The Mediterranean region has
the potential to create an economic bloc as vast as the United States and
China, a major business forum was told in the Italian city of Milan on Friday.
Giuseppe Cuccurese, foreign affairs director of the Intesa Sanpaolo Bank, said
the region had huge economic potential with 800 million consumers.
Cuccurese was speaking at a
conference entitled, 'Doing business in the Mediterranean - Opportunities for
Italy', held in Milan on Friday. The conference was organised by the ISTUD
Foundation.
"Today with the
agreement of the Mediterranean Union and a new pact involving 43 nations, we
are predicting a very positive future," Cuccurese said.
Cuccurese said that Intesa
Sanpaolo and other banks, including French and Spanish savings banks and the
European Investment Bank, have proposed an analysis of various countries in the
region to guage potential for companies that operate in these markets.
"Infrastructure is
fundamental for the development of economic relations with the countries of the
Mediterranean," he said. "Without this there can be no commercial
traffic."
Intesa Sanpaolo is involved
in 30 percent of the commercial trade of these countries, he said.
"With SACE ( or Italian
Export Credit Agency) we have invested 50 million euros to assist small
Egyptian importers and support their activities."
Francesca Brigandi di
Castelbarco, president of the Italian Chamber of Commerce for the Mediterranean
countries noted the huge opportunities in the region and called for a
roundtable forum in 2009 to explore business potential.
Luigi Scordamaglia,
administrator of Inalca, a subsidiary of Cremonini one of Italy's largest beef
producers and processors, said Italy lacked forward planning in its approach to
the region.
"It is too easy to
arrive in these markets when everyone knows there is an opportunity," he
said. He said to beat the competition Italy must move at "twice the
speed".
The Cremonini group which
already has a presence in Ghana and Togo, was looking at future expansion in
central Africa and eventually Nigeria, he said.
Hechmi Chatman, from FIPA,
the Agency for the Promotion of Foreign Investment in Tunisia, said the
Mediterranean could be considered " a new dragon in the world".
He said Italy can play an
important role building on what the country already does very well, by
consolidating and reinforcing its presence.
Europe