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Gentiloni and Poletti illustrate the Jobs Act to diplomatic representatives of G20 member countries

The Minister for Foreign Affairs and International Cooperation, Paolo Gentiloni, and the Minister for Employment and Social Policies, Giuliano Poletti, chaired a meeting at the Farnesina today, 15 July 2015, with the diplomatic representatives of the G20 member countries. The aim of the meeting was to illustrate the labour market reforms introduced by the Jobs Act and highlight the implications for Italy’s ability to attract new inward investment. The G20 represents 90% of global GDP, 80% of global trade and two-thirds of the world’s population.

“The reforms adopted in the last two years in terms of governance, taxation and commercial law”, underscored Minister Gentiloni, “are making Italy a more competitive economic environment focused on growth and on enhancing the country’s appeal for foreign investors”.

“The figures show a good return on the work done so far”, added Gentiloni. “In 2014 Italy attracted about 20 billion in inward investment, an exponential rise on the figure for just 2 years earlier. And through the work of our diplomatic and consular network abroad, the Farnesina’s aim is to continue playing a key role in promoting the internationalisation of ‘System Italy’”.

“By encouraging flexibility in the labour market, the Jobs Act is a vital element in increasing Italy’s appeal to potential foreign investors”, declared Minister Poletti. “Inward investment can boost companies’ staffing levels and provide a significant added value, especially in research and development activity”.

Italy’s new labour market rules were given the thumbs-up by the Presidents and Chief Executive Officers of General Electric Italia and Siemens S.p.A. The business leaders had been invited to share their experience of the effects of the entry into force of the reforms.

“Italy is clearly increasing its appeal for stable investment that creates industry and the reforms launched by the government are a step in the right direction to incentivise foreign investment. The Jobs Act makes Italy more competitive than other, similar, countries that implemented such reforms in recent years. It is helping to underpin the country’s many strong points, from its technological excellence to the quality of our universities”, commented De Poli, President and CEO of General Electric Italia.

Golla, President of Siemens S.p.A., observed that “no law can, in itself, lead to the creation of new jobs. It is equally true, however, that legislation can create favourable conditions and pave the way for the recovery to take place on solid, lasting foundations”.

De Poli told attendees that since the Jobs Act was introduced his company has taken on 70 new employees, with another 130 planned.