A “Made in Italy” law. This week, the Italian government led by Giorgia Meloni is expected to approve legislation to protect Italian industries, including establishing a national sovereign fund. Adolfo Urso, Minister of Enterprise, described it as a “turning point” for Italy in an interview with Il Sole 24 Ore.
- Minister Urso explained that the legislation would prioritize “excellence supply chains” and support them through a national investment fund that can participate, in a complementary manner to the market, in high-potential or systemically relevant businesses.
- “We are working with the Ministry of Economy to reach” a base of 1 billion euros, Minister Urso stated. “Then we expect a multiplier effect from other investors such as pension funds, pension funds, insurance companies, and potential foreign entities.”
- Minister Urso clarified that establishing a national sovereign fund does not mean giving up on the idea of a European sovereign fund. In March, Minister Urso and French Economy Minister Bruno Le Maire jointly signed a declaration expressing strong support for the establishment of a European sovereign fund.
A clear industrial vision. Minister Urso explained that the “clear” industrial policy vision of the Meloni government “combines Italy’s vocations” and its territorial peculiarities with the economic and productive needs imposed by the ecological and digital transition.
- “We have a clear roadmap to realize this vision,” he added, announcing that the government will present the Italian Chips Act in June, a law on the semiconductor sector that can and should represent the future of innovation in Italy.
Chips (not) for free. Following the recent approval of the European Chips Act, the Italian government will present a National Plan for Microelectronics that will translate the objectives of that package of regulations into reality in our country, Minister Urso stated.
- The foundation will be the Italian Center for Semiconductors, already funded with 200 million euros in the last budget.
- Regarding Intel’s plans for a back-end manufacturing facility in Italy, “we have done all the necessary preparations and await their definitive response within the framework of their decisions on the European investment plan.”
- “Nevertheless, we are encouraged by the interest of other groups: we are presenting the guidelines of our plan to major companies and potential investors. In recent weeks, a delegation from my ministry visited Taipei, Seoul, and Washington, and in the coming days, they will be in Tokyo, following the directions agreed upon by Prime Minister Meloni and Japanese Prime Minister Kishida in their recent bilateral meeting. I will personally visit Washington in early June and then Seoul in July. The feedback has been very positive.”