For the past 10 years, Italy has been one of Quebec’s most important economic partners in the world. In 2005, it represented Quebec’s eighth largest export market. Quebec-Italy trade reached two billion dollars in 2005, making up some 25% of all bilateral trade between Canada and Italy.

Quebec and Italy also have a fundamental characteristic in common, namely the important role played by small and medium enterprises (SME). These are key to both their economic structures, thus facilitating dialogue between them, since the challenges, strengths and business opportunities are so similar. Another element favoring trade between Italy and Quebec is their cultural similarities, flowing from a common Latin heritage. There is an undeniable resemblance in the way they do business and this smoothes the interactions between them in a very natural way. Also, as Quebec is a modern economy that is diversified, dynamic and open to the world, it is a much sought-after location for Italians when choosing a strategic market for international expansion.

Trade between Italy, Quebec and Canada is therefore expanding rapidly. The number of partnerships and major investments is constantly growing, and the promotional efforts undertaken by the various economic players have never been so numerous. Thus, in this age of globalization, each of the partners sees in the other an important ally for its international growth plans.

THE BENEFITS FOR QUEBEC IN DOING BUSINESS WITH ITALY

As a G8 member, Italy is also one of the healthiest economies in the world. With a domestic market of 58 million people (fourth largest in the EU), it sits in seventh place worldwide and fourth in the EU in terms of GDP – which is double that of Canada. It is the sixth largest economy in the world after the United States, Japan, Germany, the United Kingdom and France. The diversity of its business sectors, the continuing growth of its innovation sectors, its openness to international trade and its overall economic dynamism make Italy an extremely attractive target for investors from Quebec and Canada. Beyond its own domestic market, Italy offers the advantage of being a major conduit between European and North African markets.

Also, despite the strength of the euro, the overall costs of doing business in Italy are advantageous compared to those of the United States, and among the lowest in Europe. R&D costs are also significantly lower than those of the United States, Germany or France. Moreover, Italy has become one of the top locations in the world for several innovation sectors. In Europe, it is in first place in biotechnologies, and second place for many areas of R&D, including chemical products and electronics. As well as the numerous private research and development centers, Italy also boasts more than 200 institutional R&D centers, while the Italian economy is solidly supported by a highly dynamic academic community, especially in the high-tech fields.