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June 13, 2001
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Money > Business Headlines > Report June 13, 2001 |
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Italy woos Indian IT firmsBS ICE Bureau The Department for Foreign Investment Development which operates with Sviluppo Italia the National Development Agency set up by the Italian government and wholly-owned by the ministry of treasury, is all set to woo Indian Infotech firms to invest in Italy. The agency wants Indian technology firms to invest, particularly in southern Italy, which has the highest concentration of electronics industry. Eutimio Tiliacos, director, foreign investment of Sviluppo Italia, is currently in India to encourage Indian companies to invest in Italy and to assist them in various ways. Speaking at a seminar, "Attracting Foreign Investment in Italy with a special focus on the ICT sector" organised by the Indo-Italian Chambers of Commerce and Industry and Sviluppo Italia, Tiliacos today said: "The agency could also underwrite equity up to 30 per cent of the newly-formed companies in Italy. It could assist in finding Italian IT partners, help to solve language as well as administrative and legal problems. Since the Italian IT market was worth around $21 billion, it could also represent a market for Indian companies." Tiliacos, added that they were interested in companies engaged in education, infrastructure and logistics and transportation. Explaining how favourable is the Italian economy for Indian companies, Tiliacos said the Italian ICT market is growing rapidly. It is estimated to have grown by 12.8 per cent in 2000. In 2001, this would place the Italian market in fourth place by size (at a forecast £67.5 billion), trailing only the United Kingdom, Germany and France. Based on these facts, he felt that Indian companies could enter the Italian market and use it as a base to penetrate the European market. Citing advantages of the Italian industry, he said, Italy had the lowest labour costs in Europe with a low turnover and the second highest productivity Europe industry. Powered by YOU MAY ALSO WANT TO READ:
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