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Economic Diplomacy

Australia – Italia:

Despite the geographical distance, the ties between Australia and Italy are very strong. Also thanks to the long history of emigration, the cultural influence is present and clearly visible. Australians love the creativity, the sophistication and the authenticity of the “Made in Italy” and are fascinated by the Italian way of living.

With a positive trade balance of around 4 billion euros in 2021, Italy is Australia’s eleventh supplier country, the second among those of the EU. There is a large presence of big Italian industrial groups and other companies which are smaller, but at the forefront of technology and innovation. There are about 270 Italian companies in Australia, which are present in almost all sectors: energy – especially renewable – engineering, shipbuilding, infrastructure and construction, fashion and luxury, automotive, fitness, and, of course, food and beverage.

Regional access market:

Many companies choose Australia as a base to expand in the area, taking advantage of the facilities granted by the bilateral and regional free trade agreements Australia is part of (currently 17 FTAs have been signed by Canberra). This has positively contributed to the liberalization of investments, the updating of intellectual property legislation, and the development of e-commerce.

FTA and further opportunities:

Australia looks at Europe with great interest. Bilateral trade is now worth about 45 billion euros, which is set to grow significantly. Negotiations for a Free Trade Agreement with the European Union are at an advanced stage. This FTA aims at the reduction, and where possible the total elimination, of tariffs on goods and services, facilitation of investment, protection of geographical product designations, and overcoming phytosanitary barriers.

Once concluded, the agreement should increase trade in goods and services between the two partners by about one-third.

Main Areas of interest

Australia’s dynamic economy, its increasing commercial footprint, its growing population and the large number of projects in pipeline provide ideal conditions for investing in major infrastructure.  The 2022-23 federal budget commits A$17.9 billion over 10 years to major infrastructure projects, including roads and railways across the country. Total investment in major public infrastructure is expected to exceed A$218 billion between 2021 and 2025.

The Budget also provided significant funding to improve network connectivity across Australia. The funds include:

– A$2.4 billion for the National Broadband Network (NBN), which will extend full fiber access to 1.5 million premises by 2025. This will provide a faster and more reliable network to advance the digital economy, businesses and Australian communities.

– A$1.2 billion for the Better Connectivity for Regional and Rural Australia scheme. This includes $400 million for mobile base stations and $200 million for the regional connectivity program.

The federal government’s investment in clean energy is also significant: in the latest budget, almost A$25 billion were allocated to this sector, supporting the government’s net zero commitment by 2050. The Powering Australia plan includes several projects that are aimed at reducing emissions by increasing the production of renewable energy. This offers significant investment opportunities in Australia’s renewable energy and the country’s growing green economy.

Finally, the aerospace sector is one of the most specialized, dynamic and expanding sectors: it is estimated that its turnover will grow to 8 billion euros by 2030. The Australian Space Agency was founded in 2018 with the aim of becoming internationally competitive in a short time. Also thanks to the Memorandum of Understanding for cooperation signed between the Italian and Australian Space Agencies, this is a sector that offers excellent opportunities to Italian companies.

Sistema Italia

The presence of the Italian System is widespread in Australia, offering numerous services to Italian citizens and businesses. In addition to the Embassy located in the capital Canberra, there are two Consulates General in Sydney and Melbourne and three Consulates in Perth, Adelaide and Brisbane. In Australia, there are also the Italian Trade Agency and ENIT (Italian National Tourist Board), plus four Chambers of Commerce spread throughout the territory. These are resources of great importance to support and accelerate the internationalization paths of Italian companies in Australia.

Italian Trade Agency – Italian Trade Agency

Chambers of Commerce:

Enit – https://www.italia.it/it

For more information, please visit the relevant InfomercatiEsteri page, the new application for Italian exporters and investors. https://www.infomercatiesteri.it/paese.php?id_paesi=119#