The crisis is not holding back ‘Made in Italy’: companies continue to invest abroad

However, there are differences – some of them significant – depending on the market. The most positive picture is painted by companies operating in Latin America, where 80 per cent of respondents report a ‘very positive’ climate – probably driven by expectations surrounding the agreement between the European Union and Mercosur.

The outlook is more cautious, however, on the African continent, where companies are evenly split between those painting a stable picture and those adopting a more cautious stance, with investment or development decisions appearing to have been postponed pending a clearer picture.

Despite the complexities of the current historical context, 51 per cent of the companies surveyed say they intend to invest in foreign markets. By contrast, 26% report a more cautious approach, whilst 20% indicate a strategy focused primarily on defending their existing positions. Only 3% report a reduction in exposure or investment.

Here too, however, the responses vary depending on the geographical area: ‘In Asia and the United States, all responses indicate that companies are focused on investment, confirming that these markets are still perceived as dynamic and full of opportunities. In Europe, on the other hand, the approach appears more cautious: 39 per cent indicate that companies are focused on new investments, whilst 33 per cent point to a more defensive strategy, centred on maintaining positions already secured’, the Observatory reports.

It is interesting to note that, amongst the geopolitical and economic factors affecting Italian companies’ decisions, the ones that have the greatest influence on investment choices are not tariffs or protectionist policies, but energy and raw material costs, cited by 57 per cent of the sample. Protectionist and tariff policies come in only third place, cited by 20 per cent of the companies, on a par with growing competition between economic blocs and with regional conflicts and tensions. Exchange rate risk and financial instability carry more weight than tariffs, cited by 23 per cent of the sample. Further down the list, but still significant, is regulatory and political instability in individual markets, cited by 14 per cent.

In this changed – and constantly changing – landscape, the strength of the product alone is no longer sufficient to establish a foothold and grow in foreign markets: whilst it remains crucial, it must be complemented by a medium- to long-term strategy, which over half of the sample identified as a priority. Also considered fundamental (by 29 per cent) are the choice of partner and knowledge of the regulations in the target country (26 per cent).

Whilst the ‘Made in Italy’ brand remains strong in the eyes of global consumers, competition is also intensifying, particularly from China (cited by 77 per cent of the Chambers), France (46 per cent) and Germany (43 per cent).

To remain competitive, there is therefore a need for ‘greater, coordinated promotion of “Made in Italy”’, as highlighted by 71 per cent of operators, followed by ‘greater public support for the internationalisation of SMEs’ (49 per cent).

Whilst companies’ main objective for 2026 is to maintain the positions they have secured, a return to growth is expected for 2027 (82 per cent of respondents): 24 per cent indicate sustained growth for ‘Made in Italy’ products in their respective markets; 56 per cent anticipate moderate growth; whilst 18 per cent expect a period of stability. No one anticipates a general slowdown.

“The figures coming from the network of Italian Chambers of Commerce Abroad are encouraging, but also very clear,” observes Mario Pozza, president of Assocamerestero, “Made in Italy continues to be perceived as a benchmark for quality, style and reputation. This is an extraordinary asset, but today it is no longer enough. In international markets, what counts more and more is a sustained presence, knowledge of local regulations, the ability to choose reliable partners, to adapt the business model and to develop medium- to long-term strategies. Quality remains the starting point, not the end goal.”

One aspect that deserves particular attention concerns Europe. The figures do not suggest a market in difficulty, but rather a market that is more mature and more cautious than other parts of the world. The short-term outlook also confirms this view: a sense of stability and caution prevails in Europe.