L'Italo-Americano

THURSDAY, AUGUST 10, 2023 www.italoamericano.org L'Italo-Americano 2 I n 2022, the bilateral trade volume between Italy and the United States reached $117 billion, and current d a t a i n d i c a t e s a c o n s i s t e n t upward trajectory. This surge is underpinned by a mutual commitment to bolster eco- nomic ties through coopera- tion, co-investments, job cre- a t i o n , a n d f r i e n d - s h o r i n g across several pivotal sectors. As highlighted in the joint statement following the recent White House summit between Italian Prime Minister Giorgia Meloni and US President Joe Biden, this shared vision and alignment of goals will shape "not only our present but our collective future, encompassing emerging technologies, energy transitions, and the defense This is the best time to invest in trade exchange between Italy and the US From the Editor sector," all considered key areas of shared growth. Furthermore the joint statement, which summarized a comprehensive 90-minute discussion encompassing major global political issues, began by reasserting the "unwavering alliance, strategic collaboration, and profound camaraderie" between the two nations. A focal point of the Washington meeting was the econom- ic relationship between Italy and the US, anchored in a robust trade exchange: last year, this exchange facilitated trade worth $100 billion. "There's no reason this can't expand," remarked the US President during a televised ses- sion in the Oval Office. Meloni resonated with this senti- ment, referencing the Inflation Reduction Act, which finan- c i a l l y a i d s A m e r i c a n f i r m s w h i l e i n a d v e r t e n t l y disadvantaging European ones, including Italian enterprises. Nevertheless, the emphasis remains on amplifying coopera- tion and engaging Italian firms, especially in the defense, infrastructure, and space sectors. Beyond these promising outlooks, tangible figures already showcase a steady recovery post-pandemic. Specifically, in 2021, US-Italy trade witnessed a notable surge (+19.4%) fol- lowing a decline of -14.4% in 2020, and a modest growth of +2.1% compared to 2019. By then, Italy had already ascend- ed in the ranks of US trade partners, moving from 15th to 14th position (data sourced from the Italian Trade Agency). Italian exports in 2021 also saw a marked increase compared to pre-pandemic figures (+6.5% versus 2019), with the US retaining its position as the third-largest destination for Ital- ian exports and boasting a trade surplus of $39.3 billion. This propitious phase is further underscored by the recent inauguration of a Confindustria office in Washington. Con- findustria is Italy's premier association representing manu- facturing and service companies, encompassing over 150,000 enterprises of varying sizes and employing a total of 5,383,286 individuals. The objective is to further amplify transatlantic ties and bridge Italian businesses with the American market. "The decision to establish a representative office in the US is both timely and apt in this phase, where the imperative to nurture relationships between trusted allies and consolidate value chains, especially in strategic sectors, is more pronounced than ever," the Italian Ambassador to the US, Mariangela Zappia, remarked during the inauguration of the Confindus- tria office in Washington D.C. She emphasized the current robust economic partnership between the US and Italy. Ambassador Zappia added, "The Confindustria office will ensure continuous liaison with American counterparts at both institutional and associative levels. It will serve as a beacon for the over 3,500 Italian-owned enterprises operat- ing across the US. In the 'land of opportunities' that the US embodies, this office can expedite innovative endeavors involving Italian firms and also assist them in capitalizing on opportunities stemming from affiliations with major global financial institutions present here, such as the World Bank, the International Monetary Fund, and the Inter-American Development Bank." Simone Schiavinato, Editor Simone Schiavinato NEWS & FEATURES TOP STORIES PEOPLE EVENTS P.O.BOX 6528, ALTADENA, CA 91003 Member of FUSIE (Federazione Unitaria Stampa Italianaall'Estero), COGITO L'Italo-Americano PLEASE SEND CORRESPONDENCE TO P.O. BOX 6528, ALTADENA, CA 91003 www.italoamericano.org L'Italo-Americano Newspaper (a 501(c)(3) non-profit organization), www.italoamericano.org, is the largest and longest-running Italian newspaper in America, not to mention the cultural and news resource for all things Italian in the US. A bilingual newspaper which repre- sents an historical landmark for the Italian American Communities in the West Coast and throughout the US. L'Italo-Americano benefits from subsidies by the Italian Government, Memberships and Donations intended to support and not interrupt a mission that began in 1908 to preserve and promote the Italian language and culture in the USA Periodicals postage paid at Monrovia, California 91016, and additional mailing offices. PUBLISHER Robert Barbera Grande Ufficiale EDITOR IN CHIEF Simone Schiavinato ADMINISTRATIVE MANAGER Patrick Abbate EDITORIAL COORDINATOR Barbara Minafra COPY EDITOR Francesca Bezzone LOS ANGELES CONTRIBUTOR Silvia Nittoli SAN FRANCISCO CONTRIBUTORS Serena Perfetto SEATTLE CONTRIBUTOR Rita Cipalla CONTRIBUTING WRITERS Mariella Radaelli, Matt Walker, Francesca Bezzone, Luca Ferrari, Stefano Carnevali, Paula Reynolds, Nicoletta Curradi, Generoso D'Agnese, Jessica S. Levy, Fabrizio Del Bimbo, Maria Gloria, Chuck Pecoraro, Anthony Di Renzo Serena Perfetto, Kenneth Scambray, Chiara D'Alessio, Chuck Pecoraro, Luca Signorini, Giulia Franceschini © 2020 L'Italo-Americano Membership: One year $59 - Single copy $2.25 POSTMASTER: Send address changes to L'Italo Americano PO Box 6528 Altadena, CA 91003 P.O.BOX 6528, ALTADENA, CA 91003

• Cover