L'Italo-Americano

L'Italo-Americano THURSDAY, AUGUST 10, 2023 www.italoamericano.org 4 " T h e i n f l u e n c e o f o u r S i s t e m a Italia in the Unit- ed States is strong, dynamic, and set to grow in the current global landscape where it's crucial to strengthen ties, including e c o n o m i c o n e s , b e t w e e n countries that share values and a vision for the future." T h i s i s h o w t h e I t a l i a n Ambassador to the United States, Mariangela Zap- p i a , c o m m e n t e d o n t h e findings of a study carried out by the University of B r e s c i a e x a m i n i n g T h e Italian Economic Impact in the United States. The report highlights a signifi- c a n t p r e s e n c e o f I t a l i a n c o m p a n i e s i n t h e N o r t h American market, both in t e r m s o f r e v e n u e a n d employment. For instance, Italy ranks seventh among European countries in terms o f e m p l o y e e s i n U S - c o n - trolled companies. In the US, there are 1,826 active I t a l i a n i n v e s t o r s h o l d i n g stakes in 3,519 US compa- nies (of which 3,187 are con- trolling stakes), supporting approximately 260,000 jobs and generating $143.7 bil- lion in revenue. "Italy has always been a reliable partner for the US. We aim," Zappia continues, "to grow investments in both directions, especially in the m o s t i n n o v a t i v e s e c t o r s , from biotech to space econo- my, from artificial intelli- gence to advanced materials. T h e E m b a s s y , u n d e r t h e guidance of the Farnesina, consistently works towards this goal, and the study was conducted to provide a more accurate picture of Italy's presence in the US and its contribution to the world's largest economy. It's a con- tribution that benefits the U S w h i l e s i m u l t a n e o u s l y generating profits, spurring i n n o v a t i o n , a n d o p e n i n g broader market prospects for our companies: a 'win- win' relationship that bene- fits both countries." T h e s i g n i f i c a n c e o f t h e study lies primarily in pro- viding a more realistic por- trayal of Italy's presence in the US than what is suggest- ed by the Bureau of Eco- nomic Analysis. The find- ings of the US government agency tend to underesti- mate Italy's contribution because some of our multi- nationals have either been acquired by foreign groups (sometimes American) in the past decade or because many large Italian compa- nies have relocated their headquarters abroad for tax optimization reasons or to improve the governance of the group's international activities. T h e l a t e s t I s t a t d a t a ( N o v e m b e r 2 0 2 2 ) shows that, by the end of 2020, the US was the pri- mary destination for Italian investments abroad, with about 220,000 employees (nearly 158,000 in industri- a l a c t i v i t i e s a n d o v e r 60,000 in services). To this, the University of Brescia's study adds that Italy has a higher investment stock in the US than the US does in Italy ($34.3 billion of Ital- ian FDI in the US in 2021 compared to $28 billion of US FDI in Italy). Moreover, the US is Italy's top trading partner outside of Europe a n d s e c o n d o v e r a l l a f t e r Germany. According to the U S D e p a r t m e n t o f C o m - m e r c e , b i l a t e r a l t r a d e i n goods and services reached a record $117.3 billion in 2 0 2 2 , a 2 3 . 5 % i n c r e a s e from 2021. Italian exports t o t h e U S a m o u n t e d t o $80.5 billion, and the US accounts for over 50% of I t a l y ' s n e t t r a d e s u r p l u s worldwide. The trend remains posi- tive in the first quarter of 2 0 2 3 , w i t h g o o d s t r a d e increasing by 11.4%. Italian product exports from Janu- ary to March 2023 exceeded $ 1 7 b i l l i o n , a 1 2 . 9 % i n c r e a s e . U S e x p o r t s t o I t a l y , o n t h e o t h e r h a n d , totaled $7 billion, an 8% increase compared to the first quarter of 2022. R e g a r d i n g t h e t y p e o f investments, "the manufac- turing industry dominates, with 522 Italian-affiliated companies employing over 145,400 people and gener- ating $107.2 billion in rev- enue. These figures," the study states, "represent well over half and nearly three- q u a r t e r s o f t h e t o t a l employment and revenue of all foreign-affiliated Italian companies." W i t h i n t h i s s e c t o r , the a u t o m o t i v e i n d u s- try stands out (with over 67,000 employees, largely f r o m t h e F c a / S t e l l a n t i s group and some suppliers like Brembo, Gnutti Carlo, F i a m m , a n d S o g e f i ) a n d instrumental mechanics, a major strength of the Italian m a n u f a c t u r i n g i n d u s t r y , which includes 119 affiliated c o m p a n i e s w i t h n e a r l y 1 4 , 0 0 0 e m p l o y e e s a n d a t u r n o v e r o f $ 7 . 4 b i l l i o n (Cnh Industrial-agricultural machinery and earth-mov- ing equipment, Ali Group- c o m m e r c i a l c a t e r i n g machines, Epta-commercial refrigeration systems, and Interpump high and very h i g h - p r e s s u r e p u m p s , hydraulic components, and systems). Two other sectors exceed t h e 1 0 , 0 0 0 - e m p l o y e e threshold: the food and beverage industry (Fer- rero, Barilla, Bolton, Par- malat, Salumificio Fratelli B e r e t t a ) a n d t h e s e c t o r g r o u p i n g c o m p u t e r s , electronic products, and instrumentation (Leonar d o , S T M i c r o e l e c t r o n i c s , Datalogic). Wholesale and retail trade follows (notably the Luxottica-EssiLux group and major fashion brands). Among the tertiary sectors, catering stands out. Italian-affiliated compa- nies are present in 48 out of 50 US states, as well as the District of Columbia. How- ever, focusing on the most significant, two-thirds of Italian-affiliated companies with 100 or more employees are primarily located on the East Coast (Northeast and S o u t h A t l a n t i c c o m b i n e d account for 50%) and in the East North Central states (22%). More specifically: New York (21), Illinois (19), California (17), New Jersey (16), North Carolina (13), Sistema Italia: a winning reality in the US BARBARA MINAFRA Continued to page 6 NEWS & FEATURES TOP STORIES PEOPLE EVENTS Italian Ambassador Mariangela Zappia (Photo courtesy of Embassy of Italy)

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