The two faces of a possible Italian industrial policy
by Donato Di Carlo andGaetano Fausto EspositoGaetano Fausto Esposito
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3' min read
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Making industrial policy does not only mean distributing incentives but, first of all, knowing the country's production potential: in which sectors, with which companies, in which territories. Yet, all too often, industrial policy strategies are disconnected from a concrete map of the real economy.
A new study carried out by the Luiss Hub for New Industrial Policy (LUHNIP), in collaboration with the Centro Studi Guglielmo Tagliacarne, attempts to fill this gap with an analysis of the microeconomic characteristics of Italian companies, in order to identify not only the strengths already consolidated, but also the potential ones, for an industrial policy capable of lasting over time.
Let's start with exports. Out of around 330,000 manufacturing companies, only 17 per cent export on a stable basis. But they are the most solid, innovative and integrated part of the Italian industrial system. Eighty per cent of manufacturing exports are concentrated in the North, with 70 per cent of companies exporting, with different specialisations: the North-East - with Veneto and Emilia-Romagna in the lead - excels in sectors with a global comparative advantage (mechanics, components, equipment); the North-West, on the other hand, dominates in sectors with a higher absolute export value, such as pharmaceuticals, metals and automotive.
These exporting companies are on average eight times larger than the others, sell in more than ten markets and often operate in high quality niches. They are also more resilient: those who remain permanently in foreign markets are twice as likely to develop patents and employ a significantly higher proportion of science graduates. In short, they are companies that are already accustomed to international competition and often find their peaks in the solid patrol of medium-sized companies with a district matrix.
A second front, often overlooked, is that of high-growth enterprises. Between 2019 and 2022-at the height of the pandemic and at the beginning of the energy crisis-these enterprises, while representing only one per cent of the total, generated 81 per cent of the new employment created by Italian companies.
