International investors are satisfied with the economic situation in Italy and could invest further, Economy Minister Giancarlo Giorgetti said at the World Economic Forum in Davos, Switzerland, on Wednesday.
"We have met with our partners, particularly those international players who invest in our country," said Giorgetti on the sidelines of bilateral meetings at the annual forum.
"They have expressed satisfaction and maybe they will invest even more. So the reason for being here is to update and give a first-hand indication of what is happening in Italy and also to their investments," he added.
"The operations that we have launched, from Monte dei Paschi to even very complex ones such as Tim's netco, have met with broad satisfaction" among international investors, said Giorgetti referring respectively to the same by the government of 25% of the Tuscan lender last November and the planned sale of Telecom Italia's (TIM) fixed-lined grid NetCo to American fund KKR.
Likewise, the minister said Italy's partners are also "very interested" in the country's "very ambitious" privatisation plan.
"On our side we have a stable government and a strong majority that is probably unique in Europe, and this is something that everyone has ascertained and evaluated," added Giorgetti.
On the situation regarding the crisis-ridden ex Ilva steelworks in Taranto, the minister said the government is doing its "utmost" to provide "clarity", because "a lot of investments are needed" in order to make green and therefore "we need partners who will make them with us".
"Right now there is a partner that has not yet clarified its position," he added referring to multinational steel manufacturer ArcelorMittal, which currently holds a 62% stake in the ex Ilva plant now known as Acciaierie d'Italia (ADI) and is engaged in ongoing talks with the government in a dispute over how to avert bankruptcy.
However, Giorgetti said "many are interested in producing (steel) in Taranto, the largest European steel production site".
"We want partners who share this great ambition to produce steel in Italy but in an environmentally compatible way," he added.
On the likelihood that the European Central bank (ECB) will cut interest rates in the summer, Giorgetti said "the sooner the cut comes the better".
It would be "good news for everyone, not only for Italy's debt, but also for all households with mortgages, for companies that need to invest", he added.
On economic performance, the minister said "it will be difficult" for Italy to meet last year's growth estimate "if a war breaks out every month".
Last year the government said it expects GDP to grow by 0.8% in 2023 and by 1.2% in 2024.
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