Representatives of institutions and businesses discuss Italy’s recovery at a seminar organised by the Embassy of Italy in London, in collaboration with Ersel and GOP
London, 31 October 2017 – Italy has emerged into a phase of recovery, which will lead it back to its central role in the European economy. A wide range of indicators show that the country has returned to stable growth, in a continually strengthening macroeconomic context. Business and consumer trust indexes are high and international and institutional investors are showing renewed interest in the Italian economy, testifying to its renewed potential and the high expectations.
This was the subject of the seminar Italy is back: a competitive edge for business and lifestyle, held yesterday at the Embassy of Italy in the UK. The seminar was organised by the embassy, in collaboration with Ersel Gestion International S.A., a boutique private wealth management firm, and Gianni, Origoni, Grippo, Cappelli & Partners (GOP), an international law firm.
In his opening address, the ambassador, Pasquale Terracciano, noted that the success that Italy is seeing has been made possible by the path of reforms that the country has followed in recent years, which have acted on several fronts, such as access to credit, greater transparency, tax innovation, and better systems for attracting talent. The ambassador observed that while it may be possible to improve and accelerate this path of reform, the one thing that is not in doubt is that the reform process is a shared effort and is absolutely irreversible.
He cited the new tax regime for non-domiciled residents, the Industria 4.0 package, and the reformed Individual Savings Plans as among the most emblematic interventions marking Italy’s recovery.
During the panel discussion, Valentina Canalini, legal counsellor to the president of the Council of Ministers, presented some of the latest economic data testifying to a context of full recovery. She explained the links between these figures and the numerous initiatives launched by the government, such as the Industria 4.0 plan, which offers various tax incentives, such as tax credits for R&D and hyper- or super-amortisation. Antonio Guglielmi, head of European Equity Markets at Mediobanca, presented some interesting macroeconomic observations confirming the closing of the competitiveness gap between Italy and the highest-performing Eurozone economies, in the cyclical phase and potentially also in the structural phase. He also outlined some of the challenges that Italy will be called upon to confront in the coming years.
The panelists analysed the recovery of Italy’s attractiveness from a number of different viewpoints. Peter Miller, the CEO of Westfield UK and Europe, a company that is currently making a significant investment in Lombardy, and Riccardo Monti, the chairman of Italferr SpA, discussed both the advantages and the difficulties of investing in Italy. Marco Gay, the vice chairman of Digital Magics; Paola Marinone, the CEO of BuzzMyVideos Network; and Ivan Borriello, the Senior Advisor of Ersel, highlighted the potential for Italian businesses, whose entrepreneurs are not necessarily well known on the international stage, while Fabio Chiarenza, a partner at Gianni, Origoni, Grippo, Cappelli & Partners, analysed some of the new tax regulations and outlined the professional support available to entrepreneurs.
Notes
GIANNI, ORIGONI, GRIPPO, CAPPELLI & PARTNERS
Padua, Turin, Abu Dhabi, Brussels, Hong Kong, London and New York, and is considered a leader in Italy in the field of business law. The company specialises in mergers and acquisitions, company law, competition and regulation, litigation and arbitration, the environment, administration, banking law, labour law, financial markets, insurance law, property law, industrial, corporate criminal law, tax law, energy and infrastructures, privacy, insolvency and restructuring, transport and navigation, trust and assets.
In 2017 the firm was declared “Italy Law Firm of the Year” by the legal directory Chambers and Partners at the Chambers Europe Awards.
ERSEL
Ersel has specialised in asset management since 1936. Its success is due to its complete independence, the professionalism of its staff, the quality of its service and the personal relationships that it develops with its clients. It was founded in Turin as Studio Giubergia, the first mutual fund company to be authorised in Italy. It also offers investment consultancy, fiduciary services, asset protection and corporate advisory services. It is still run by the founding family, now in its fourth generation. The company manages approximately €15bn in client assets and has a staff of over 200, with offices in Turin, Milan, Bologna, London and Luxembourgh. Ersel exemplifies continuity and innovation, a safe choice, guaranteeing every client, whether private, institutional or business, the certainty of authoritative, transparent, customised service.
