Economic relations betweenItaly and the Mediterranean area

7thAnnual Report

Economic rElations bEtwEEn

italy and thE mEditErranEan

annual rEport 2017

EuropE and thE MEditErranEan arEa

bEtwEEn crisis and opportunitiEs thE rolE of italy and its EconoMy

Giannini EditorE

The analysis contained in this report represents the result of a specific SRM project and does not claim to be comprehensive. In addition, it does not undertake or represent in any way the thoughts and opinions of SRM’s founder and ordinary members.

The research is exclusively aimed at cognitive and informational knowledge, and is not, at any purpose, an opinion, a suggestion of investment, a review of the companies or individuals mentioned. All the interviews carried out for the case studies and whose text have been regularly approved by the interviewees have been edited by SRM, which is, under no circumstances, responsible for the facts, opinions, news and data referred to, as in the case of chapters not directly processed by SRM.

The faithful reproduction of text, even partial, cannot be carried out without the authorization of SRM. The use of this research and of the information herein contained is only allowed for the purpose of studying and researching the industry and shall be carried out quoting the source.

The illustrations and visualisation data present in this report should be considered an images and not as a maps, therefore the equivalence of areas and borders, for instance, is not respected.

Publication based on data information available as at october 2017.

Editorial design and information graphics:Raffaela QUAGLIETTA

The information graphics of the Chapter I are realized by: Marina RIPOLI

Proofreader: Nike Francesca Del Quercio.

Cover Design: Ciro D’ORIANO.

ISBN - 978-88-7431-892-6

2017© Giannini EditoreNaples - 6/b, via Cisterna dell’Oliowww.gianninispa.it

3

Published by

authors

Research Director: Massimo DEANDREIS

Head of the Research Area Maritime & Mediterranean Economy:Alessandro PANARO

Researcher team:Luca FORTE (Coordinator), Anna Arianna BUONFANTI, Agnese CASOLARO, Autilia COZZOLINO, Giancarlo FRIGOLI, Dario RUGGIERO, Gianluca SALSECCI

Chapter III of Part One of the Report “Economic perspectives of the Mediterranean and Gulf Countries” has been edited by the Intesa Sanpaolo Reaserch Department, International Research Network; manager and coordinator of the chapter, Gianluca SALSECCI.

4

acknowlEdgEmEnts

The 2017 Report “Economic relations between Italy and the Mediterranean” is part of a larger web project realized by SRM called “Permanent Observatory on the Economy of the Mediterranean”, which has generated a specialized portal, www.srm-med.com. Its objective is to monitor and study the business and infrastructural dynamics and the economic impact generated by the relations our Country has with the Countries of the Mediterranean Basin that are not part of the European Union.

The project is realized with the support of coMpaGnia di san paolo, to which SRM and every author of the research sends its heartfelt thanks.

We give our thanks to banco di napoli, its President Maurizio barracco and its Director General Francesco Guido, for the support and encouragement in carrying on with our research job and his cooperation during the presentation stage.

Our thanks to the intEsa sanpaolo Research Department, in particular to the Director Gregorio dE fElicE and the Head of the International Research Network Gianluca salsEcci, along with their researcher staff, for contributing with their own chapter to the elaboration of the Report.

We wish to thank for their cooperation:• intEsa sanpaolo, corporatE and invEstMEnt bankinG division and especially

Dani schauMann (Global Country Advisor in Israel) for his irreplaceable support for the realization of the chapter on Israel. We thank Fabio spaGnuolo, Responsibile of DC SER Network & Promotion of Innovation Culture intEsa sanpaolo. The realization of the chapter was possible also thanks to the results of the Scientific Mission of the researchers of SRM, held in Israel in the January-March 2017 period. Special thanks to the Italian Embassy in Israel and to the ITA-Italian Trade Agency for their cooperation.

• The systEM port authority of thE EastErn adriatic sEa, especially the President Zeno d’aGostino and the Responsible for external relations Vanna coslovich for the support for the realization of the chapter on the Free Zones.

• We also thank alExbank of the Gruppo intEsa sanpaolo of its active participation to the research project.

Our thanks, moreover, to all the partner organizations of SRM on the MED project, in particular to GMF-German Marshall Fund, IAI-Istituto Affari Internazionali and OECD.

This volume is dedicated to the memory of former President of the Banco di Napoli, Enzo Giustino

for his constant commitment, for years and with conviction,in support of setting up Euro-Mediterranean of Italy and the South,

and special thanks for his valuable stimuli and inputwhich allowed for the continuation of this research project

7

tablE of contEnts

prEfacE 9

introduction 11

part onE

thE Economic and tradE rElations

chaptEr i – italian EconoMic rankinG in thE MEna arEa

1. Foreword: performance of global trade and interchange in the MENA area 21

2. Overview of Italy in the MENA area in relation to its main international competitors 23

3. The economic ranking of the Mezzogiorno in the MENA area in comparison with the other Italian macro regions 33

4. An Overview of the export of Italy and the Mezzogiorno toward the Southern Mediterranean and the Gulf; a comparison with the export of China 38

Statistical appendix 43

Methodological note 50

chaptEr ii – intErnational tradE in thE MEna arEa: thE rolE of italian ManufacturinG

1. Introduction 51

2. The market: size and role of Italy 53

3. European competitors and China 58

4. Scenario and forecasts for 2020 59

5. An in-depth analysis on three Countries: Egypt, United Arab Emirates and Israel 61

8

Economic rElations bEtwEEn italy and thE mEditErranEan arEa

chaptEr iii – rEcEnt dynaMics and futurE outlook of thE EconoMiEs of thE MEditErranEan and Gulf countriEs

(edited by the Intesa Sanpaolo Research Department)

1. Foreword 71

2. The macroeconomic context 73

3. Oil price, public accounts and external accounts 79

4. Currency regimes and monetary policy 90

5. Evaluation of rating agencies and financial markets 92

part two

port and dEvElopMEnt ModEls in thE MEditErranEan

chaptEr iv – analysis of intErnational MaritiME rElations and port coMpEtitivEnEss in thE MEditErranEan

1. Introduction: the increasing role of the Mediterranean in the global routes 97

2. The evolution of the European and Mediterranean port competitiveness 100

3. Competitiveness factors 103

4. Conclusions 116

chaptEr v – dEvElopMEnt of port frEE ZonEs: forEcasts of thE “MEZZoGiorno dEcrEE” and casE studiEs in thE MEditErranEan

1. Foreword 119

2. The criteria of the “Mezzogiorno Decree” (Law 123/2017) and some attempts of delimiting special development zones in Italy 123

3. The case of the Tanger Med port in Morocco 130

4. The case of SCZ-Suez Canal Zone 134

5. The case of the port of Trieste 139

6. Final thoughts: SEZ as a territorial marketing instrument 144

9

Table of ConTenTs

chaptEr vi – country-systEMs and stratEGiEs: thE casE of aGritEch in israEl

1. Foreword 149

2. Agritech in the World: an overview 149

3. Major trends in food and agribusiness 153

4. The Israeli Agritech Sector 155

5. The main subsectors and the leading companies of the Israeli Agritech Sector 157

6. Ecosystem of Agritech in Israel 162

7. Barriers and Opportunities 178

biblioGrphy 181

about thE authors 189

11

prEfacE

SRM’s Annual Report “Economic Relations between Italy and the Mediterranean” has reached its seventh edition, the result of one year of activity that has once again kept busy our research team – to whom I give my thanks – on this area, which can be considered of strategical importance for our Country.

The Mediterranean, despite the difficult times mostly of geopolitical nature it has been facing , is still important for our economic and trade relations, as proven by the many infrastructural and business projects that have started or that have reached their final stages.

The research stuck to its code, aimed at being a reference point for analysis and statistics related to import-export and the overall international relations that our Country has with the Mena area (Middle East & North Africa). The essays are also aimed at integrating this approach with an infrastructural vision, focusing on the aspects related to the competitiveness of the Mediterranean ports and on the massive investment that China is realizing in the Mare Nostrum to create the Belt & Road Initiative, an “Investment Plan” of over 1,000 billion dollar.

I would like to list just a few figures in order to provide a clearer framework of the value the Mediterranean has for the Italian and European economy. We are the second Country (after Germany) in terms of interchange with the area, with a total of 70 billion euro and, in relation to the last fifteen-year period, we increased our import-export by almost 55%. In the Mediterranean, over 800 tonnes of shipped goods (+120% on 2001) have transited through Suez, coming/going from and to the Middle and Far East; during the last three months, the canal has been registering double digit increments on maritime traffic.

It should also be considered that, as mentioned earlier, China has been showing a newfound interest in the Mare Nostrum in the past years, taking over many port terminals and turning them into “access points” for the markets of the Balkan area and of Central Europe. The most eloquent examples are the investment in the Piraeus Port and in the container terminals of Vado Ligure and Valencia, three key logistics hubs of our continent.

In perspective, China will surpass 230 billion of interchange with the area in 2019, the United States will exceed 150 billion, Germany will reach almost 100 billion and Italy will achieve over 80 billion euro.

These numbers show how the area is living a particularly thriving moment.It should be highlighted that Germany, in Berlin, in June 2017, during G20, presented

a new Investment Plan for the African continent also known as “Marshall Plan for Africa”. This means that our trading competitors have a very clear picture of the importance that the area can have for global economy.

I would like to mention that this year we also focused on the SEZ-Special Economic Zones, where SRM analyse the recent legislation provided by the Mezzogiorno Decree and how our Country is readying itself for this new development challenge; SEZ, if

Economic rElations bEtwEEn italy and thE mEditErranEan arEa

12

utilized and planned correctly, with a sound strategic plan at their foundation, can be the driving force of an area, as proven by the cases of Suez in Egypt and the port of Tanger Med in Morocco, where they generated foreign investment and employment. It’s up to us to configure them properly and give them resources to make them thrive.

Our Country can grasp this opportunity, as long as it keeps on working on stimulating the internationalization processes of our companies, at improving our port and logistics system and, most of all, at integrating these initiatives into the structure of its actions, without treating them as occasional events by random individuals and/or investors.

Investing according to the geo-economic transformations that are affecting the Mediterranean could be a perceptive and intelligent move. Italy already possesses a relevant maritime system, especially in the Mezzogiorno, with competitive businesses, networks and manufacturing districts. This should be considered the starting point.

These are the messages that our Observatory wishes to pass on, providing insights, analysis and awareness, for all the players of the economic system.

Our research project wants to provide a clearer picture of the economic and commercial size of the Med area and of the phenomena to monitor in order to define a policy that projects us toward the Mediterranean, a policy “for the Mediterranean”. With the Mezzogiorno standing in the spotlight.

Paolo scudiEri

181

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about thE authors

The 2017 Report Economic relations between Italy and the Mediterranean has been planned, coordinated and realized by SRM, with the contribution of external collaborators with specific skills, experiences and expertise on several themes1. In particular, the following persons have edited the study (in alphabetical order):

Anna Arianna BUONFANTI, Researcher, Maritime Economy Observatory, SRM (Chapter IV)

Agnese CASOLARO, Researcher, Business Economy and non profit sector, SRM (Chapter VI)

Autilia COZZOLINO, Researcher, Business Economy and non profit sector, SRM (Chapter VI)

Massimo DEANDREIS, General Manager, SRM

Luca FORTE, Head of Mediterranean Economy Observatory, SRM (Chapters I, II)

Giancarlo FRIGOLI, MENA Area Economist, International Research Network, Intesa Sanpaolo Research Department, Intesa Sanpaolo(Chapter III)

Alessandro PANARO, Head of the Research Area Maritime & Mediterranean Economy, SRM (Chapter V)

Dario RUGGIERO, Researcher, Mediterranean Economy Observatory, SRM (Chapters I, II)

Gianluca SALSECCI, Head of the International Research Network, Intesa Sanpaolo Research Department (Chapter III)

1 The opinions, sources and data quoted and elaborated are the exclusive responsibility of the single authors who edited the chapters.

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The composition of the Scientific Committee is available at www.sr-m.it

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The 7° Annual Report on the Economic Relations between Italy and the Mediterranean of SRM consist of two parts, a general one and a monographic one. In the general part, we describe the performance of the bilateral trade flows between Italy and the MENA (Middle East North Africa) area and we provide a framework on the performance of the main macroeconomic elements of the Countries of the Area and the competitive structure of Italian manufacturing and its capability of penetrating the main markets. The monographic part of the Report is dedicated to the analysis of maritime traffics and port systems, with in-depth analysis on the instrument of the Special Economic Zones, which have been increasingly deployed around the world and are about to be experimented in the Mezzogiorno as well, and the innovation and research of the agri-food sector of Israel, one of the Countries examined by the Mediterranean Observatory of SRM.

The trade interchange between Italy and the MENA area has increased by over 50% throughout the last fifteen years, despite the socio-political uprisings in some of the Countries of the southern shore of the Mediterranean and an economy crisis we haven’t overcome yet.

In this timespan, new competitors of our Country have emerged in the business relations with the MENA Countries, with China taking the crown; the Asian giant, together with more traditional and closer competitors such as Germany, is showing an increasing interest toward the Mediterranean and the African continent, proving the strategic importance of this part of the World.

The analysis proposed are the result of the monitoring work carried out by the Permanent Observatory on Economic Relations between Italy and the Mediterranean, started by SRM in 2011 thanks to the contribution of Compagnia di San Paolo, founding partner of SRM in 2003. Other than the analysis, we have the contribution offered by the SRM Observatory on Maritime Economy, which wrote the chapters in the monographic part of the Report.

SRM

Study Centre based in Naples, connected to the Intesa Sanpaolo Group, originally an intellectual and scientific safeguard, has the objective to improve the knowledge about Italy’s territory in terms of infrastructural, productive and social assets with a European and Mediterranean vision in mind. Specialized in the analysis of regional dynamics, and with a particular eye on the Southern Italy, it also deals with the permanent monitoring of the relationships between Italy and the Mediterranean and of the economic phenomena regarding the maritime and logistics industry.(www.sr-m.it)

Grafica di Ciro D’Oriano

ISBN-13: 978-88-7431-892-6

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