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The crossroads of European industry and style Dramatic changes have taken place in Italy since World War II, with the advent of industrialization in the country and the acceleration of its evolution from its beginnings as an impoverished agricultural economy. Today, Italy is a member of the European Union and belongs to the Group of Eight (G-8) industrialized nations. It is the fifth largest economy in the world, and nowhere in the country is this status more clearly perceptible than in its northern province.
In terms of per capita income, northern Italy’s inhabitants today are about 30 percent richer than their southern counterparts. Unemployment in the north is at 5 percent, less than a quarter of the south’s 22 percent. In the span of a few decades, the manufacturing and processing of goods in the north have become a pillar of the country’s economic strength, intensifying Italy’s reputation for precision in engineering, advanced systems and techniques in manufacturing, and most importantly, innovative and high-quality design. Textiles, machinery and other traditional sectors are increasingly harnessing information technology and e-commerce to improve their position in domestic and international markets. The north today remains home to majority of the small- and medium-sized, family run enterprises which have traditionally made up the greater part of Italy’s economy. At the same time, it is the birthplace of such global Italian companies as Fiat, Prada, Campari, Pirelli and Giorgio Armani. It is not surprising therefore that in the global market, “Made in Italy” has become synonymous with high standards of quality. While Italy as a whole ranked 8th among the world’s top exporting countries in 2002, northern Italy contributed over 70 percent of the $250 billion worth of goods exported out of the country. Of this, 40.8 percent of exports came from the northwest and 31.5 percent from the northeast.
In comparison to the rest of Italy, Lombardy has consistently fared better in terms of productivity, income and employment. Here, growth in the service-based economy in recent years has hugely benefited the population through an influx in investment and strong employment growth. Michele Perini, president of Assolombarda – the association of Lombardy-based companies – explains that although Lombardy (and Milan in particular) has had a long history of metalworking and is still very competitive in the manufacture of industrial products, other industries are becoming progressively more important to its economy. These include media and publishing as well as biotechnology, medical technology, telecommunications, software and other high-tech and value-added industries.
In Genoa, villas, museums, and even art collections have undergone restoration as part of the historic port city’s role as the 2004 European Capital of Culture. City authorities hope to strengthen tourism in the city in harmony with its port, business, industrial and high-technology activities. Although Milan, Turin and Genoa form the most important triangle of trade and industry in Italy, other important business centers in the North include Bologna, Padua, Verona and Vicenza. These cities attract thousands of visitors every year not only to their cultural attractions but also to the major trade fairs held in them throughout the year. An access point into Eastern Europe Osamu Imai, Japan’s consul general in Milan, believes that Northern Italy can only continue to be a significant focal point for business in Europe into the future. “The North of Italy is centrally situated in Europe, near Germany, Switzerland, France,” he explains. “Its proximity to the incoming members of the European Union from Eastern Europe will make the region an even more important location in the coming years.” |
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Located at the heart of Italy's commercial and financial center, Milan's stock exchange serves as the barometer of the country's economic activity.
Osamu Imai, consul general of Japan
Michele Perini, president of the association of Lombardy-based companies