“If we wait for the global revolution we won’t get anywhere. Some initiatives that attract foreign investments and improve Italy’s appeal will be launched immediately, others will take more time”. Minister for Foreign Affairs Emma Bonino sounds the charge: “growth diplomacy”, one of the pillars of her efforts since she took up the post, has been given pace and impetus in the 50 measures envisaged in Destinazione Italia, a government plan approved on 19 September that will become operational shortly, and that was drafted precisely in the halls of the foreign ministry. “We will be launching a public consultation in the coming hours”, the minister explained, “asking investors, businesses, unions, associations and citizens to participate so that we can begin to identify what to do immediately”.
But Minister Bonino, when will the laws come?
“Soon, some with the current financial plan (legge di Stabilità) in mid-October, others with Destinazione Italia. For once we have decided to do things differently: instead of starting off from existing legislation, we have developed an overall vision of what and how we want to attract, and outlined 50 very specific measures. And it is on these that we want public feedback”.
There may be some objections, however: wouldn’t it have been better, at this difficult stage, to concentrate on backing businesses in Italy?
“It’s not as if Destinazione Italia were offering privileged treatment to foreign businesses – on the contrary, we are well aware that what foreign investors need is the same thing our businesses need to stay competitive”.
Are you referring perhaps to justice and the excesses of bureaucracy? Haven’t you noticed some progress on these issues as compared with 5 years ago when you were foreign trade minister?
“There is still a lot, a great deal, to be done. Also because investors in Europe are not only looking for incentives and tax breaks, but certainties, when it comes to job market regulations, authorisation timescales – and above all, regarding justice, both civil and criminal”.
Themes to which you have a history of being sensitive…
“It has to finally be understood that this is not a Radical fixation of mine, but a fundamental area in which to intervene, not only because illegality cannot be tolerated under the rule of law, but also because it is discouraging to those wanting to invest in Italy, whether fellow nationals or foreigners, and therefore has a dramatically depressive effect also on our economy and on growth”.
It all seems very linear, even too easy. Aren’t you worried that something will go wrong?
«Certainly, if the government were to fall…».
A danger skirted, at least for now. Other fears?
«Instability».
Which is everyone’s nightmare, we are hearing it from Brussels to the IMF.
“It’s one thing to say to a potential investor that we have 6 days’ time, 6 months is something else. How can I speak with a foreign firm, a fund or whatever else, and convince them to invest in our country if they cannot be sure that they’ll be speaking with the same person the next time?”.
Who will be out hunting for investors, the ambassadors? Berlusconi was already asking diplomats to become managers back when he was premier (and interim foreign minister). Are you copying Berlusconi?
“I don’t want ambassador/stockbrokers. That’s not what diplomat/managers means; today’s economic and cultural diplomacy is an extension of foreign policy through other means”.
So who will be selling Italy’s image?
“We are considering strengthening the embassies with professionals with the appropriate experience and skills for this role, reorienting the diplomatic network to respond to the needs of tomorrow’s world, not to the memory of yesterday’s. We will be downsizing the presence of consulates in Europe to open new ones in the Middle and Far East, and equipping our diplomatic missions in the world’s major financial hubs, where the majority of capital comes from, with investment attraction experts”
You were the first to speak of “the outlet syndrome” as a way of underscoring how Italy must decide on what investments to attract. And yet recent events lead to the idea that having foreign resources also carries the risk of selling System Italy cheap?
“We obviously can’t go around discounting assets that give us a competitive advantage, but we have to bring capital into Italy that creates development and growth. But we also have to be very clear about this with our citizens, and explain that attracting investments today is exactly the opposite of selling Made in Italy cheap. In a global economy like ours, strengthening our productive capacity with foreign capital is perhaps the only way we can stop the delocalisation of our businesses”.
Two years from now we’ll have EXPO Milano, a major showcase for Italy. Even the English have signed up, and we also await the Americans. Is this going to be Italy’s last chance to regain its leadership position?
“The Americans have presented some interesting projects, and we are waiting for them. But in any case we have to drop this “last chance” rhetoric, because it seduces us into thinking that if we work well this one time, with this one goal, we’ll be able to lower our guard and go back to working badly as we did before. The true success of the EXPO will be measured in numbers, but also on the basis of what remains and starts to happen the day after it’s over”.
