Milan Expo 2015 seen to boost foreign investment in Italy

11:55, December 11, 2010      

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The annual assembly of the Association of Foreign Banks in Italy (AIBE) kicked off here on Friday, paving the way for an increase in foreign investment in view of Milan Expo 2015.

According to a statement released by Milan municipality, representatives of international banks, chambers of commerce and consulates attended the assembly in the presence of Milan Mayor Letizia Moratti.

AIBE is a non-profit association created in 1984 to represent the interests of foreign banks in Italy, analyze the trends related to international finance and dialogue with institutions.

"The collaboration between Milan municipality and AIBE is significantly increasing in view of the important infrastructures, technologies and environment projects related to Milan Expo 2015, which is a major opportunity to attract international investments in Milan," Moratti said.

The mayor stressed the importance of relations with foreign banks. "Milan is an excellent financial hub where economic exchanges flourish in a welcome and professional environment," she said.

It is also thanks to its recently increased international drive that Milan has won the bid to host the next world exposition, Moratti added, recalling a protocol recently signed by Expo 2015 and AIBE aimed at boosting projects, and sensitizing foreign financial institutions based in Italy.

Milan and its surrounding territory, she noted, hosts the offices of main Italian and foreign financial institutions. Six foreign banks have opened their branches in the northern economic capital since 2006 and other two will join in 2011.

According to official statistics, Milan is home to over 280,000 companies, 3,000 of which are multi-nationals, and destination of over 40 percent of Italy's foreign direct investment.

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