Europe Italy

Milan, Italy

While Rome is Italy’s political capital, Milan is the country’s economic and financial heart. With GDP estimated at €132.5 billion, the province of Milan generates approximately 9% of the national GDP; while the economy of the Lombardy region generates approximately 20% of the Italy’s GDP. The province of Milan is home to about 45% of businesses in the Lombardy region and more than 8 percent of all businesses in Italy, including three Fortune 500 companies. Milan is home to a large number of media and advertising agencies, national newspapers and telecommunication companies, including both the public service broadcaster RAI and private television companies like Mediaset, Telecom Italia Media and Sky Italia. In addition, it has also seen a rapid increase in internet companies with both domestic and international companies such as Altavista, Google, Lycos, Virgilio and Yahoo! establishing their Italian operations in the city. Milan is a major world fashion centre, where the sector can count on 12,000 companies, 800 show rooms, and 6,000 sales outlets (with brands such as Armani, Versace and Valentino), while four weeks a year are dedicated to top shows and other fashion events. The city is also an important manufacturing centre, especially for the automotive industry, with companies such as Alfa Romeo and Pirelli having a significant presence in the city. Other important products made in Milan include chemicals, machinery, pharmaceuticals and plastics.

Rome, Italy

Being the capital city of Italy, Rome hosts all the principal institutions of the nation, like the Presidency of the Republic, the government (and its single Ministeri), the Parliament, the main judicial Courts, and the diplomatic representatives of all the countries for the states of Italy and the Vatican City (curiously, Rome also hosts, in the Italian part of its territory, the Embassy of Italy for the Vatican City, a unique case of an Embassy within the boundaries of its own country). Many international institutions are located in Rome, notably cultural and scientific ones – such as the American Institute, the British School, the French Academy, the Scandinavian Institutes, the German Archaeological Institute – for the honour of scholarship in the Eternal City, and Specialized Agencies of the United Nations, such as the FAO. Rome, also hosts major international and worldwide political and cultural organisations, such as the International Fund for Agricultural Development (IFAD), World Food Programme (WFP), the NATO Defence College and ICCROM, the International Center for the Study of the Preservation and Restoration of Cultural Property. Although the economy of Rome is characterized by the absence of heavy industry and it is largely dominated by services, high-technology companies (IT, aerospace, defence, telecommunications), research, construction and commercial activities (especially banking), and the huge development of tourism are very dynamic and extremely important to its economy. Rome’s international airport, Fiumicino, is the largest in Italy, and the city hosts the head offices of the vast majority of the major Italian companies, as well as the headquarters of three of the world’s 100 largest companies: Enel, Eni, and Telecom Italia.

Venice, Italy

Venice is one of the most important tourist destinations in the world for its celebrated art and architecture. The city has an average of 50,000 tourists a day. It is the world’s 28th most internationally visited city, and is regarded as one of the world’s most beautiful cities. Today, there are numerous attractions in Venice, such as St Mark’s Basilica, the Grand Canal, and the Piazza San Marco. The Lido di Venezia is also a popular international luxury destination, attracting thousands of actors, critics, celebrities, and mainly people in the cinematic industry. The city also relies heavily on the cruise business. However, Venice’s popularity as a major worldwide tourist destination has caused several problems, including the fact that the city can be very overcrowded at some points of the year. It is regarded by some as a tourist trap, and by others as a”living museum”. Unlike most other places in Western Europe, and the world, Venice has become widely known for its element of elegant decay. The competition for foreigners to buy homes in Venice has made prices rise so high that numerous inhabitants are forced to move to more affordable areas of Veneto and Italy, the most notable being Mestre.