Italy is on the way to localize production in Russia

Russian Ministry of Trade and Industry signed a cooperation agreement with the Confederation of Italian Industry in Russia to support Italian companies willing to locate their production in Russia
Italy is on the way to localize production in Russia
15 March 12:27 2016 Print This Article

Russian Minister of Trade and Industry Denis Manturov has signed a cooperation agreement with the president of the Confederation of Italian Industry in Russia Ernesto Ferlenghi. The document in particular aims to support Italian companies willing to locate their production in Russia.

Russia is promoting the idea to bring foreign companies to exercise production locally, while Italy has already recognized this policy as “made with Italy” model.

The signing ceremony was held with participation of the Italian Ambassador to Russia Cesare Ragalini and the director of the Italian Institute for Foreign Trade in Moscow Pier Paolo Celeste, as well as other representatives of the Italian business community in Russia, including Eni, Saipem, Mapei, Pirelli, Cremonini, Tecnimont.

Mr Manturov informed Italian colleagues on the mechanisms of special investment contracts proposed to foreign companies interested in localization of their production in Russia in accordance with the bill “On industrial policy”. He said that this matter will be discussed in details with Italian industrialists. What’s more, he confirmed intentions of Russian Ministry of Trade and Industry to support and protect interests of such companies implying preferential policy instruments as well as facilitation in customs tariff and taxes.

“The agreement is a tool to contribute in effective and mutually beneficial cooperation between the two countries,” Mr Manturov said.

According to Mr Ferlenghi, the agreement was important for Italy first of all to strengthen its position what concerns its primer rivals on the market – German and French industrialists. “Manturov named engineering and pharmaceutical sectors as particularly “promising” for Italian companies what concerns localization in Russia. The country is promoting cooperation with foreign companies to locate production site rather than simply increase their imports,” he said.

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Davide Lonardi
Davide Lonardi

Giornalista iscritto dall'Ordine Nazionale dal 2011, nutre una particolare passione per il mondo dell'editoria online. Collabora con diverse testate occupandosi anche di strategie di marketing e di personal branding sul web

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