The Ambassador of Italy to the USA, Armando Varricchio opened on July 21, 2020,, together with Presidents Errore and Ferro, the webinar organized by SACE and ICE on the instruments to sustain the recovery with a specific focus on the American market.
The event is part of a series of virtual meetings organized by the Embassy, the Italian Trade Agency (ICE) and the network of Italian institutions in the USA, with the aim of providing Italian companies and business associations that show an extraordinary interest in the US market, updated informatin on the American economic situation and on the support tools made available to them.
In his speech, Ambassador Varricchio recalled the various measures taken to revive the economy by the Administration and the strategic importance of the American market despite a time of uncertainty and underlined th signs of recovery in the USA.
"The extraordinary strength of businesses, the exceptional ability to innovate and guide changes in production processes worldwide will be the basis of the economic recovery in the US" - highlighted the Ambassador - and a reference point for the Italian one".
The Ambassador highlighted the opportunities offered by the strong integration of production systems in the US and Italy, by the acceleration of digitization, e-commerce, by the modernization of production processes and the tendency towards re-shoring, shortening and diversifying supply chains. In doing so the Ambassador also recalled some critical elements such as the US tariffs on some Italian goods, the threat of further tariffs and the severe restrictions on mobility between Europe and the United States.
In 2019, the US market absorbed Italian exports worth about USD 60 billion out of over USD 100 billion of bilateral trade in goods and services and FDIs in the two directions amounted to over USD 70 billion.
"I am sure - concluded Ambassador Varricchio - that our companies, thanks to the tenacity of our entrepreneurs, the quality of our products, the excellence of Italian work, which Americans have always appreciated, with the full support of Italy's institutional network, will be able to seize these opportunities and overcome these challanges".