The role of Spain and Italy for growth
Relations between Italy and Spain and their respective roles in the European economy were the focus of the event 'The role of Spain and Italy for growth: innovation, sustainability and strategic infrastructure for a more competitive Europe' organised in September 2024 by the IMI Corporate & Investment Banking Division of Intesa Sanpaolo, together with its Spanish branch in Madrid. The meeting was hosted by the Italian Embassy and was attended by representatives of institutions, associations, companies and the world of finance who discussed the issues of development, energy transition and investment in strategic infrastructure.
STRATEGIC INVESTMENTS FOR SUSTAINABLE COMPETITIVENESS
Mauro Micillo, Chief of the IMI Corporate & Investment Banking Division of Intesa Sanpaolo, explained the importance of common development and how Spain and Italy share cultural values and business relations, which continue to strengthen in response to global economic challenges and opportunities. Investments in strategic sectors such as energy and infrastructure are key factors for sustainable economic development and to foster European competitiveness.
ENERGY AND INFRASTRUCTURE: STRATEGIC SECTORS FOR THE ECONOMIES OF ITALY AND SPAIN
Spain is the second largest destination of Italian investments abroad (IDE), with more than EUR 43 billion (2022 figures*) registered and with more than 100 thousand direct and indirect jobs created by Italian multinationals. Spain, on the other hand, is the seventh largest country in terms of investment flows to Italy with around 19 billion stock and over 70 thousand jobs generated. What emerged from the Madrid meeting was the conviction that the energy and infrastructure sectors, where there are gaps to be bridged, are crucial for growth because they provide the basis for sustainable development, improve competitiveness and drive economic innovation in both countries.
Much has already been initiated: Spain has committed to becoming a circular and carbon-neutral economy by 2050. By reducing dependence on foreign energy sources, it could save more than EUR 340 billion in imports over the next three decades. Both countries are also among the largest markets for renewable energy sources in Europe.
In this video pill, Mauro Micillo, Chief of IMI Corporate & Investment Banking Division, Gregorio De Felice, Chief Economist Intesa Sanpaolo, Juan Pontoni, General Manager Madrid Branch, IMI Corporate & Investment Banking Division, Intesa Sanpaolo, Luca Matrone, Head of Industry Energy, Riccardo Dutto, Head of Industry Infrastructure, and Erica Abisso, Head of ESG Advisory, of the IMI Corporate & Investment Banking Division of Intesa Sanpaolo, illustrate the various topics related to Italy and Spain and their role for growth.
[*] Bank of Italy for IDE stock, 'Barometer on Italian investment in Spain' (2024) and 'Barometer on context and outlook for Spanish investment in Italy' (2024 for employment data. Employment figures include direct jobs in multinationals and indirect jobs, i.e., generated by the knock-on effect on other supply activities