{"id":1254,"date":"2020-08-31T13:44:08","date_gmt":"2020-08-31T13:44:08","guid":{"rendered":"https:\/\/www.goodada.com\/blog\/?p=1254"},"modified":"2024-10-08T16:05:50","modified_gmt":"2024-10-08T16:05:50","slug":"trading-with-italy-top-advice-tips","status":"publish","type":"post","link":"https:\/\/www.goodada.com\/blog\/trading-with-italy-top-advice-tips\/","title":{"rendered":"Trading with Italy – Top Advice & Tips"},"content":{"rendered":"

The Trading with Italy – Overview<\/strong><\/span><\/h2>\n

Trading with Italy – Italy is the European Union’s third-largest economy and its second-largest manufacturer of products. It was one of the founding countries of the European Union. Italy is regarded as one of the “Mediterranean Countries” within the European bloc. Last year, it made up 1.85% of world Gross Domestic Product (GDP) (source: Statista<\/span><\/a>).\u00a0In 2023, the Italian economy has fallen to become the 13th\u00a0 largest economy in the world.<\/p>\n

Italy is a democratic republic with legislative, executive, and judicial structures. Its population is 60.9 million, with 64.5% between the ages of 15 and 64 (source cia.gov<\/a>).<\/p>\n

As part of the EU, Italy makes its international trade deals via the European Union. It is the third largest producer within the European Union and accounts for 12.29% of the European Union’s GDP in 2023 (source: Statista<\/a><\/span>)<\/p>\n

Italy can be roughly broken into two sections, the industrialized North (Turin, Milan, Venice), which accounts for most Italian GDP, and Mezzogiorno (South Italy), which is less well developed.<\/p>\n

Trading with Italy – Italian Business Culture<\/strong><\/span><\/h3>\n

Italian is, naturally, the language of Italy. Before attending a business meeting in Italy, it would be a common courtesy to confirm in advance if the attendees can speak English. If not, then an interpreter may be required. It is important to make appointments for meetings.<\/p>\n

In Italy, formal titles and surnames are used in initial meetings and correspondence; however, as relationships develop, they may become more informal.<\/p>\n

Relationships are essential in Italy; this should be one of the critical initial priorities of any firm wishing to trade in Italy.<\/p>\n

Dress and presentation play an important role in Italian culture. Formal attire is generally expected for business meetings, and, most importantly, dark colors are expected for businessmen. Businesswomen tend to wear elegant and modest pants or skirt suits, accessorized with simple jewelry and makeup.<\/p>\n

Business deadlines are less sensitive in Italy than in other countries, and work plans are often not taken too seriously, so some flexibility can be built into a deadline. Where a deadline must be firmly met, make it very clear to your Italian counterparts.<\/p>\n

Business cards are exchanged quite soon after the commencement of a meeting. Avoid double-sided business cards.<\/p>\n

Setting up in Italy<\/strong><\/span><\/h3>\n

Invitalia<\/a> is the National Agency for Inward Investment and Economic Development. The Italian Ministry of Economy runs it.<\/p>\n

Firms wishing to enter into the Italian market have a variety of options, including:<\/p>\n