Italy is the 8th largest manufacturer in the world, the 2nd largest manufacturer in Europe and has a population of 60.7 million.
Italy is one of Australia’s largest trading markets in the European Union. It boasts a highly developed and sophisticated economy supported by a strong small to medium business sector, the majority of which is family-owned or controlled.
After experiencing nearly four years of recession, the Italian economy grew 0.8 per cent in 2015 and by 0.9 per cent in 2016. Italy’s main industries are tourism, machinery and manufacturing, textiles and motor vehicles.
Items such as wool, coal and beef dominate the mix of Australian exports. Major Australian imports from Italy included medicaments, passenger motor vehicles, and aircraft and spacecraft parts.
Tourism is on the rise with 74,100 arrivals from Italy, an increase of 0.8 per cent on the previous year, spending 3.9 per cent more on the previous year.
On the back of the Frigate SEA5000 tender, major opportunities for industry and academic collaboration with South Australia are being developed with some projects already announced.