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International Business Portfolio
Transcript of International Business Portfolio
Capital City: Rome
Language(s): Italian, German, Slovenian and French
Dominant Religion: Roman Catholic (88%)
Government: Unitary State, Constitutional Republic, Parliamentary Republic and Republic
- History -
The Italian Republic or Italy
Business and Culture in Italy
Provide strong commercial relationship
Strong supporter for enhancing economies
Versatile and diverse economy
Business culture is one of kind
Quick access to euro-zone
Great government support and initiatives
By: Ma Adelle Abano
"International Business Portfolio in Italy"
Traditions and a sense of history play powerfully on the Italian minds and both of these have heavily influenced the Italian approach to business.
Italians are famous for their sense of being family-oriented.
Which helped increased their business culture and etiquette because of the strong relationship they used for their business.
That made them an industrialized country because they rely mainly on services and manufacturing.
Italy and Canada
Australia and Italy have concluded bilateral agreements covering culture, double taxation, air services, economic and commercial cooperation, reciprocal social security and health care benefits, and film co-production.
Bilateral Relations with Russia - 400 Italian businesses have cemented themselves in Russia, 70 of them running production plants, and eight banks and a number of law firms. Also, Russia is Italy’s principal energy supplier.
Italy recognized Finland's independence on June 27, 1919.
Mexico and Italy's relation were established after the 1874 after the unification in Italy.
United States major trading partner is Italy with a two-way trade in 2015 totaling over $60 billion. The two countries have enacted an income tax agreement to prevent double taxation.
Italy's Trade relations with other Countries/Nations
Gross Domestic Product
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Trade Relations with Canada
Canada and Italy are like-minded countries on key global and regional issues and partners in a range of multilateral institutions such as the UN, G7 and NATO.
Canada's large and dynamic Italo-Canadian community is particularly interested and engaged in all aspects: cultural, social, economic and political.
The 2013 two-way trade between Canada and Italy through global merchandising made Italy the 8th largest global merchandise trading partner here in Canada.
The top three items that is being merchandised in Italy to Canada are Machinery, beverages and pharmaceuticals. Which made Italy ranked 12th in the world and 6th in Europe as a source of total imports to Canada, including goods and services.
In 2014, the stock of foreign direct investment in Canada from Italy totalled $1.3 billion, making Italy the 21st largest source of investment into Canada.
January 2015, Canada and Italy signe
the Canada-Italy Joint Action Plan in Science, Technology and Innovation.
The Gross Domestic Product (GDP) in Italy was worth 1814.76 billion US dollars in 2015. The GDP value of Italy represents 2.93 percent of the world economy. GDP in Italy averaged 909.75 USD Billion from 1960 until 2015, reaching an all time high of 2390.73 USD Billion in 2008 and a record low of 40.39 USD Billion in 1960.
The main exports of Italy are machinery, metals, clothing, footwear, motor vehicles, luxury vehicles, motorcycles and scooters.
Top 5 Canadian exports to Italy (2015)
Wheat and Meslin
Medicaments, put up in measured doses or packed for retail use
Turbo jets, turbo-propellers and other gas turbines
Waste and scrap of precious metals
Soya beans, whether or not broken
The major imports in Italy are minerals, energy, machinery and equipment, chemicals, food and beverage, tobacco, textiles and clothing that came from Germany, France, China, Netherlands and Spain.
Top 5 Canadian Imports from Italy (2015)
Grape Wines and grape must
Taps, cocks, valves for pipes, tanks
and the like
Shoes, boots, sandals, slippers and
Italy has an efficient and modern infrastructure, even though it performs poorly compared to other Western European countries of comparable size. The whole peninsula is well connected through an extensive system of railways, expressways, national roads, airports and seaports.
Taboos in Italy
Do not use first names in Italian business. Personal and professional titles are used constantly in either casual conversation or formal writing.
Do not talk about religion, Vatican, Mafia, politics, or questions about private family concerns.
Do not show up ten minutes early. Italians are not very punctual. Be prepared to wait 15-45 minutes before your Italian counterpart appears.
Do not point with your index finger and pinkie finger at the same time, which is considered extremely vulgar in Italy.
Do not keep wallets in pockets or handbags. Carry only what is needed for the day.
Do not walk in dark, deserted streets near train or bus stations. Bag snatchers treat these streets their hunting place.
Italy's Trade Agreements
Common trade and tariff policy
European Economic Area agreement
What organizations Italy is a member of ?
World Trade Organization
Organization for Economic Co-operation and Development
Organization for Security and Co-operation in Europe
North Atlantic Treaty Organization
Advantages and Disadvantages of doing business with Italy
Access to Euro-zone
Flexible and diversified economy
Government support and initiatives
Promotion of foreign direct investment
Current global financial crisis and economic slowdown has affected Italy and its EU neighbors
Uniformed market presence
Trading across borders
Getting credit and protecting borders
Business Culture in Italy
Art and architecture
Traditions and Social Customs
Italian tradition is filled with festivals celebrating saints, holidays and important events in Italian history.
Carnivale di Venezia
Scoppio del carro
La Macchina di Santa Rosa
Lei and Tu