Over the last few years, the Italian Government has made considerable efforts in order to revive inward investment policy and to strengthen Italy position as an international business hub for companies seeking to join a unique ecosystem.
To achieve these goals, a dedicated governing body was established under the name of Investment Attraction Committee (CAIE), chaired by the Ministry of Enterprise and Made in Italy (MIMIT) and supported by a Technical Secretariat.
To support foreign companies throughout every permitting process and to accelerate the implementation of their investments, in 2023 was established a specific Unit, named Mission Unit for Investment Attraction and Unlocking (UMASI).
Other important innovations are the creation of a One-Stop Shop “Invest in Italy”, an institutional interface dedicated to foreign companies, and the launch of a web portal, InvestinItaly.gov.it, which serves as the digital interface of the One-Stop Shop.
Since January 1, 2024, has been established also the Single Southern Italy Special Economic Zone (ZES Unica Mezzogiorno) to boost investments in Southern Regions.
Moreover, over the last few years, Italy has strengthened its integrated portfolio of financial incentives and fiscal benefits, aimed at creating the best environment for investments. Dedicated multi-year funds, bolstered by substantial allocations from the National Recovery and Resilience Plan, have been activated to finance tailored incentive schemes for various strategic sectors.
UMASI and new Legislative Simplification Measures
UMASI has been equipped with various tools to achieve its objectives, including the power to adopt necessary measures to conclude authorization procedures in case of delays or inertia by other administrations.
The most significant legislative innovation is indeed article 13 of Decree-Law 104/2023, which allows the Council of Ministers to declare the “preeminent national strategic interest” of large foreign investment programs worth at least one billion euros. Accordingly, a dedicated Commissioner is appointed to activate and accelerate the implementation of the investment program through a fast-track procedure.
Additionally, substitute powers of UMASI are regulated with reference to national and foreign investments exceeding 25 million euros (article 30 of Decree-Law 50/2022), strategic projects for the transformation of strategic raw materials (article 5 of Decree-Law 84/2024) and finally, to establish areas of national strategic interest for investments exceeding 400 million euros (article 32 of Decree-Law 115/2022).
One-Stop Shop
Invest in Italy is the National Unit for Investment Attraction. It acts as a One Stop Shop and gives complete assistance to foreign investors through a set of comprehensive and tailored services.
Its role is to facilitate, also through the appointment of a tutor, the establishment of new business activities in Italy by supporting investors in all the phases of the investment process and responding to their needs, which can range from location scouting to incentives advisory, from red tape reduction to support for recruiting.
The engagement also continues after the investment setup, by providing aftercare services to ensure that the business activity can grow and flourish in Italy.
New Web Portal
The new web portal, InvestinItaly.gov.it, serves as the digital interface of the One-Stop Shop, providing potential foreign investors with all the necessary information on investment opportunities, including the country’s strengths, priority industrial sectors, available industrial sites and incentives.
Single Southern Italy SEZ
An additional component of the investment attraction policy is the recent establishment of a Single Southern Italy Special Economic Zone (ZES Unica Mezzogiorno), aimed at supporting economic development and growth in Southern Italy through administrative simplification and investment facilitation.
The ZES Unica Mezzogiorno came into force on January 1st 2024 to strengthen the productive fabric of Southern Italy, exploiting its strategic position as a natural bridge between the East, North Africa and Europe. It includes the territories of the regions Abruzzo, Basilicata, Calabria, Campania, Molise, Puglia, Sicily, and Sardinia. A Govening Body has guidance and coordination tasks and a One Stop Shop (“Sportello Unico”) supports the localisation and investment process.
Within this zone, businesses can benefit from special conditions, including:
- simplification and speeding up of bureaucratic and administrative procedures, through the adoption of a single authorisation for the proposed projects.
- tax credits and other incentives, provided that the company maintains its activities and the jobs created in the area for at least five years after the completion of the investment.