investment cooperation with Italy has developed steadily, covering many fields such as finance, communications, energy, transportation, machinery manufacturing, fashion industry, food processing, culture and sports, and e-commerce. Bilateral trade has also maintained a good development trend. China maintains its status as Italy's fourth largest trading partner and Asia's largest trading partner. Italy is China's fourth largest trading partner in the EU. If you are interested in going to Italy to carry out investment cooperation, let's first understand the policy.

PART 1

investment environment

The World Bank's 2020 Global Doing Business Report shows that Italy ranks 58th among 190 economies in the world for ease of doing business. The "2023 Global Innovation Index" released by the World Intellectual Property Organization shows that among 132 countries and regions, Italy ranks 26th in the composite index, up two places from the previous year.

PART 2

the competent investment Department

Italy's government department in charge of foreign investment and foreign investment is the Ministry of Enterprise and "Made in Italy", which is responsible for relevant policies and projects to attract foreign investment. The specific work is the responsibility of the Ministry's Industrial Policy, Competitiveness and Small and Medium-sized Enterprises Division.

Consulting and services for foreign investment are the responsibility of the Italian Investment Development Agency.

PART 3

Foreign investment regulations

Foreign-invested enterprises must abide by the relevant provisions of the Company Law in the Italian Civil Code. In accordance with the principle of reciprocity in Article 16 of the Civil Code, foreign investors (individuals or enterprises) can enjoy the same reciprocal rights as Italian citizens who engage in commercial activities in that foreign country. Citizens of EU member states have no restrictions on investing in Italy and enjoy the same treatment as Italian nationals. Italy has a high nominal openness to foreign investment, with the following exceptions:

(1) Italy's anti-monopoly law, the Competition and Fair Trading Act, gives the Italian government the right to block foreign-funded companies 'merger plans based on considerations of "prioritizing national economic and strategic interests" or if Italian companies are discriminated against in other countries.

(2) Italian law also grants the government "golden power" to veto foreign investment, acquisitions or impose limited conditions on acquisitions in strategic industries such as defense and national security, energy, transportation and communications. In recent years, the Italian government has continued to expand its "golden power", hoping to retain high-quality enterprises and expertise that produce "Made in Italy" products in the country.

(3) Foreign investment in Italian banking and investment services, telecommunications, broadcasting, natural gas pipeline network and power grid industries requires review and approval by industry authorities.

PART 4

Preferential policies for foreign investment

Italy encourages companies to invest in the south, and the Foreign Investment and Enterprise Development Agency is responsible for implementing Italian "Development Contract" fund subsidies. Currently, projects that invest more than 30 million euros in four regions including Campania, Puglia, Calabria and Sicily can apply for subsidies, and the investment must be new factories and equipment, and foreign-funded enterprises have a credible investment entity in Italy. The "development contract" can grant foreign-funded enterprises a 30% project investment subsidy.

PART 5

Investment restrictions and prohibitions

Italy has restrictions on foreign investment in the following industries:Aviation, steel, energy, marine fisheries (commercial fishing), railway transportation, postal services, gambling, water resources development and management, urban waste treatment, film industry, banking, domestic route operations and shipbuilding. National defense and other areas related to maintaining public security are not open to foreign investors.

For non-EU countries to invest in thermal power generation projects, coal liquefied gas projects, mineral resource mining, etc., Italy emphasizes reciprocity with investment source countries.

Article References:

"Guidelines for Countries (Regions) for Foreign Investment Cooperation"

Text collation/Bi Ruolin

Editor/Luan Guozhen

Visual / Guo Xiaoxi

Audit/Qin Da

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