Country Profile

The italian republic or italy, became a nation state in 1861, situated in amidst of the italian peninsula in souther republic. Italy is the proactive member of the nato, g8 and eec. The country shares the total area of 301,230 sq km, with a 7600 sq km coastline. For many centuries, italy is the center of western civilization and worldwide known as a home of the catholic church. Italy is a diversified industrial economy, with a GDP of $1.8 trillion. The country is a leading exporter of engineering products, textiles, minerals etc., with a export reserves of $474.8 billion.

Snapshot

Economic Overview

• Fifth largest economy in USD exchange-rate terms & eight largest in terms of purchasing power parity.
• Diversified industrial economy.
• Most of the raw materials for the industries and 3/4th of the energy requirements are imported.
• Economic strength is in the processing and the manufacturing of goods, primarily in the small and medium-sized family-owned firms.
• Largest producer of rice, fruits and vegetable in Europe.
• Ranks second in world for exporting wine.
• Luxury goods industry is an important sector.
• Import growth continues to outpace export growth.

International Trade
Major Export Items
Wine (second in the world), Engineering Products, Textiles and Clothing, Production Machinery, Motor Vehicles, Transport Equipmen, Chemicals, Food, Beverages and Tobacco, Minerals and Nonferrous, Metals

Main Destinations of Exports
Germany, France, US, Spain, UK, Switzerland

Major Import Items
Engineering Products, Chemicals, Transport Equipment, Energy Products, Minerals and Nonferrous, Metals, Textiles and Clothing, Food, Beverages and Tobacco

Main Origins of Imports
Germany, France, Netherlands, Spain, Belgium, UK, China

Contacts of Trade Ministries/ Associations

Business Visa Rules
In Italy, its a rule that every foreigner must register with the local police station (Questura) within 8 days from the date of arrive. Business visa in Italy is allowed for the following visitors:

• One who visits for attending any business meetings or discussions;
• One who attend sales calls to potential client in the provided that the employee represents a commercial entity outside Italy or the International Market;
• One who attend trainings, conferences or seminars.

The following is required to fulfill to obtian business visa for Italy:

• Business Visitors must have a residence and an employer outside of Italy. He/she must not be in any manner subordinate to the management of the entity doing business in Italy, and must be traveling to Italy for a limited and a pre-set time period.
• Business Visitors should not receive compensation from sources within Italy; however, incidental expenses like accommodation, travel, and meals may be paid by the host.
• Business Visitors must have evidence of adequate funds to defray expenses while on the business visit.
• Business Visitors must have specific, realistic and pre-determined plans for his/her stay in Italy.
• The period of intended stay must be consistent with the intended purpose of the trip.

Note :- The maximum validity of the business visa is up to 90 days within a given 6 months period. It is not extended or renewed.

Business Hours
Banks are open from Monday to Friday from 8.30 am to 1.30 pm and from 3.00 pm to 4.00 pm.

Public Holidays