Speech by the Undersecretary of State for Foreign Affairs
Benedetto Della Vedova
at the ICCS Business Awards, 20th M arch 2015
Distinguished guests, Ladies and Gentlemen,
 I am delighted to participate in this Business Awards ceremony on
behalf of the Italian Government. I would like to commend the Italian
Chamber of Commerce in Singapore for hosting this extraordinary and
timely event.
 Allow me also to convey my most sincere congratulations to the Board
of Directors and to its President Federico Donato.
 I also would like to congratulate Mr Kwek Leng Beng, Chairman and
owner of the Hong Leong Group, Mr Massimo Zanetti, CEO and owner
MZB Group, and Mr. Salvatore Raffa, Meridionale Impianti. Let me
commend them for their personal and successful contribution to the
enhancement of Italian-Singaporean business relations.
 This event vividly represents our desire to recognize and promote the
important contribution made by Italian and Southeast-Asian companies
to investment and growth in our countries.
 On the occasion of the 50th anniversary of diplomatic relations
between Italy and Singapore, this year’s Business Awards ceremony
highlights the ties that bind our countries together. Cooperation with
Singapore in political, economic, financial and scientific matters is a
priority for the Italian Government.
 On the political front, our relations continue to strengthen year by year,
as clearly shown by the constant flow of Government visits in both
directions. In 2013 Singaporean Secretary for Foreign Affairs Tan
visited Italy, and in the same year both our Deputy Minister for Foreign
Affairs Bruno Archi and the Deputy Minister of Economic Development
Carlo Calenda paid an official visit to Singapore. I am pleased to be
here again after my visit last August: I also have attended the bilateral
meeting between Prime Ministers Renzi and Lee on the sidelines of the
ASEM Summit in Milan. As some of you may know, the Italian Minister
of Economy and Finance Pier Carlo Padoan is planning to visit
Singapore in the next few weeks.
 As far as economic relations are concerned, Singapore, amongst the
strongest economies in South-East Asia, is a priority partner for Italy in
the region, being the first destination of Italian exports since several
years and given the interest of its sovereign funds in increasing their
investments in Italy.
 In this framework, I am pleased to see concrete follow-ups to the
economic mission to Singapore led by Deputy Minister of Economic
Development Carlo Calenda as well as my own visit in August last year.
For instance, the ongoing clean-tech mission organized by the Italian
Trade Agency and Confindustria, our main business association, in
cooperation with the Italian Embassy in Singapore represents an
opportunity to highlight the excellence of Italian clean-tech companies.
 Looking ahead, I am particularly proud to announce that Singapore will
be very soon removed from the Italian Ministry of Economy’s so called
“black list” on taxation. Such a moment – which is imminent - will
further broaden the scope of economic cooperation between our
countries.
 These are the significant highlights of Italy’s commitment to our
bilateral economic and trading partnership. I believe that much more
can be achieved through our cooperation, also in the broader context of
the regional markets and I rely on Italian and Singaporean enterprises,
as well as on the Italian Chamber of Commerce in Singapore in order
to effectively achieve this goal.
 The latest economic forecasts by the European Commission show a
resumption of growth in all Member States of the Euro area, and of
course Italy, during this year, with further improvements expected in
2016.
 The resumption of economic growth in the Euro area just started, but
this recognizes the efforts that Italy and other Member States have
made recently in terms of structural reforms and fiscal discipline.
 The case of Italy is emblematic: we are engaged in an ambitious plan of
structural reforms, starting from our labour market reform, that will
improve its functioning and thus increase the long-term competitiveness
of our economy. We are now devoting our attention to reform the civil
justice system, which we know is key to business certainty and
investment.
 The positive evaluation of the European Commission on the Italian
National Reform Programme and 2015 budget shows that we are going
in the right direction.
 The path that we are pursuing within the EU for the revival of growth
and investment will further contribute to the strengthening of our longterm competitiveness and ability to respond to crises.
 The Italian Presidency endeavored to change the direction of European
policies which were mainly focused on budgetary discipline. Thanks to
our efforts, growth and investment have become the new key words of
the European debate.
 On this basis, the 2015 Annual Work Programme presented by the
Juncker Commission revolves around a multiannual investment plan to
promote competitiveness, growth and employment in Europe, which
was adopted by the European Council in December.
 The first pillar of this plan is the new European Fund for Strategic
Investments, on which the EU Council reached a political agreement a
just week ago. It now will be operational in the second half of the year,
following negotiations with the European Parliament.
 The Fund will be guaranteed with public money from the EU budget
and the European Investment Bank (EIB). It will be able to mobilize
€315 billion over the next three years. This system will use available
public money to leverage additional capital, that would have never
otherwise been mobilized.
 At the same time, an ambitious roadmap has been proposed to make
Europe more attractive and remove red-tape and regulatory
bottlenecks. A single EU Regulation can replace 28 sets of laws. This is
the best simplification machine.
 The European Commission also presented detailed new guidance on
how it will apply the rules of the Stability and Growth Pact. This will
encourage effective implementation of structural reforms and promote
investment, by taking better account of the economic cycle in individual
Member States.
 Structural reforms, incentives to create jobs, policies to sustain both
public and private investments, however, should be supported through
accommodating monetary policies.
 In this respect, the quantitative easing program by the ECB is a key.
The ECB will purchase assets, including sovereign bonds, worth 60
billion each month until September 2016. The program builds on the
positive experience of other countries, notably the US, UK and Japan,
where similar procedures have contributed to restoring confidence on
the markets.
 This massive purchase program will have multiple effects: it will raise
inflation expectations, devalue the exchange rate and lower yields.
 In the meanwhile, we keep our engagement in exploiting the benefits of
being part of a Single Market, with the full implementation of the
fundamental freedoms of movement of goods, services, labour, capital
and ideas.
 We are pushing forward initiatives to increase transparency and
simplification in the taxation systems to the benefit of business and
consumers. At the same time, we are progressing towards a European
Capital Markets Union, to diversify sources of financing especially for
small and medium enterprises.
 Investment is about the future. In 2010, European leaders agreed to
make the EU by 2020 the most innovative area in the world economy.
Under the Italian Presidency we launched a review of the EU2020
Strategy to maintain that promise. The future of the European project is
in its innovative capacity and in its human capital.
 Europe added value is in knowledge-intensive initiatives, in investment
in research, innovation and high level education. That is why we are
working on initiatives to keep alive the idea of a modern Europe,
competitive at world level.
 Europe is turning a page, it is offering hope both to its future
generations and to the rest of the world, as a promising, attractive hub
for jobs, growth and investment. Europe is back in business. This is not
the moment to look back.
 Finally, I would like to reiterate the Italian Government’s support to the
Italian Chamber of Commerce in Singapore, while expressing my
warmest congratulations to you and to the winners of the 2015 Business
Awards.
 Thank you for your attention.