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Italy-Russia, Fallico (Banca Intesa Russia and Conoscere Eurasia): After the Geopolitical shock innovation starts again

Milan, 16 February 2017 – “In the last three years we witnessed a geopolitical tension which led to ruinous consequences on economic-commercial relationships between Italy and Russia. Today it seems a new beginning is made although the shock of these last three years is not forgotten: we are starting again, but with about 5 billion Euro of Italian exports less than 2013 and an almost 45% reduction in exchanges”. This was said today in Milan by Antonio Fallico, president of Banca Intesa Russia and the Association Conoscere Eurasia in the sessions of the fifth seminar “Italy-Russia, the art of innovation”, organized by the Counsel General of the Russian Federation in Milan, Conoscere Eurasia, Roscongress and International Economic Forum of San Petersburg in collaboration with Intesa Sanpaolo, Banca Intesa Russia and the law firm Pavia e Ansaldo.

Even if we count on a possible geopolitical thawing – continued Fallico – it will be difficult to return to pre-crisis levels in various areas. However, business opportunities which were lying dormant these years, will quite probably show their full potential, starting with the innovative sectors of the Italian industry, precision mechanics and technological research”.

According to the recent statistics developed by Conoscere Eurasia, in 2016 exports to Russia were reduced (-5.3%), less drastically than in the two years before, thanks also to the inversion the tendencies  at the end of the year which in December showed an encouraging +9.2% compared to the same month in 2015. Exchange of goods should settle at about the 17 billion Euro, with October data at -22.6%.  In the first three quarters, exports from Lombardy is reduced by 6.8% reduction and a nine month value of about 1.35 billion Euro, with an exchange of 2.5 billion Euro. The areas which have resumed the run on Moscow are clothing and textiles which increased by 8.6% (234 million, gen-set) and pharmaceutical (+16.2%) notwithstanding the general reduction of manufactured products which lost 6.7%. Negative are electronics as well as machinery and various appliances (339 million Euro) which each lost about 20% and refined products (-40.5%).
The cooperation model between Moscow, Milan and Rome – concluded Mr. Fallico – in in a transformation process and is causing important changes which we were the first to notice years ago, the passing from “made in” to “made with” through internationalization plans of Italian enterprises in Russia which are based on important support plans”.

Vittorio Loi, partner in Pavia e Ansaldo, in charge of the Moscow and San Petersburg offices commented: “From our observation platform, certainly partial, but nevertheless significant, considering our twenty year presence in Russia at the side of Italian entities, we cannot but confirm the signs of renewed interest by our industries in a country and the entire Eurasian area that, for market potential, technological culture, openness to innovation and many other factors, are certainly among the most promising for our enterprises. Besides, the “sanctions season” also had the effect of speeding up internal reforms aimed at assisting and vitalizing internal production, thus reducing the dependence on the import of finished products. The devaluation and subsequent stabilization of the rouble, now represents a further incentive for direct investments in Russia by foreign entities”.

In the meeting participated, among others, Roberto Maroni, president of the Lombardy Region; Sergey Razov, Ambassador of the Russian Federation to Italy; Gaetano Miccichè, president of Banca IMI; Giancarlo Giorgetti, congressman; Raffaele Cattaneo, president of the Board of the Lombardy Region; Marinella Loddo, Milan Director of ICE; Antonio Fallico, president of Banca Intesa Russia and president of the Association Conoscere Eurasia; Svetlana Rai, vicepresident and responsible for logistics PAO “NK Rosneft”; Aimone Di Savoia, representative of Pirelli Tyre Russia; Konstantin Simonov, General Director National Energy Security Fund; Valeriy Vaisberg, representative of Ricerche GK Region; Alberto Ribolla, vicepresident Siirtec Nigi SpA; Pavel Grachev, CeO Polyus Gold, Gianluca Gaias, Security Risk & Compliance Director YOOX Net-a-Porter Group; Sergei Komlev, director of contract structuring and price formation, Gazprom export; Nikolay Katorzhnov, founder of Verona Asset Management; Vittorio Loi, partner of law firm Pavia e Ansaldo.