From a new sovereign wealth fund to a national Made in Italy Day: Italy's government strategy for manufacturing and design.
Italy, renowned for its rich cultural heritage and unparalleled craftsmanship, is preparing to take a significant step forward with a proposed "Made in Italy" bill.
This legislation aims to enhance the country's global competitiveness, protect and promote authentic Italian products and safeguard traditional artisanal practices. If passed, this bill could have far-reaching implications for Italy's economy and its standing as a hub of unique and quality craftsmanship.
According to the latest draft, Giorgia Meloni's government is planning to launch a new sovereign investment fund to inject fresh capital into national strategic industries, such as the procurement of raw materials and the energy supply chain. Initially, the aim would be to invest around €1 billion to be disbursed in several tranches, government officials said.
The measures do no stop there. There are several other initiatives that the government seeks to put in place in order to support artisans, small businesses, and local producers. For example, €202 million will be earmarked for design-related incentives, €60m to set up a fund with the aim of enhancing the wooden furniture and natural textile fibre sectors and €15m for female-led businesses.
€274 million will also be used to refinance the "Nuova Sabatini" for 2023, a measure introduced in 2013 that allows companies to obtain a significant tax benefit for investments in new capital goods essential to their business.
Intellectual property protection is also a critical aspect of the proposed legislation. By strengthening copyright laws, enforcing strict standards and certifications and cracking down on counterfeiting, the "Made in Italy" bill aims to safeguard the intellectual property rights of Italian artisans and businesses. This protection is vital not only for preserving Italy's cultural heritage but also for ensuring fair competition and supporting the growth of the creative economy.
The "Made in Italy" bill not only focuses on supporting and preserving Italy's artisanal heritage but also includes a range of promotional initiatives.
Such initiatives aim to amplify the global recognition of Italian products, increase market access, and foster collaborations, solidifying Italy's position as the premier hub of craft and design excellence. Among the various proposals we may find: the establishment of the 'Made in Italy' high school, 'Made in Italy' certification for Italian restaurants abroad, increased participation in international trade fairs and exhibitions and, lastly, the establishment of a national 'Made in Italy day', which will be celebrated on 15 April to honour Italian creativity and excellence.
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