Italy

Italy

• Located in Southern Europe
• A peninsula extending into the Mediterranean Sea
• Rugged, mountainous terrain
• Mediterranean climate - cold north, hot and dry south
• Geographic coordinates 42 50 N, 12 50 E

Italy

• Population of 61,680,122 (July 2014 est.)
• Largest cities - Rome, Milan, Naples, Turin
• Italian is the official spoken language
• German, French, and Slovene spoken, among others
• Official internet domain is .it

Cultural Highlights

• Monuments and museums
• Street vendors and marketplaces
• The Vatican, The Colosseum,
• The Roman Forum, The Pantheon,
• The Trevi Fountain and the Spanish Steps

Quality of Life

• Life expectancy of total population: 82.03 years  (2014 est.)
• Life expectancy of males 79.4 years, females 84.82 years
• Unemployment total 12.4% (2013 est.)
• Agriculture: fruits, vegetables, soybeans, grain, olives, dairy, beef, fish
• Industries: tourism, machinery, food processing, motor vehicles, clothing

Economy

• GDP $2.068 trillion (2013 est.)
• GDP composition: 2% agriculture, 24.4% industry, 73.5% services
• Exports $474 billion, Imports  $435.8 billion (2013 est.)
• Labor force by occupation:
• agriculture: 3.9%, industry: 28.3%, services: 67.8% (2011)

Italian Culture and Business

• Individualistic society with an emphasis on equality
• Success-oriented and competitive
• A passionate people, emotions run high, self expression is valued
• Formality and detailed planning is important

Italian Culture and Business

• Emphasis on personal fulfillment of goals, happiness
• Down-time and recreation, relationships with family and friends are valued
• Long hours at work may be necessary, but time is set aside leisure
• Punctuality is not always a priority, deadlines are loose, meetings may have a delayed start or run long

Italian Culture and Business

• Dress and presentation are important, formal and conservative style
• Italians are guided by first impressions, style and etiquette are key
• Many shops are closed in the afternoons for riposo, a break for lunch and rest, typically 2+ hours
• Businesses close for public holidays and patron Saint's days

Financial Infrastructure

• Euro is Italian currency
• 1 Euro = 1.13 USD, as determined by the market forces of supply and demand
• Italy has central and commercial banking and a national stock exchange, Borsa Italiana
• Italy has loaned from The World Bank

Physical Infrastructure

• 129 Italian airports
• 20,255 km of railway
• 487,700 km of roadway
• 2,400 km of waterway
• 100% access to electricity, widespread cellular and internet access is developing

International Business

• Italy is a member of the European Union. Current economic signatories: Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and the UK.

International Business

• European Union: Coverage: goods, Type: free trade agreement
• Objectives (among others): the promotion of sustainable development based on balanced economic growth and social justice; a social market economy - highly competitive and aiming at full employment and social progress; a free single market

Doing Business

• Italy - documents to import/export: 3; OECD: 4
• Italy requires less paperwork than other countries to import/export goods, making it an easier country to business with than many others

Doing Business

• Italy has a diversified industrial economy, the country is divided into an industrialized north and an agricultural south
• Labor force: 25.74 million (2013 est.); by occupation - agriculture: 3.9%, industry: 28.3%, services: 67.8%

Doing Business

• The geographical location of Italy in central Europe gives an advantage in international trade
• Foreign investors are able to adopt any form of business investment

Sources

• "Italy": https://www.cia.gov/library/publications/the-world-factbook/geos/it.html
• "Cultural Highlights": http://studiesabroad.com/programs/country/italy/ city/rome/cultureCorner/culturalHighlights
• "Quality of Life": https://www.cia.gov/library/publications/the-world-factbook/geos/it.html

Sources

• "Economy": https://www.cia.gov/library/publications/the-world-factbook/geos/it.html
• "Italian Culture and Business": http://businessculture.org/southern-europe/business-culture-in-italy/
• "Financial Infrastructure": https://www.cia.gov/library/publications/the-world-factbook/geos/it.html

Sources

• "Physical Infrastructure": https://www.cia.gov/library/publications/ the-world-factbook/geos/it.html
• "International Business": http://www.wto.org/english/tratop_e/ region_e/rta_participation_map_e.htm ; http://en.euabc.com/word/743

Sources

• "Doing Business": http://www.doingbusiness.org/data/exploreeconomies/italy#trading- across-borders ; http://www.startupoverseas.co.uk/starting-a- business-in-italy