Project is part of “Made in Italy” and still needs the approval of the Italian Parliament to come into force
On Wednesday (May 31, 2023), the Italian government approved a bill to create a sovereign fund to support national companies worth more than €1.1 billion (almost R$6 billion at current exchange rates). In a statement (fullin English – 290 KB), the Business Ministry said the measure seeks to stimulate growth and strengthen strategic supply chains for Italian industry.
The measure is part of the objective of the government of the Prime Minister of Italy, Giorgia Meloni, to promote the “Made in Italy” (Made in Italy, in Portuguese). The project still needs approval from Parliament and may undergo modifications.
According to the ministry’s statement, registration will be open to allocate €390 million (R$2.1 billion) to projects in the following areas:
- aerospace and aeronautics;
- design, fashion and furniture;
- metal and electromechanics;
- chemical and pharmaceutical;
- rubber and plastic;
- food (excluding processed and marketing of agricultural products).
The total value of the investment is completed by projects that had already sent funding requests to the Italian government. Will be released:
- €400 million (R$2.1 billion) for industrial development, agro-industrial and environmental protection contracts;
- €200 million (R$1 billion) for contracts for the development of tourist activities;
- €157 million (R$849 million) for productive investments or environmental protection.
In early May, the Minister of Business, Adolfo Urso, said that, in addition to the amount released by the State, the fund will help “channel financial support from pension funds, the insurance industry, and public and private entities”.
At the twitterUrso said that the approval of the measure in the Council of Ministers “marks a turning point in the production chains” from Italy.
“Thanks to this provision, companies will be able to count on new resources”, he wrote on Wednesday (May 31), adding that the project will “value and publicize” to the “productions of excellence, historical-artistic beauties and national cultural roots”.
On May 11th, the France announced a similar measure. The French President, Emmanuel Macronspoke of plans to promote reindustrialization from the country. in notethe French government informed that one of the objectives is to support industries that preserve the environment.
“Soon French industry and European industry will be green and competitive”, declared Macron. “Accelerate our reindustrialization […] it is fundamental to face the climate challenge, achieve full employment and guarantee our sovereignty.”
#Italy #creates #billion #fund #support #strategic #industry