Celso Boscariol, KC Partner in our Business Law Group and president of both the Italian Chamber of Commerce and the European Union Chamber of Commerce in Canada-West participated as a speaker at the event "Investing in Italy: Business Trends and Current Incentives" held on October 8th, 2024, at the Terminal City Club in Vancouver.
Here are the key learnings from the discussion:
Italy's Economic Outlook: Carmine Porello of the Bank of Italy discussed the outlook for the Italian economy, noting a slight increase in economic activity in the euro area and a projected decline in inflation to 2.5% by the end of 2024. Italy's GDP grew moderately, driven by sectors like construction and tourism.
Investment Insights: By the end of 2023, direct Italian investments in Canada reached $5.4 billion, while direct Canadian investments in Italy amounted to $1.1 billion, with the real estate sector significantly contributing to the Italian economy. Mark Porter from Structure Craft emphasized Northern Italy's advantages in the timber industry, highlighting the region's access to innovation and talent.
Incentives for Foreign Investors: Giovanni Carpenteri outlined key incentive programs aimed at modernizing Italy's economy, including the Development Contract and the Italian Green New Deal, which support businesses in innovation and sustainable development.
Comprehensive Economic Trade Agreement: (''CETA''): Celso Boscariol, KC emphasized that CETA levels the playing field for Canadian investors and entrepreneurs doing business in Italy.
The discussion on "Investing in Italy: Business Trends and Current Incentives" highlighted the significant and evolving economic relationship between Canada and Italy.
The economic ties between Canada and Italy are strong and mutually beneficial. Both countries can leverage their respective strengths—Italy's skilled workforce and strategic EU access for Canadian businesses, and Canada's stable economic environment and affinity for Italian goods for Italian firms. With the current global economic trends, now is an opportune time for companies in both countries to explore investment and collaboration opportunities.
Ready to explore investment opportunities in Italy? Our business law Partner, Celso Boscariol KC is here to guide you every step of the way and help you receive strategic and practical legal guidance.
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