Rome’s mayor,
Walter Veltroni (elected in 2001), has continued
work on a major investment programme which was set up by his predecessor.
The scheme aims to maximise the possibilities opened up by tourism
and also to encourage major national and multinational corporations
to have a presence in Rome, which
is the political and administrative centre of Italy. These initiatives
are set to counter the negative effects of the Government’s
decentralisation programme, which could result in a decreasing role
for the capital city as a public sector employer. Mergers and acquisitions,
combined with the government-initiated privatisation process, add
further elements of risk to the local economy.
The strength of the national economy lies in the service sector,
which accounted for 66.4 per cent of GDP in 2000.
Tourism
is the country’s largest industry, with Rome as the number
one destination. Other significant industries in the capital
include finance and banking, insurance, printing, publishing
and fashion.
Italy’s film industry (founded in 1936) is located at nearby
Cinecittà. The business district is largely
clustered within the centro storico (historic centre) – partly
because no one else can afford to pay the high rents. Trade Fairs
and large business conventions are normally held in EUR,
a modern suburb six kilometres (four miles) south of the city centre.
The United Nations Food and Agriculture Organisation
(FAO) is based in Rome, as is the World Food Programme
(WFP) and the International Centre for the Study of the
Preservation and Restoration of Cultural Property (ICCROM).
Unemployment in Rome, which was 11.2 per cent in 2001, is higher
than the national average, which was 9.5 per cent. However, it is
decreasing (it was 14.7 per cent in 2000) and the city continues
to reap the rewards of the massive investment programme set up for
the year 2000 celebrations – many of the projects only recently
being completed. Tourism was given a fine boost – hotels were
upgraded, museums refurbished and the public transport system rationalised.
Business Etiquette
Business is a serious affair for Romans, although less formal than
their Milanese counterparts. Greeting take the form of a handshake
(social kissing is reserved for friends and family) and then business
cards are exchanged. If possible, it is best to have one side printed
in Italian and one in English – all company literature should
be provided in Italian. Colleagues should be addressed by their
surname and academic/professional titles respected. Although some
of the Italian business community will speak some English or French,
Italian is the dominant language of business. It is wise to take
the precaution of employing an interpreter, to minimise the degree
of misunderstandings.
In Rome where appearance counts, it is best to dress in a smart
suit (with tie for men and stylish accessories for women). The odd
designer label does no harm. Personal relationships are extremely
important and it is unlikely that decisions will be made before
trust has been established between the two parties. Business lunches
provide the ideal opportunity to build relationships and small talk
is an essential part of any business meeting.
Standard
office hours are 0900-1700 hrs, with an hour-long lunch break. |
