Washington May 7, 2020. The Italian Embassy in Washington organized a virtual meeting with the top management of 27 major Italian companies in the USA for nvestments and revenue.
The Ambassador of Italy, Armando Varricchio, chaired the meeting organized by the Economic and Commercial Office of the Embassy with the participation of the Head of the Italian Trade Agency offices in the USA and representatives from the Bank of Italy. The meeting provided an important venue to discuss the challenges and opportunities presented by the American market after the start of the pandemic in the USA.
Even in this phase of slowdown in the global economy, the American market remains an essential point of reference for the economic recovery, in light of the interdependence and integration of our systems, of the collaboration in the field of science and research and of the increasing use of new technologies, a terrain on which both the USA and Italy play a leadership role.
Challenges and opportunities that the largest Italian companies in the USA, operating in numerous sectors (automotive, air transport, machinery, oil & gas and renewables, agri-food, pharmaceutical, finance, fashion and retail, defense, manufacturing, entertainment and infrastructures), are willing to confront head on to drive the recovery and relaunch the country’s economy. Ambassador Varricchio mentioned the numerous, recent success stories and the resilience of our companies and the challenges represented by the interruption of supply chains, the difficulties of movements, but also the opportunities offered by digitization and e-commerce.
The event precedes a webinar on May 13 promoted by the Italian MFA, with the Italian Trade Agency, in collaboration with the Embassy of Italy and the Italian Trade Agency Office in New York. The webinar will be tailored for the 1,000 Italian SMEs operating or interested in the US market.
Italian companies in the USA have made direct investments for over 35 billion Euros. These investments have allowed not only to employ thousands of people in the USA, but also to promote Italian excellence and win significant contracts in all the leading sectors.
At the same time, many American companies have chosen our country as their headquarters and lately provided assistance during the emergency (over 30 million Euros).
On the commercial level, the United States is by far the first market for Italian exports outside the EU, with an exchange of goods and services that exceeded $ 110 billion in 2019, generating a trade surplus on goods of over $ 33 billions.
“Italian companies are synonymous with excellence everywhere in the world. In the USA our companies, large, medium and small, have found an ideal ground to grow and conquer ever wider spaces in a very competitive market. I am sure that despite the adversities of these months, building on this capital of professionalism and excellence our companies will be able to quickly recover ground and win the challenges of the future together with their American partners” – said Ambassador Varricchio.