Gros-Pietro: NRRP an opportunity for fresh start for the Italian economy

At the annual meeting of UCIMU-SISTEMI PER PRODURRE members – held on 3 July 2023 – Intesa Sanpaolo Chairman Gian Maria Gros-Pietro gave a speech, emphasising how Italy's economy – and its industry in particular – have proved "extremely resilient to the challenges posed by the pandemic and the conflict in Ukraine" thanks to "an economic fabric that succeeded in reinventing itself over time to increase competitiveness."

Citing some figures, Gros-Pietro noted that:

• "even in 2022, despite a tense operating environment, Italian exports of manufactured goods held up well, +9.8% at current prices, +2.6% at constant prices, with robust performances on non-European markets, particularly in the United States"
• "the robust export results also supported the turnover performance of the Italian manufacturing industry, which came in at +2.6% at constant prices in the average 2022 and at +15.2% at current prices, exceeding €1,160 billion"

proof that "Italian manufacturing seems stronger than in the past and has the resources needed to face the challenges of the near future."

Gros-Pietro went on to emphasise that the "key" lies "in investments – particularly those needed on the two main challenges, namely the energy transition, for which Italy must aim to double the installed capacity of renewable sources by 2030 – and digitalisation, which is necessary to achieve the productivity leap that would allow the country to position itself on a structurally higher GDP growth path".

In this context, Gros-Pietro recalled the importance of the NRRP and the actions taken by Intesa Sanpaolo:

• "The NRRP is the best opportunity for a fresh start for the Italian economy and to put in a path of sustainable growth towards structural transformation"
• "Intesa Sanpaolo – Italy's leading bank and one of the largest in Europe – wants to play the role of 'transmission' of the NRRP, anticipating the financial needs of businesses, attracting resources to the real economy and connecting major projects with the Italian economy and production sector"
• "Intesa Sanpaolo has doubled NRRP resources, making €410 billion in medium- and long-term loans available to businesses and households, 270 of which exclusively dedicated to businesses"
• "We have committed €76 billion to the energy transition – resources that are complemented by consultancy and training services for entrepreneurs and managers"

with the clarification that all Intesa Sanpaolo loans and investments "will be assessed from an ESG perspective, according to the principles of environmental sustainability and the circular economy, social impact and good governance".

UCIMU-SISTEMI PER PRODURRE is the Italian machine tool, robots, automation systems and ancillary products manufacturers' association.