Hailing from the Eternal City, since 1992 Simona Bernadini has built a distinguished career as a Trade Commissioner across Europe. She has managed multiple trade offices worldwide, with notable assignments in Germany and Switzerland. In November 2022, she took on a role with the Italian Trade Agency (ITA) in Sydney. The ITA, an Italian government agency, supports small to medium-sized Italian businesses abroad, promoting the “Made in Italy” brand. In 2024, Bernadini announced the ITA’s alliance with Deloitte to promote Australian investment in Italy.

What led to the latest collaboration between ITA and Deloitte’s Foreign Direct Investment (FDI) analyst team?

Our collaboration with Deloitte began in February 2024 to attract and implement Australian and New Zealand investment in Italy. Deloitte secured this opportunity through public tender. Starting in April, we launched various initiatives, including a ‘roadshow’ across cities in Australia. The aim is to stimulate and attract foreign investors in the growth of the Italian economy, particularly in strategic sectors. The road show began with a launch in Sydney followed by a visit to Melbourne in May, then to Deloitte’s Adelaide offices and a stop in Perth. The tour continued with two special events in Melbourne and Sydney featuring Italian government delegations, before the last week in Auckland, New Zealand. Deloitte’s role is to assist ITA in meeting our principal goals by leveraging their expertise in Foreign Direct Investment and outlining tax incentives.

ITA’s primary objective is to help foreign investors navigate Italy’s foreign investment landscape, with the Italian government offering to assist and create these ventures. The sectors of focus are varied, with plenty of investment space in the areas of Digital Markets, Logistics, Advanced Machinery, Food Technology, Clean Energy and Sustainability, Life Sciences, Automotive and Real Estate. We have identified these sectors as major growth areas in Italy today.

Are there more tax benefits for investing in Southern Italy compared to the Northern regions? 

Incentives vary for different reasons. The incentives are available across all regions and zones in Italy. However, there are specific incentives that are more attractive for the Special Economic Zones (SEZ) in Southern Italy, which, from an industrial point of view, requires economic support. Ultimately, the benefits depend on the sector in which you would like to invest in. 

Is there a minimum requirement for Australian and New Zealand businesses to invest in Italy?

There is no minimum requirement. However, it is important that investment is not for personal assets, as, for example, the purchase of a private residence in Italy. We do not assist with those types of investments, but rather with investments focused on economic growth and job creation. Of course the type and amount of the investment determines which type of fiscal incentives and benefits can be received. For instance, the Development Contract, which is the main national incentive scheme for investments in the sectors of industrial manufacturing, environmental protection, food processing, and tourism, requires a minimum investment of 20 million euros. These investments can receive support of up to 75% through grants and/or soft loans, with the highest aid available in Southern Italy.

What has been the interest of Australian and New Zealand businesses since the launch?

The collaboration is still in its early stages, having only started at the beginning of 2024. So far, I’ve encountered that perceptions of Italy by investors still tend to be limited to traditional sectors, such as tourism and fashion. But Italy is now a country at the forefront of technology. Understandably, given Australia’s distance from Italy and the presence of only a single office in Sydney, my approach focuses on spreading this knowledge and making investors aware of the diverse investment opportunities available in Italy today. For this reason, the roadshow was the first step in this approach, providing a straightforward and effective way of reaching potential investors. 

We understand it takes time for the mass of information we provide to be considered by potential investors. Additionally, we are transparent about the hurdles one might encounter in Italy and how ITA can assist along the way. We also work closely with Invitalia, another Italian government agency, which helps investors address issues onsite and navigate the Italian bureaucracy and justice system. 

I understand that ITA’s services are free. Is there a point where this free service ends in the relationship with the investor? 

All services provided by ITA—including information, assistance and consulting at whichever level is required—are free of charge. The free service essentially concludes when the professional services of lawyers, notaries, and other specialists outside the Agency are required.

For resources on investing in Italy and to access ITA’s free services, interested investors can visit www.ice.it/en/invest/our-support

Images provided by Simona Bernadini.

‍