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Italy's Economic Diplomacy 17 July: latest news from the world

Date:

07/17/2017


Italy's Economic Diplomacy 17 July: latest news from the world

Switzerland: Italian "Condotte" Group formally delivers the Ceneri base tunnel

The Italian company "Condotte Group" has formally delivered the Ceneri base tunnel (Canton Ticino) to the Alp Transit Gotthard AG, a company 100% controlled by the Federal Swiss Railways. The tunnel is expected to become operational in 2020.The delivery of the Ceneri tunnel follows the inauguration of the Gotthard railways tunnel, part of the Alptransit project and which has been in operation since December last. Launched by the Swiss Government at the beginning of the 90s, the project envisages the building of three tunnels (Loetschberg, opened in 2007, Gotthard and Ceneri) to increase rail traffic through Switzerland, making the country into a hub of the European transport system.To the North, the Alptransit project heads to Berne-Basel on one axis, and to Zurich on another axis. As regards the transit from the Brenner pass, Alptransit cuts down on the time it takes to reach the Ruhr basin - Germany's industrial centre. Alptransit is a strategic project which, if connected to Italian ports, would allow for a larger share of sea traffic, higher than today's 18% mark. According to the freight traffic patterns developed by the European Commission, the Mediterranean is expected to have a 40% increase in traffic flows between 2010 and 2030, also thanks to the doubling of the Suez Canal.

Chile: Reale Group to start business

Upon receiving the approval from Chile's Insurance Supervisory Authority, Reale Chile Seguros Generales, a company controlled by Reale Group, has organized an event in Santiago to celebrate the starting of operations.The Italian insurance group has decided to invest in Chile with great determination. It is a country that offers major investment prospects in the insurance sector, since entire sectors of the economy, including the pension and health systems, are almost completely in the hands of the private sector. The Group said that business will initially focus on Homes and Cars, the latter having a very high growth potential, since RC auto insurance policy is not mandatory yet and only 36% of Chilean customers have it. The goal is to be among the first five insurance providers in the property and casualty insurance field, breaking even five years from the company's establishment and reaching a total of 240 million euro worth of  insurance premiums after ten years. Initially the company will have 70 employees, but the workforce is expected to grow to 370.


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