“There competitiveness of our economy and the possibility of achieving sustained and lasting growth rates over time pass through the ability to give a decisive acceleration of productivity both of businesses and of the territorial system as a whole. The agenda of interventions to be implemented and of priority to follow to achieve these objectives is clear, and can be achieved starting with vision and method from investments, innovation and human capital, and ensuring stability and certainty of law”.
These are some of the proposals launched by Pasquale Lampugnalenational vice president and regional president PI Confindustriain his speech Today at the presentation of Bank of Italy report on the regional economy which was attended, among others, by the Rector of the University of Naples Federico II Matteo Loritothe President of the Campania Region Vincenzo De Lucathe Mayor of Naples Gaetano Manfredi and the director of the Naples branch of the Bank of Italy Daniela Palumbo.
Lampugnale explains: «Two it’s streets main ones to follow: the first provides a framework of incentives stable for the investments of businesses, which represent the main channel for spreading technological innovation, from which a large part of productivity gains derives. And then there is innovation, to be pursued at all costs. We cannot limit ourselves to using techniques developed elsewhere: we must rather increase our ability to develop assets and technologies. The tax credit for research in force in Italy since 2015 is certainly an important measure, but over time its effectiveness has been significantly limited by the frequent revisions of the access criteria and the amount of the benefit. Priority operational tools to be used in this process are the Plan 5.0 for the digitalisation of SMEsto be started urgently through the awaited publication of decrees implementation; the intervention of specialized investors such as venture capital funds who can encourage the creation of innovative, risky businesses with large growth potential; and the allocation of substantial resources to research and this type of enterprise.
A decisive role in supporting businesses’ access to credit will be played by Guarantee fund for SMEs and public guarantees in general, instruments for which it must be insured continuity, and the development of alternative and sustainable financial sources, which are important for financing long-term business investments. The current moment, in which this necessary push for investment must be achieved, is in fact characterized by very complex conditions of access to credit and finance: the choices of ECB monetary policy have determined a level of rates that today crowds out the demand for credit from businesses, and the ones who have been penalized above all have been SMEs who, while confirming their resilience, have so far suffered the most from the impact of the crises of recent years and have seen themselves applied higher interest rates on average.”
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