Sep 19 2013, 9:48pm CDT | by IANS
"The country has a dramatic need for foreign investment. With this act we want to give a strong message to the world", reported Xinhua citing Italian Prime Minister Enrico Letta Thursday at a press conference here.
Fifty measures have been planned to attract foreign investments, of which Italy is in "desperate need". The package contains some initiatives already taken by the cabinet during last four months and many other measures are still to be approved.
The goal is to simplify the way to businesses and to lure foreign investors, giving them predictability on tax issues, more incentives and consulting services.
The programme has been drawn up by several ministries and comprises inputs given by businesses, which includes measures to standardise and speed up authorisations and cutting bureaucratic processes, to simplify work-rules and reduce energy costs.
It is intended to make it easier and cheaper for small firms to get credit other than through bank loans as well as a new plan of privatisation, a streamlined legal system for businesses and new tax agreements customised for large scale investments.
It also intends to concentrate all commercial legal issues under the jurisdiction of a dedicated business court and to bring all legal cases of foreign firms in the three main cities of Milan, Rome and Naples.
According to the World Bank, Italy ranks 73rd (among 185 economies) in terms of how easy to do business.
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