Italy has an established trade rapport with the UK. It is a crucial and advanced economy whose Gross Domestic Product (GDP) was USD 1.85 trillion in 2016. Italy is also the second highest manufacturer in Europe after Germany. Italian businesses are globalising, and most of them are Small and Medium Enterprises (SMEs) and need professional services to grow globally.
Italy’s industrial triangle of Milan, Turin, and Genova is conveniently located near other rich areas like the Rhine-Ruhr region. Additionally, while the EU has steadily grown to the east and incorporated the Eastern Block nations, Italy has shifted from the southern edge of the Union to the very centre. Italy’s territory greatly borders the Mediterranean and seas meaning that it shares its boundaries with EU members like Austria, France, and Slovenia, and Switzerland. Furthermore, Italy is a small ferry trip away from Greece and former members of Yugoslavia.
Apart from Italy’s outstanding geographic position that offers international companies doing business in Italy contact to internal markets and those of its neighbouring countries, the country has a diversified and robust economy. Exciting business sectors in Italy include raw mineral extraction, tourism, car production, fashion, and textiles. Italy also boasts of one of the best per capita incomes in the European Union and has some of the most fantastic export rates around the world.
Conducting business in Italy is similar to transacting in the UK. All the standard European business procedures apply. However, payment terms in Italy differ from the conditions in the UK. For instance, in 2014, it took up to 80 days to settle business-to-business payments. Payment terms are mostly long in some sectors, mainly when the creditor is a public administration body. This situation has since improved due to the recent implementation of the prompt payment policy.
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